Darren Tong – Accounting Principles and Standards – CFI Education

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Accounting Principles and Standards

Understanding specific accounting principles and standards is a necessary aspect to becoming a world-class financial professional

• Understand the fundamental accounting principles that underly more detailed accounting standards
• Gain an understanding of revenue recognition and its associated matching principle
• Identify the key standards relating to leases, income taxes, business combinations, and more

Overview

Accounting Principles and Standards Course Overview

This course is designed to give some background on the fundamental accounting principles that underlie accounting standards and explore in more depth, some of the specific accounting standards commonly encountered by financial analysts. A good understanding of accounting standards is essential for reading and interpreting financial statements and in creating robust financial models.     

Accounting Principles and Standards Learning Objectives

Upon completing this course, you will be able to:

1. Understand the fundamental accounting principles that underly more detailed accounting standards
2. Understand why it is important to have as well as the characteristics of useful financial information
3. Explain the common accounting standards that financial analysts frequently encounter, such as:

• Accrual basis of accounting
• Revenue recognition principle
• Historical cost principle
• Matching principle
• Materiality principle
• Conservatism principle
• Full disclosure principle

4. Identify the key standards when accounting for leases, incomes taxes, share-based payments, business combinations, and transactional costs

Who should take this course?

This Accounting Principles and Standards course covers the foundational knowledge every financial analyst should understand to perform sound financial reporting and analysis. Anyone who would like to start a career in investment banking, financial planning and analysis (FP&A), corporate development, equity research, and other areas of corporate finance should take this course to reinforce their accounting knowledge.  

What you’ll learn

Accounting Principles Overview
Introduction 
Download Course Presentation
The Purpose of Financial Reporting 
Fundamental Accounting Principles 
Accrual Basis of Accounting Principle 
Revenue Recognition Principle 
Historical Cost Principle
Matching Principle
Interactive Exercise 1
Materiality Principle
Conservatism Principle
Economic Entity Principle
Going Concern Principle
Monetary Unit Principle
Full Disclosure Principle
Consistency Principle
Objectivity Principle
Interactive Exercise 2

Usefulness of Financial Information
Importance of Useful Financial Information
Enhancing Characteristics
Fundamental Characteristics
Interactive Exercise 3

Detailed Accounting Standards
Detailed Accounting Standards

Accounting For Leases
Leases and Right to Control
Initial Recognition of Balance Sheet Amounts
Subsequent Recognition and Measurement
Finance and Operating Lease Exercise

Accounting For Income Taxes
Accounting Treatment of Income Taxes
Reconciling Accounting Income and Taxable Income
Carrying Amount Versus Tax Base
Temporary Differences
Deferred Tax Assets and Liabilities
Income Tax Exercise

Accounting For Share-based Payments
Introduction to Share-based Payments
Vesting Conditions, Vesting Period, and Fair Value
Interactive Exercise 4
Accounting For Share-based Payments Example 1
Accounting For Share-based Payments Example 2
Share-based Payments Exercise

Accounting For Business Combinations
Introduction to Business Combinations
Identifying Business Combinations and Fair Value Concentration
Interactive Exercise 5
Outputs, Inputs, and Substantive Processes
Interactive Exercise 6
Accounting Treatment For Business Combinations
Recognizing and Measuring Assets Acquired, Liabilities Assumed, and Goodwill
Business Combinations Exercise

Accounting For Financing Fees and Transaction Costs
Introduction to Financing Fees and Transaction Costs
Debt Issuance Costs
Share Issue Costs
Transaction Costs
Financing Fees and Transaction Costs Exercise

Qualified Assessment
Qualified Assessment

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