Webcast
Accountant’s Guidebook: Changes and Errors, Closing the Books, and Financial Statements
Manage financial statement revisions and maintain reporting integrity with steps for closing books and issuing financial statements.
$147.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
Secure Transaction CPE Credits
3 Credits: Accounting
Course Level
Basic
Format
Webcast
Course Description
Navigating the complexities of accounting changes and error corrections can be a daunting problem for accountants, especially when dealing with the intricacies of financial statement revisions. This course agitates the issue by highlighting the challenges in accurately reflecting changes in accounting principles or estimates and correcting identified errors. Jeff Sailor provides a solution with his insightful coverage of chapters 18-20 from Stephen Bragg’s Accountant’s Guidebook. The course details the rules for handling these situations, including essential disclosures and the steps needed to close the books and issue financial statements. Participants will gain the knowledge to manage these changes confidently, ensuring the integrity and accuracy of financial reporting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Choose an example of a change in accounting estimate.
- Identify a situation where you would adjust the financial statements of prior interim periods of the current fiscal year.
- Cite when to change an accounting principle and the type of change that requires retrospective application to prior accounting periods.
- State why generating customer invoices is an essential part of the closing process and why you want to eliminate intercompany transactions.
- Cite the basis for accruing a tax liability.
- Specify a situation where a reserve should not be created.
- Identify why you must close subsidiary ledgers when closing the books.
- Define a net operating loss carryforward.
- Define the purpose of the comparative balance sheet and the statement of retained earnings.
Course Specifics
WC11166051
January 10, 2024
None
None
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software. Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights …
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