- NY Credits : 5.0
- TX Credits : 5.0
Some disclosures may be efficiently provided on the face of the financial statements, for example, the allowance for uncollectible receivables. Other disclosures may be provided either on the face of the financial statements or in notes depending on considerations such as space limitations. This interactive self-study course explains various disclosures for nonpublic companies commonly made in the notes, but does not attempt to describe all possible disclosures. The course covers form and style considerations, determining necessary disclosures, a summary of significant accounting policies, common problems in preparing various disclosures, disclosure of information about financial instruments, and risks and uncertainties.
This basic level course is most beneficial to professionals new to nonpublic company financial statements who may be at the staff or entry level in an organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
identify the authoritative literature and form and style considerations that are significant to an organization's notes to the financial statements;
recognize the common problems in preparing frequent disclosures, general disclosures, and other disclosures related to inventory, debt, income taxes, related parties, going concerns, and lawsuits;
assess how to disclose information about financial instruments in an organization's financial statement notes; and
summarize issues that organizations might encounter with disclosing information about risks and uncertainties in the notes to their financial statements.