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. Often, 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 disclosures, recently issued FASB Accounting Standards Updates (ASUs) affecting financial statement disclosure (including income taxes, segment, expense disaggregation, and interim reporting), accounting policies, changes in accounting estimates and errors, subsequent events, going concern, and related party disclosures. The course addresses ongoing disclosure considerations under ASC 606 (revenue) and ASC 740 (income taxes).
The course will use illustrations, examples based on private company financial statement disclosures, and real-world excerpts from public company financial statements to provide you with a hands-on feel for the disclosure requirements across a number of accounting standards for private and public business entities.
Major Topics:
- Financial statement disclosures for private and public small and medium-sized businesses
- Balance sheet, income statement, and statement of cash flows presentation and disclosure issues
- Disclosure examples from all-sized entities that you can use to base your disclosures on
- Recently issued FASB Accounting Standards Updates affecting disclosures, including ASU 2023-09 (income taxes), ASU 2024-03 (expense disaggregation), and ASU 2025-11 (interim reporting)
Learning 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