Self-Study
1
Overview
Accounting
There are no prerequisites.

Course Description

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.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Dec 12, 2017
There are no prerequisites.
SS1153425
30
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

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.
  • Note 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.
  • Recall the types of risk environments in which a soft close should and should not be used.


Table of Contents

Learning Objectives

Introduction

Soft Close Overview

Soft Close Advantages

Soft Close Disadvantages

Applicability of the Soft Close

Types of Activities Not Addressed

Deleted Step – Account Reconciliations

The Bank Reconciliation

Deleted Step - Accruals

Altered Step – Depreciation and Amortization Recognition

Deleted Step – Physical Inventory Counts

The Gross Profit Method

The Retail Inventory Method

Altered Step – Overhead Allocations

Deleted Step – Intercompany Eliminations

Altered Step – Reserve Account Updates

Deleted Step – Revenue Accruals

What to Include in the Soft Close

The Soft Close in Multiple Subsidiaries

The Risk Environment for a Soft Close

Soft Close Disclosures

Summary

Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 

 



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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