Financial Reporting - Fundamentals/Basics
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Financial Reporting - Fundamentals/Basics

Understand the basics of financial reporting and its fundamental and enhancing characteristics.
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
2 students enrolled
Created by Varun Thakur
Last updated 11/2014
English
Current price: $10 Original price: $20 Discount: 50% off
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Includes:
  • 2.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What Will I Learn?
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
View Curriculum
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.
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!

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
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Curriculum For This Course
Expand All 28 Lectures Collapse All 28 Lectures 02:15:48
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Brief Overview of the course
1 Lecture 02:13
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Conceptual Framework
7 Lectures 34:04


Constraints on Framework
07:17

Economic & Legal Constraints
04:56

Political Constraints
04:59

Human Resources Constraints
02:36

Professional Judgment Constraint
02:44
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General Purpose Financial Statements
7 Lectures 36:03
Objectives of General Purpose Financial Statements
02:32

Users of General Purpose Financial Statements
03:25

Limitations of General Purpose Financial Statements
05:09

Underlying Assumptions of Financial Statements
06:39

Qualitative Characteristics of Financial Statements
03:26

Fundamental Qualitative Charateristics of Financial Statements
05:55

Enhancing Qualitative Charateristics of Financial Statements
08:57
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Key Decision Areas
12 Lectures 01:00:29
Key Decision Areas Overview
05:48

Definition
05:42

Recognition
05:50

Measurement (Cost Based and Value Based)
02:09

Cost Based Method - Historical Cost
10:35

Cost Based Method - Current Cost
06:32

Cost Based Method - Amortized Cost
04:52

Value Based Method - Fair Value
04:27

Value Based Method - Fair Value Less Cost to Sell
05:07

Value Based Method - Net Realizable Value
02:25

Value Based Method - Settlement Value
03:37

Value Based Method - Value in Use
03:25
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Conclusion
1 Lecture 02:59
Conclusion
02:59
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Quiz
0 Lectures 00:00
Quiz
9 questions
About the Instructor
Varun Thakur
0.0 Average rating
0 Reviews
2 Students
1 Course
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