Principles of Financial Statement Presentations

4 Credits: Accounting


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Principles of Financial Statement Presentations

Course Level
CPE Credits

4 Credits: Accounting

Course Description

Crafting precise and compliant financial statements is a critical challenge faced by finance professionals, who must navigate a maze of requirements and standards. This course addresses this challenge by providing a comprehensive overview of the key principles essential for the accurate presentation of financial statements. Drawing primarily from the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC), it covers vital topics such as balance sheet, income statement, comprehensive income, statement of cash flows, and the requisite notes for financial statements. Additionally, it delves into the specific considerations around changes in accounting principles. This course offers more than just theoretical knowledge; it equips participants with the ability to select, recognize, and recall various requirements and methods essential for presenting financial statements that meet the highest standards of accuracy and compliance.

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Learning Objectives

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

Chapter 1

  • Select requirements for disposal transactions to meet held for sale criteria
  • Recognize overall financial statement presentation requirements
  • Cite requirements for discontinued operations and liquidation basis of accounting reporting
  • Identify the different methods used for statement of cash flow presentation

Chapter 2

  • Recognize when certain balance sheet accounts can be offset
  • Identify disclosure requirements with respect to an entity’s accounting policies
  • Recall the disclosures required in the event of substantial doubt of an entity’s ability to continue as a going concern

Chapter 3

  • Identify presentation requirements for the income statement and comprehensive income
  • Recall when various types of insurance provide reimbursement

Chapter 4

  • Recognize the differences between operating, financing, and investing activities in the statement of cash flows
  • Cite preferred methods of presentation of an entity’s statement of cash flows

Chapter 5

  • Recognize the requirements regarding changes in accounting principles
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Course Specifics

Course ID
Revision Date
September 12, 2022

There are no prerequisites.

Advanced Preparation


Number of Pages

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

Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s Journal of Accountancy. Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …