[CPA Hostage]

Hi Everybody. This is a little bit of an embarrassing question. So a little back story, in my 10 years of experience in accounting I haven’t had any hands on experience with financial statement preparation and analysis. I have on numerous occasions asked my bosses at both my current job and my last job to teach/show me how they prepare the financial statements and provide me with some insight on financial statement analysis. Unfortunately this has been to no avail and it is hurting me professional because companies do not want to hire a Senior Accountant that doesn’t have financial statement experience.

With that being said I’ve decided I want to take matters in to my own hands and would like to know if anybody can recommend any books that can provide me with detailed guidance (preferably not textbooks) on financial statement preparation and analysis. Like I said this is a bit of an embarrassing question to ask because at this point in my career I should have this experience, sadly though being in construction accounting I believe has hurt me and where I am in life now and in my career I do not want to take a step back in order to get the experience, I need to teach myself, become proficient in it and hope that I can advance my career from here.

Any suggestions? Thank you in advance 🙂 

[j3cpa]

What did you do as an accountant for the past 10 years? just AP/AR ?

Study Material:
GLEIM
BEC - FEB/2012
AUD - FEB/2012
FAR - JULY/2012
REG - JULY/2012

[CPA Hostage]

No. I’ve worked closely with my current accounting manager and my old controller with month-end close doing journal entries and job costing. I’ve assisted in the yearly audits and preparing different returns (from personal property tax to payroll taxes).

[alloverit]

I would recommend an online class that covers financial reporting/consolidated statements, etc….something where you have to construct the documents electronically and submit them for grading.

The other thing I would say is that you probably know more then you realize. You might be suffering from what someone on here once referred to as “imposter syndrome”, lol.

[CPA Hostage]

I’ve taken numerous class, some of them years ago now. Book knowledge is just that and you really don’t have a leg to stand on without the hands on experience.
LOL What do you mean by imposter syndrome? I’ve never heard that one before.

[PianoCPA]

Ha…impostor syndrome is what I feel every day. That feeling that I somehow didn't deserve to get the job I have. Or, I've somehow managed to get lucky to pass the CPA exams that I just passed. Or that I'm not nearly as good as everyone else around me/don't know as much, yet somehow get the same job, or paid the same amount.

I'm suffering from it right now simply because I “passed” FAR, but should not have simply because I firmly believe I performed terribly on the exam. I think that's the goal of the AICPA with these exams.

[alloverit]

The right online class would FORCE you to learn it…but it has to be the right class. There's NO WAY you can pass (with an A) an Advanced Accounting or Consolidated Statements class without learning something.

The biggest difference between school and the real world are the small nuances of a particular business and the fact that supporting documentation comes in many different forms.

I'm serious. In online classes (good ones and Master's level) you're largely on your own…and that sounds like what you need.

[CPA Hostage]

Thank you for clarifying PianoCPA. Yes I absolutely do have that, and in a bad way. I’m sure it stems from the lack of hands on and the feeling that in my current position I am not being challenged at all and feel like my skills are wasting away. It doesn’t help that I have yet to pass an exam… got close with FAR, a 68 then a 73, and a 69 on AUD 🙁 … waiting for MD to post the scores today for the 3rd attempt at FAR.

[j3cpa]

What do you think F/S really is?

If i give you a GL, can you compile the income statement and balance sheet out of that? It seems to me you would have the background knowledge of that. Unless you're looking for GAAP compliance?

For financial analyst. My best recommendation to you is youtube and search this forum for the “BEC FORMULA”. Apply those and you can understand more of the business.

Study Material:
GLEIM
BEC - FEB/2012
AUD - FEB/2012
FAR - JULY/2012
REG - JULY/2012

[Author]

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