The Year-End Close

3 Credits: Accounting


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The Year-End Close

Course Level
CPE Credits

3 Credits: Accounting

Course Description

Before this course, accounting professionals may find the year-end close to be a daunting and complex task, filled with various challenges and potential for errors. The intricacies of handling receivables, inventory, fixed assets, payables, payroll, and additional tasks for publicly held companies can overwhelm even experienced accountants. The lack of a structured approach can lead to inefficiencies and inaccuracies in the final financial statements.

After completing “The Year-End Close” course, participants will experience a transformation in their approach to this crucial accounting process. The course bridges the knowledge gap, providing a detailed walkthrough of every aspect of the year-end close. Attendees will learn effective staffing policies, document archiving techniques, annual budget construction, and how to avoid common pitfalls like financial statement errors. The course offers specific guidance for handling fixed assets, completing Form 1099-MISC, and managing the close in publicly held companies, including EDGARizing and financial statement preparation. Equipped with this comprehensive knowledge, participants will be able to confidently and efficiently manage the year-end close, ensuring accuracy and compliance in their organization’s financial reporting.

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Learning Objectives

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

Chapter 1

  • Recognize the staffing policies needed to ensure that there are sufficient staff on hand to complete the year-end close.
  • Identify the activities involved in archiving accounting documents.
  • Specify the steps involved in the construction of the annual budget.
  • Identify the contents of the year-end binder.
  • Recognize the situations in which a soft close is more likely to result in financial statement errors.

Chapter 2

  • Specify how to verify the reasonableness of the balance in the allowance for doubtful accounts.

Chapter 3

  • Recognize the tasks involved in the year-end examination of open jobs.
  • Identify the evaluation criteria stated in the lower of cost or market rule.

Chapter 4

  • Specify the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.

Chapter 5

  • Specify the distribution of the Form 1099-MISC, as well as how the form is to be completed.

Chapter 6

  • Identify the trigger that causes a change in the experience rating assigned by a government.

Chapter 7

  • Recognize the role of EDGARizing in the year-end close.

Chapter 8

  • Specify the steps required for the preparation of financial statements.
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Course Specifics

Course ID
Revision Date
June 1, 2023

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

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 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 …