Basic Board Governance

Understanding Financial Statements for Board Members


Description

What do Board Members need to understand about financial statements and budgets to be able to perform their duties? Certainly such things as:

-Recognizing what each of the three financial statements is trying to tell the reader.
-Understanding how to review an operating budget.
-Identifying the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement.
-Exploring the types of internal controls that can be used to safeguard assets.
-Ten steps that can be used to review a set of financial statements

This course provides – in an easy to understand manner – the basic knowledge to make a director comfortable at the boardroom table when the financial statements and budgets are handed out.

Learning Objectives

-Recognize what each of the three financial statements is trying to tell the reader.
-Discover how to review an operating budget.
-Identify the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement.
-Explore the types of internal control that can be used to safeguard assets.
-Discover the ten steps that can be used to review a set of financial statements.

Content
  • Welcome to Understanding Financial Statements for Board Members
  • Introduction
  • Resources
  • PowerPoint Slides
  • Lectures
  • 1. Overview of Financial Statements
  • Quiz 1
  • 2. Balance Sheet
  • Quiz 2
  • 3. Assets
  • Quiz 3
  • 4. Fixed Assets
  • Quiz 4
  • 5. Liabilities and Equity
  • Quiz 5
  • 6. Income Statement
  • Quiz 6
  • 7. Cash Flow Statement
  • Quiz 7
  • 8. Ten steps to reviewing financial statements
  • Conclusion
  • Course Summary
Completion rules
  • All units must be completed
  • Leads to a certification with a duration: Forever