“As a new entrepreneur, money is always an issue. Starting out with the right tools and the right advice makes the difference between success and struggle. The money conference is the best starting point, no matter where you are in the business cycle.”  – Dr. Bette Daoust, AuthorsSuccessGuild.com

Non-Accountant’s Understanding of Reading GAAP Financial Statements



Gary L. Krausz, CPA/CFF
Audit Partner, Gursey | Schneider LLP; Accounting Instructor, UCLA Extension


The objective of the session is to provides participants with: (1) an understanding of basic financial accounting terminology in the context of reading financial statements, (2) sufficient basic financial accounting principles to be able to understand and analyze the basic financial statements (and cover the differences between accrual versus cash basis accounting), (3) review special topic analysis of lease accounting and credit ratio evaluation for financial analysis, and finally (4) introduce recent changes arising in GAAP because of convergence to international standards including the forthcoming changes to lease accounting and revenue recognition. These topics will be presented along-side real example financial statements from various companies and industries.

Learning Objectives:

  • Understanding the basic classified financial statement of a business and the meaning of each type of statement, and how the statements all work together to explain the financial results of a company.
  • Understanding the basic elements of financial statements (current and long-term assets, liabilities, owners / stockholders’ equity, revenues and other income, expenses, etc.) and how different accounting methods may affect the financial statement amounts and disclosures.
  • Understanding basic accounting terminology and some of the principles underlying the preparation of financial statements (historical cost, conservatism, going concern, etc.)
  • Analyzing and evaluating financial statements using real financial statements as examples; understanding key metrics and ratios and some of the benefit and shortfalls of key ratios.
  • Understand new changes to GAAP (related to lease accounting and revenue recognition) coming by 2019 that will apply to most all companies and all financial statements
  • (Time Permitting) Understand the different levels of CPA involvement with financial statements including preparation / compilation, review, or audit – what comfort each level of service provides.


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