Checkpoint Learning

Course Detail

Preparing Personal Financial Statements   Updated

CATEGORY: Accounting & Auditing
COURSE ID: CLPFN6, VERSION 10.00
  Online & Mobile
7 CPE Credits

Want answers to your questions on the preparation of personal financial statements? This course is a masterful guide to nailing down and retaining the facts about the preparation of personal financial statements. Personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as obtaining of credit, income tax planning, retirement planning, gift and estate planning, or public disclosure of their financial affairs. Users of personal financial statements rely on them in determining whether to grant credit, in assessing the financial activities of individuals, in assessing the financial affairs of public officials and candidates for public office, and for similar purposes. This course is detailed and clearly written providing coverage of past and present GAAP as well as the AICPA Statements on Standards for Accounting and Review Services: Clarification and Recodification (SSARS 21) and the 2020 edition with conforming changes of the Audit and Accounting Guide, Preparation, Compilation, and Review Engagements. Valuing assets and liabilities, calculating current and future income tax liabilities, and procedures for preparation, compilation, review, and audit of personal financial statements as well as many other important topics codified by FASB ASC 274, Personal Financial Statements, are discussed in great detail within this course. This intermediate level course is most appropriate for the professional with detailed knowledge in this topic or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.

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