Closing the books is one of the more detailed and complicated procedures that a company must deal with. This comprehensive hard close must be completed in order to generate sufficiently accurate financial statements for general consumption. Some accountants have found a way to mitigate the work of closing the books by using a soft close. In The Soft Close, we will discuss the soft close concept and the situations in which it can be used. We’ll also cover the risks associated with using a soft close and the situations in which this type of close can be used. Ancillary topics are also covered, including recommended disclosures and how to employ a soft close in a multi-subsidiary environment.
Upon successful completion of this course, participants will be able to:
- Recognize the situations in which financial statements that have been produced with a soft close can be issued.
- Identify the reporting periods in which a public or private company could use a soft close.
- Specify the situations in which a soft close is more likely to result in financial statement errors.
- Recognize the calculation methods used to estimate ending inventory.
- State the types of risk environments in which a soft close should and should not be used.
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