Financial Statement Disclosures: A Guide for Small and Medium-Sized Busine sses

Overview

A clear and concise set of proper financial statement disclosures can make or break an entity's financial statements. Such disclosures are no longer simply additional information provided by a business; they can be complex in nature and difficult to both prepare and understand, especially for small and medium-sized businesses. Oftentimes financial statement users will first turn to the notes in the financial statements in order to get a feel for where the business and its numbers might be heading, so these disclosures need to be well-written and follow applicable standards. This course will focus on key balance sheet and income statement disclosure as well as those relating to adoption of new accounting standards related to revenue (ASC 606) and leases (ASC 842), accounting policies, changes in accounting estimates and errors, subsequent events, going concern, and related party disclosures. The course will use illustrations, examples based on private company financial statements disclosures, and real-world excerpts from financial statements to provide you with a hands-on feel for the disclosure requirements across a number of accounting standards.

Highlights

Financial statement disclosures for small and medium-sized businesses
Balance sheet, income statement, and statement of cash flows presentation and disclosure issues
Disclosure examples from all sized entities which you can use to base your disclosures on
Developing disclosure issues, including disclosures related to the adoption of Topic 606

Prerequisites

None

Designed For

CPAs and other accounting professionals in public practice and business and industry involved in preparing financial statement disclosures for small and medium-sized businesses

Objectives

Understand and apply the professional requirements and guidance for preparing financial statement disclosures for all entities, including small and medium-sized businesses
Identify balance sheet, income statement, and statement of cash flows presentation issues
Review disclosure examples from all sized entities, including small and medium-sized businesses
Be familiar with developing disclosure issues, such as those related to the adoption of new accounting pronouncements
Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daryl Krause

Leader Bios

Daryl Krause

Mr. Krause has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work. As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes. He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.

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