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Prerequisite
None
Knowledge Level
Basic
Copyright
2009
Publication Date
September, 2009
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| Introduction |
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Organization |
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Learning Objectives |
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Author Bios |
| Title: |
Preparing & Reporting on Personal Financial Statements |
| Prerequisite: |
None |
| Advance Preparation: |
None |
| Knowledge Level: |
Basic |
| Subject Matter Area: |
Accounting |
| Date of Publication: |
September 2009 |
| Copyright © |
2009 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
6 QAS/Registry (based on 50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
Personal financial statements may be prepared for individuals to formally organize and plan their financial affairs in general, or they may be prepared for a specific purpose, such as obtaining credit, income tax or retirement planning, or for gift and estate planning purposes. Preparing & Reporting on Personal Financial Statements reviews the nature of personal financial statements and the key issues involved in preparing them. This program highlights the special considerations and concerns associated with personal financial statements including: reporting and disclosure requirements; determining estimated current values; and using other comprehensive bases of accounting.
Use of Materials
Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.
Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.
Software
The user should begin by reviewing the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. As the user studies each chapter, s/he should complete the interactive study questions that appear in the lower panel of the screen. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text that were difficult. When the user is ready, s/he should click on the link at the far left to complete the quizzer. The user should email her/his quizzer statistics using the quizzer submission link in the software and the user's CPE certificate will be mailed to her/him.
This program is divided into ten (10) chapters.
Chapter 1 gives an overview of personal financial statements.
Chapter 2 reviews authoritative guidance for preparing and reporting on personal financial statements.
Chapter 3 examines the general considerations of accepting and planning a personal financial statement engagement.
Chapter 4 explores the primary financial statement considerations.
Chapter 5 focuses on how to determine estimated current values.
Chapter 6 reviews the general guidance for OCBOA financial statements.
Chapter 7 identifies the different types of disclosures generally required in personal financial statements.
Chapter 8 examines the guidance associated with compilation of personal financial statements.
Chapter 9 focuses on the general guidance of reviews of personal financial statements.
Chapter 10 reviews the general guidance for auditing personal financial statements.
Helpful Guidance
Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.
A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.
Upon successful completion of this program, the user should:
- Discuss the general nature of personal financial statements
- Explain the basic guidance found in FASB Accounting Standards Codification (ASC) 274, Personal Financial Statements
- Discuss the guidance found in the AICPA Audit Guide, Personal Financial Statements
- Discuss the primary considerations in preparing and reporting on personal financial statements
- Explain the importance of references in the financial statements
- Summarize the general methods for determining estimated current values
- Discuss the general guidance for OCBOA financial statements
- Explain the issues in preparing income tax basis financial statements
- Discuss the general considerations for disclosures in personal financial statements
- Explain the general guidance for compiling personal financial statements
- Summarize the performance requirements for compilations of personal financial statement
J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, Inc., which specializes in knowledge transfer. Through a combination of technical writing, training, and targeted consulting, The Madray Group helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. Mr. Madray earned an undergraduate degree in Accounting and a Master of Professional Accountancy from Clemson University. He is a past member of the AICPA Accounting and Review Services Committee and a current member of the Board of Directors of the SC Association of CPAs. He is the author of numerous publications and articles on accounting and auditing topics, including the AICPA's Compilation and Review Alert. In addition, he speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states. He has more than 15 years of professional experience, including 10 years in public practice. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to enable CPAs to meet the changing needs of their profession. Mr. Madray also serves as a senior lecturer at Clemson University's School of Accountancy and Legal Studies. (Author/Speaker)
Kurt G. Oestriecher, CPA, is a partner with Oestriecher & Company of Alexandria, Louisiana. Mr. Oestriecher is partner in charge of accounting and auditing services, and is also involved in litigation support and small business consulting engagements. In addition to his client responsibilities, Mr. Oestriecher has served as a discussion leader for numerous accounting and auditing courses. Mr. Oestriecher was presented the 1998 and 2005 Outstanding Discussion Leader Award by the LCPA, and received the 2006 AICPA Outstanding Discussion Leader Award. Mr. Oestriecher is a member of the AICPA and the Louisiana Society of CPAs (president, 2002). He has also served on the AICPA Accounting and Review Services Committee (2000-04), and is a past member of the AICPA Council. (Speaker)
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Bisk Education, Inc. • 9417 Princess Palm Ave. •
Tampa, FL 33619 • 800-404-7438
 |
Bisk Education is
registered with the National Association of State Boards of Accountancy (NASBA)
as a sponsor of continuing professional education on the National Registry of
CPE Sponsors. State boards of accountancy have final authority on the
acceptance of individual courses. Complaints regarding registered sponsors may
be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North,
Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Bisk Education is
registered with the National Association of State Boards of Accountancy as a
Quality Assurance Service (QAS) sponsor of continuing professional education.
Participating state boards of accountancy have final authority on the
acceptance of individual courses for CPE credit. Complaints regarding
registered sponsors may be addressed to the Quality Assurance Service, 150
Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Enrolled Agents Sponsor ID Number: 552. We have entered into an agreement with
the Office of Professional Responsibility, Internal Revenue Service, to meet
the requirements of 31 Code of Federal Regulations, section 10.6(g), covering
maintenance of attendance records, retention of program outlines,
qualifications of instructors, and length of class hours. This agreement does
not constitute an endorsement by the Office of Professional Responsibility as
to the quality of the program or its contribution to the professional
competence of the enrolled individual.
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