Introduction to Financial Statements
4.3 (2 ratings)
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Introduction to Financial Statements

A Basic Understanding for Non-Finance Staff in 90 minutes
4.3 (2 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.
114 students enrolled
Created by Steve Currie
Last updated 8/2015
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  • 1.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Improve your business knowledge and enhance your promotion prospects
  • Have a greater insight as to what drives the business you work for
  • Develop the ability to fully comprehend the financial statements you may be issued with in the workplace
View Curriculum
  • No materials necessary just a desire for greater understanding

Are you on the distribution list for the monthly accounts pack or financial statements in your company?

Do you receive financial statements that you don't really understand?

Would you like to improve your understanding of this information?

Being properly informed not only improves your knowledge of how your company is performing but also better prepares you to tackle any decision making you are tasked with.

This course walks you through the three primary documents you will see time and time again - the Statement of Profit or Loss (Profit & Loss account), Statement of Financial Position (Balance Sheet) and Cash Flow Statement.

This course will provide you with a greater understanding of the purpose of these statements, how to read them, how to dig deeper and analyse main figures and assess your businesses performance and which areas to focus your concentration.

All non-finance staff will benefit from a greater understanding of the financial performance of the business they work for and be able to assess that organisation's future viability.

Who is the target audience?
  • Anybody wishing to gain a greater understanding of the contents of and interaction of financial statements
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Curriculum For This Course
14 Lectures
1 Lecture 01:09

Understand why this course is offered to readers of financial statements from other business departments

Preview 01:09
Statement of Profit or Loss
5 Lectures 43:39

In this lecture we look at the definition of sales, their relation to payment and the detail that may be shown on your P&L


Here we look at just what are cost of sales

Cost of Sales

In this lecture we look at the vitally important area of gross profit, why it varies from industry to industry and why you need to be very wary of percentages

Preview 09:12

Here we consider the nature and behaviour of expenses or overheads, how they interact and how they can impact decision making relating to sales quotations


The calculation of net profit, why it varies so widely dependent on the industry and how it relates to cash and credit businesses

Net Profit
Statement of Financial Position
6 Lectures 37:54

In this lecture we define non-current or fixed assets, introduce the concept of depreciation and how this impacts profits but not tax liability

Non-Current Assets

Here we see the difference between Non-current and current assets, look at the importance of both inventory and trade receivables and describe the all important concept of liquidity

Current Assets

In this lecture we consider the nature of current liabilities and the importance of maintaining a good working relationship with suppliers

Current Liabilities

This lecture will emphasise the importance of this single figure shown on the balance sheet

Net Current Assets

Briefly we look at the figure that is used to balance to the capital accounts

Preview 01:52

This lecture contains details of how the capital & reserves section of the balance sheet shows what the management of the business have done with the capital introduced and profits made

Capital & Reserves
Cash Flow Statement
1 Lecture 09:07

Here we show a sample cash flow, the importance of cash versus sales made and why cash really is the lifeblood of every business

Cash Flow
Course Conclusion
1 Lecture 00:38

A message from your instructor

Course Wrap Up
About the Instructor
Steve Currie
3.6 Average rating
4 Reviews
141 Students
2 Courses
Lecturer, chartered accountant, entrepreneur and speaker

Steve Currie has a varied background both in the corporate world and as an entrepreneur.

He graduated in business studies and then qualified as a chartered management accountant, later becoming a Fellow. He gained over 20 years' experience culminating at board level specialising in rationalisation, cost reduction and the sale and purchase of companies.

During the past 14 years as an entrepreneur, Steve has started, managed and sold businesses in diverse areas such as property, hospitality, social media and online shopping.

He has also developed a passion for teaching accountancy and business courses for both the public and private sector and is an active business mentor.

Steve is a qualified lecturer, holds a certificate in Advanced Management from Ashridge Business School, is a member of both the Institute of Enterprise and Entrepreneurs and the Association of Business Mentors and is also a mentor for The Prince's Trust.

Steve is also a speaker and under pseudonyms he currently has 10 books in publication.