Financial Reporting - Fundamentals/Basics

Understand the basics of financial reporting and its fundamental and enhancing characteristics.
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Instructed by Varun Thakur Business / Finance
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  • Lectures 28
  • Length 2.5 hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 11/2014 English

Course Description

This course is about the basics of financial reporting and is the first course in the series of future courses that will take the student through the journey of financial reporting.

It is aimed at providing a conceptual foundation for understanding financial reporting prepared by accountants for businesses. Lectures will provide an introduction to the conceptual framework, constraints on the conceptual framework, objectives of financial reporting, various cost based and value based measurement techniques besides various key decision areas that accountants look at.

This course is for anyone who has absolutely no understanding of what happens behind the scenes of the financial reports prepared by small as well as large businesses. If you are a complete beginner or just curious about financial reports prepared by entities as big as Google and as small as a local grocery store, then this course is the step you will want to take towards the journey of understanding financial reporting and their benefits to the end users like you and me.

I have adopted a very simple methodology to teach this course in a friendly manner. It is structured so that the students who have absolutely no idea about financial reporting can grasp the concept behind it and become familiar with various terminologies around it.

So go ahead and take the first step towards building the foundation in understanding financial reporting!

What are the requirements?

  • A very basic arithmetic background will help.
  • You will not need any specific software to do this course, a simple access to Udemy's website will do.

What am I going to get from this course?

  • Define objectives of financial reporting
  • Differentiate between various measurement methods
  • Define various users of financial reporting
  • Define limitations of financial reporting
  • Understand the relationship among assets, liabilities and equity
  • Define various constraints on accounting standards
  • Explain the objectives of financial reporting
  • Distinguish among the various accounting related acronyms
  • Differentiate between fundamental and enhancing characteristics of financial reporting
  • Differentiate between cost based and value based measurement methods
  • Define key decision areas that businesses focus on while preparing financial reports

Who is the target audience?

  • This course is suited for people who are not familiar with the fundamental/basic financial reporting concepts.
  • This course will be a great foundation (frist step) on the journey to understand financial reporting

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Brief Overview of the course
Section 2: Conceptual Framework
Conceptual Framework
Constraints on Framework
Economic & Legal Constraints
Political Constraints
Human Resources Constraints
Professional Judgment Constraint
Section 3: General Purpose Financial Statements
Objectives of General Purpose Financial Statements
Users of General Purpose Financial Statements
Limitations of General Purpose Financial Statements
Underlying Assumptions of Financial Statements
Qualitative Characteristics of Financial Statements
Fundamental Qualitative Charateristics of Financial Statements
Enhancing Qualitative Charateristics of Financial Statements
Section 4: Key Decision Areas
Key Decision Areas Overview
Measurement (Cost Based and Value Based)
Cost Based Method - Historical Cost
Cost Based Method - Current Cost
Cost Based Method - Amortized Cost
Value Based Method - Fair Value
Value Based Method - Fair Value Less Cost to Sell
Value Based Method - Net Realizable Value
Value Based Method - Settlement Value
Value Based Method - Value in Use
Section 5: Conclusion
Section 6: Quiz
9 questions

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Instructor Biography

Varun Thakur, Financial Analyst

I am currently working as a financial analyst in Melbourne (Australia). I started as a software programmer and a few years later decided to become a financial accountant instead due to my curiosity about share markets and all the firms that trade on them globally.

The journey to become a financial accountant made me realize that I can use my software development skills and combine them with the accounting knowledge that I have acquired by studying and working for multinational companies across different industries to become an analyst.

I have been a financial analyst for almost six years now, analyzing business financial statements, profitability at the product level and combining that strategic bottom line view with IT requirements to simplify tasks for businesses in order for them to achieve their targets.

Teaching is a hobby of mine, and I have been a teacher since I was fifteen. I started with teaching my cousins, which led me to tutor other students in the fields of mathematics, physics, chemistry, statistics and software programming. I very strongly believe that the best way to learn something is to teach, as that broadens your horizon while teaching you to accept the fact that other people will have an opinion or understanding that will be different to yours.

One day I realized that I should combine all my skills (educational, professional and tutoring) and take the next step of teaching to a larger scale via Udemy. I am hoping this platform will help me understand students' perspectives at a global scale besides assisting me in developing the skills that are required to be a good teacher.

I always want my students to build a foundation first, and then start building the skyscraper (metaphorically speaking), because without a good foundation the skyscraper will not last for long regardless of how tall it is. It is not the height of knowledge that matters, it is the depth of it that normally assists people in achieving excellence.

Every course of mine will have the following objectives in the order mentioned:

1) Build foundation by teaching basics first

2) Test that the foundation has been build strongly

3) Start with simple concepts and over time build on them to solidify the understanding of the topic

4) Teach students to chase excellence in whatever they do

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