Financial Statements Essentials – Balance Sheet, Income Statement, Cash Flow in a For-Profit and Not

Have A Greater Understanding Of The Purpose And Use Of The Financial Statements CPE = 1

Financial statements are crucial to managing the economic stability and financial well-being of organization. Most individuals understand the basic concepts of the balance sheet, income statement and cash flow statement. Yet, many have difficulty interpreting the information. Often, this is simply due to a lack of understanding of the relationship and purposes of each statement.

This course is for the non-financial professional who wishes to have a greater understanding of the purpose and use of the financial statements. It can also be a tool for the professional just entering the financial profession and who is looking to gain a deeper insight into the aspects of preparing a company’s financial statements.

There are variances in the format, structuring and reporting of for-profit financial statements vs. not-for-profit (NFP) statements. December 31, 2018 saw significant changes to NFP financial reporting. ASU No. 2016-14, Presentation of Financial Statements of NFP Entities became effective. Essential for NFP to understand the various aspects of the ASU. A separate course is listed by this instructor on the Illumeo platform that details the specific changes outlined in ASU 2016-14. This course is meant to provide an overview of the basic concepts required in entity financial statements. Since varying concepts exist between a for-profit organization and a NFP organization, we will utilize this platform to compare and contrast the major financial statements including:

Balance Sheet (For Profit)/Statement of Activities (NFP)

Income Statement (For Profit)/Statement of Operations (NFP)

Cash Flow Statement

Lesson Objectives:

•Explore the variance between the for-profit balance sheet and the not-for profit statement of activities

•Identify what ”balancing" the balance sheet means.

•Recognize and apply the relationship of the balance sheet and statement of activities to the income statement and statement of operations.

•Explore what comprises revenue in for-profit vs. NFP.

•Examine the variances between the income statement in a for-profit and the statement of operations in a NFP.

•Explore why the cash flow statement is King.

•Explore elements of the Cash Flow statement in both a for-profit and NFP.

Field: Accounting
CPE: 1
Delivery Method: Self Study
Format: Video

Your Instructor

Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author

Ms. Fountain has over 40 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.

Course Curriculum

  Financial Statements Essentials – Balance Sheet, Income Statement, Cash Flow in a For-Profit and Not-for-Profit organization
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Frequently Asked Questions

When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish.
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