CCH Learning Center

Description:
The acceptability of financial statements, apart from the accounting principles and practices applied, is dependent on their form and content and on the degree of detail, terminology, and classifications used. Generally accepted accounting principles (GAAP) include measurement, presentation, and disclosure principles.

The individual sections in this course address the disclosure requirements (FASB ASC Section 50).

They also address those key presentation requirements (FASB ASC Section 45) that are relevant to enhance compliance with and better understand the disclosure requirements, as they relate to the following FASB ASC Topics: ASC Topic 205: Presentation of Financial Statements; ASC Topic 210: Balance Sheet; ASC Topic 220: Comprehensive Income; ASC Topic 225: Income Statement; ASC Topic 230: Statement of Cash Flows; and ASC Topic 235: Notes to Financial Statements.

Upon completing this course, the user will be able to:

• Define basic concepts and terms associated with the disclosure and key presentation requirements in the preparation of financial statements.
• Identify the disclosure and key presentation requirements when presenting a classified balance sheet.
• Recognize the key components of comprehensive income and the respective disclosure and key presentation requirements.
• Determine the appropriate disclosure and key presentation requirements of extraordinary items, discontinued operations, and unusual or infrequently recurring items, on the income statement.
• Recognize cash flow statement components and disclosure and presentation of operating, investing, and financing activities.
• Identify disclosure requirements of accounting policies as part of the notes to financial statements.