Principles of Financial Statement Presentation

Field of Study: Accounting
Study Level:  Basic
Prerequisites:  None

Course Description: 

This course provides an overview of the key presentation requirements with respect to an entity’s financial statements. This includes a discussion of key principles related to an entity’s overall presentation as well as specific topics with respect to its balance sheet, income statement, comprehensive income, and statement of cash flows, as well as notes to the financial statements. The course also addresses the considerations around changes in accounting principles. The information related to this course is primarily sourced from the Financial Standards Accounting Board’s (FASB) Accounting Standards Codification (ASC). 

Course Learning Objectives:

Upon completion of this course, you should be able to:

  • recognize overall financial statement presentation requirements
  • identify requirements for discontinued operations and liquidation basis of accounting reporting
  • determine when certain balance sheet accounts can be offset
  • identify presentation requirements for the income statement and comprehensive income
  • describe the different methods used for statement of cash flow presentation
  • differentiate between operating, financing, and investing activities in the statement of cash flows
  • identify disclosure requirements with respect to an entity’s accounting policies
  • recognize the requirements regarding changes in accounting principles
  • describe the disclosures required in the event of substantial doubt of an entity’s ability to continue as a going concern
Last Revised: Sept. 2018
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