93222 2.00

Author: Lewis R. Fisher

CPE Credit:  2 hours for CPAs

A balance sheet (statement of financial position) is used to portray the financial position, the assets, liabilities, and equity, of an entity. As such, it is the first statement that the users of the financial statements will find in the table of contents. The data points contained within the statement receive significant attention, drive financial covenants, and often times overshadow data contained in the other related statements. Oftentimes the presentation in the balance sheet takes the form of what was done in the past, and a fresh, creative look at the current year presentation in terms of compliance with US GAAP and usability by the users of the financial statements is missing. This short course will take a look at the requirements set forth in Topic 210 “Balance Sheet” as well as consider nuances that can improve the usability of the data presented.

Publication Date: August 2022

Designed For
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.

Topics Covered

  • Overview of the specifics ASC 210, "Balance Sheet"
  • Common items misclassified within the statement
  • Proper application of offsetting
  • Nuances between US GAAP and IFRS presentation


Learning Objectives

  • Recognize required GAAP reporting requirements for the balance sheet
  • Identify selected accounting standard updates affecting the balance sheet
  • Recognize how to guide clients and preparers of financial statements with best practices for preparation of the statement
  • Describe the requirement of Topic 210 and utilize key pieces of the standard to quickly determine what is and what is not required to be broken out in the statement
  • Recognize how to effectively communicate the differences between US GAAP and IFRS reporting requirements
  • Describe the order in which the liabilities are listed on the balance sheet
  • Differentiate which ASUs addresses variable interest entities
  • Recognize what part of the balance sheet are retained earnings reported
  • Differentiate correct statements regarding the difference between IFRS and US GAAP



Instructional Method

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites

Advance Preparation

Additional Course Details

  • Filed of Study: Accounting
  • Publisher: Wolters Kluwer
  • Course Level: Basic
  • Pre-Requisites: None
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