A balance sheet (statement of financial position) is used to portray the financial position, the assets, liabilities, and equity, of an entity. As such, it is the first statement that the users of the financial statements will find in the table of contents. The data points contained within the statement receive significant attention, drive financial covenants, and often times overshadow data contained in the other related statements. Oftentimes the presentation in the balance sheet takes the form of what was done in the past, and a fresh, creative look at the current year presentation in terms of compliance with US GAAP and usability by the users of the financial statements is missing. This short course will take a look at the requirements set forth in Topic 210 “Balance Sheet” as well as consider nuances that can improve the usability of the data presented.
Publication Date: August 2022
Designed For
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.
Topics Covered
- Overview of the specifics ASC 210, "Balance Sheet"
- Common items misclassified within the statement
- Proper application of offsetting
- Nuances between US GAAP and IFRS presentation
Learning Objectives
- Recognize required GAAP reporting requirements for the balance sheet
- Identify selected accounting standard updates affecting the balance sheet
- Recognize how to guide clients and preparers of financial statements with best practices for preparation of the statement
- Describe the requirement of Topic 210 and utilize key pieces of the standard to quickly determine what is and what is not required to be broken out in the statement
- Recognize how to effectively communicate the differences between US GAAP and IFRS
reporting requirements
- Describe the order in which the liabilities are listed on the balance sheet
- Differentiate which ASUs addresses variable interest entities
- Recognize what part of the balance sheet are retained earnings reported
- Differentiate correct statements regarding the difference between IFRS and US GAAP
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lewis R. Fisher
Lewis R. Fisher is a partner with Moss Adams, LLP in the Automotive & Dealer Services Group, with over 20 years of experience of private and public accounting experience. He began his career working in retail finance at a domestic dealership, and then moved to the corporate office for the largest privately held automotive group in the United States. Lewis' focus is providing assurance and consulting services to automotive dealership clients, as well as other heavy truck and equipment dealers, including those with significant rental operations. He has experience directing all phases of assurance engagements, working with a mix of SEC clients and large privately held clients. He is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.