The Soft Close

This course shows how the accountant can minimize the time needed to close the books and issue financial statements. This involves the elimination of some closing steps, thereby presenting a tradeoff of somewhat reduced financial statement accuracy for much less closing effort. The course notes the risks involved and the situations to which a soft close can most readily be applied. In short, The Soft Close provides the accountant with a complete toolkit of solutions for streamlining the closing process.

Format

PDF Course

Level

Overview

Duration

1 Hour

Course Information

Author: Steven Bragg

Course Number: AC1091

Learning Objectives

Recognize the situations in which financial statements that have been produced with a soft close can be issued.
Identify the reporting periods in which a public or private company could use a soft close.
Specify the situations in which a soft close is more likely to result in financial statement errors.
Recognize the calculation methods used to estimate ending inventory.
State the types of risk environments in which a soft close should and should not be used.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: July 2024

Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.