Understanding Financial Statements

Understanding Financial Statements

What do Board Members need to understand about financial statements and budgets to be able to perform their duties? Certainly such things as:

• Recognizing what each of the three financial statements is trying to tell the reader.
• Understanding how to review an operating budget.
• Identifying the differences between when we record an expenditure as an asset on the balance sheet or an expense  on the income statement.
• Exploring the types of internal controls that can be used to safeguard assets.
• Ten steps that can be used to review a set of financial statements.

This course provides – in an easy to understand manner – the basic knowledge to make a director comfortable at the boardroom table when the financial statements and budgets are handed out.

Learning Objectives

• Recognize what each of the three financial statements is trying to tell the reader.

• Discover how to review an operating budget.

• Identify the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement.

• Explore the types of internal control that can be used to safeguard assets.

• Discover the ten steps that can be used to review a set of financial statements.

For Board Members

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What you will learn

• Recognize what each of the three financial statements is trying to tell the reader. Discover how to review an operating budget. Identify the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement. Explore the types of internal control that can be used to safeguard assets. Discover the ten steps that can be used to review a set of financial statements.

Rating: 4.25

Level: All Levels

Duration: 1 hour

Instructor: Debi Peverill