Essentials of Creating and Analyzing Financial Statements

5 Credits: Accounting


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Essentials of Creating and Analyzing Financial Statements

Course Level
CPE Credits

5 Credits: Accounting

Course Description

The creation of financial statements is arguably the most important and visible task the industry accountant performs. In Essentials of Creating and Analyzing Financial Statements, instructor Steven Bragg explains how to create financial statements, beginning with closing the books, progressing to creating the statements, and concluding with calculating key financial ratios. The information generated during this process is essential to management’s ability to make financial decisions; it is necessary for this information to be accurate and completed in a timely manner. This course outlines the best practices Steven identified while working as an industry controller and CFO and will give you a resource that you will repeatedly turn to as you complete this vital process.

This course covers material also contained in Accountants’ Guidebook.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify terminology, core steps, and key parts of the process of closing the books and generating financial statements.

Chapter 2

  • Identify the different formats in which the financial statements can be constructed and presented.
  • Recognize the purpose, information needed, and source documents to reference for the different types of financial statements.
  • Recognize the formula requirements of a balanced balance sheet and how to classify asset information.

Chapter 3

  • Recognize the reporting requirements and issues associated with interim period information.
  • Recognize the components, tests, and key reporting requirements for segment reporting.
  • Recognize the closing process and reporting requirements for public company reports.

Chapter 4

  • Identify what to measure, how to measure consistently, and the timing of measurements.
  • Recognize the characteristics of different business ratios and the calculation methods employed for those ratios.
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Course Specifics

Course ID
Revision Date
September 27, 2022

There are no prerequisites.

Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. 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 …

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