GAAP Explained With Examples | Mapping Income Statement Lines to GAAP

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Күн бұрын

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This is my version of an engaging method to teach you US GAAP or Generally Accepted Accounting Pricinples, simply by discussing how they apply to each line item on the income statement.
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All views expressed on my channel are mine alone. Not intended as financial or professional advice.

Пікірлер: 111

@worldsecrets8323 2 жыл бұрын

Yesterday I watched your video and I can answer most of the interview questions related to accounts successfully in my today's interview... Keep post more video my dear friend..

@TheFinancialController 2 жыл бұрын

Good job!

@GurpreetSingh-hx6nf Жыл бұрын

Which video you watched bro

@erwinoria2028 27 күн бұрын

Great video! When I had my english interview for a job position in accounting last year I watched bunches of videos from this channel. I consider I got prepared very well for my interview, and guess what? I got the job! Great channel to learn about accounting. Btw, I am a non native english speaker. :)

@joysreesharma8892 Жыл бұрын

Thank you Bill for explaining the overall GAAP procedures. I really appreciate it!

@bhaveshkumarprajapati8984 2 күн бұрын

Thank you !.. i really liked the way you have summarized it; this exactly crisp thing as i was looking for, and nice way to present in the Google sheet it is easy to record in the mind ... as easy to connect for the experienced people like me..

@mfriverao Жыл бұрын

Bill I do love your content! You are a great teacher! Very concise and practical piece of information

@jenniferlim2250 2 жыл бұрын

Hi Bill. Very lucid & concise! You got to the core of accounting theory textbooks in one short & sweet presentation. Will you be able to show us a video showing 1) Reconciliation of presentation of IS (income statement) as well as Balance Sheet, based on latest IFRS, vs US GAAP &/or SOX 2) Treatment for material differences; and 3) Impact of the treatment or any reclassifications (including tax impact, if any). Thank you so much! 🙇

@danelaituarte5917 Жыл бұрын

First time I see this topic in an NO BORING presentation. Thanks so much, it's so hard to try to learn just by reading without a visual exercise.

@stephenadeya8662 3 жыл бұрын

Thanks a lot, Finance Controller, your explanations are highly valued.

@TheFinancialController 3 жыл бұрын

Thanks 🙏

@evansjuma3831 3 жыл бұрын

You have enhanced my understanding and interpretation of income statement, this is super good! I would appreciate your deep dive of IFRS 16

@TheFinancialController 3 жыл бұрын

Will do :)

@hackit9578 3 жыл бұрын

Hi Bill , Thank you for a well explained video. Your presentation makes so much sense and its easy to follow. Thanks 😊

@TheFinancialController 3 жыл бұрын

Super :)

@richardgordon 2 жыл бұрын

Love this video. Its very clear and well explained. Many thanks!

@DavidLee-ph8mp Жыл бұрын

Thank you for posting this valuable information. It’s easy to follow and very helpful.

@mthomas1160 2 жыл бұрын

I'm an accounting student. I'm glad you provide us with these videos. I feel like I can breathe.

@imranhashmi6759 Жыл бұрын

You made tuff topics easier to understand. Great job 👍

@janiopontes6000 Жыл бұрын

Hi Bill, Very nice method that you use to explain each line and actions in IS, it is clear to everyone, I guess...but it is helpful for me...tks a lot.

@winworld8259 3 жыл бұрын

it is very useful for my interview panel, now I am started watching all your videos. Thanks a lot,

@TheFinancialController 3 жыл бұрын

Thanks for watching 😎

@jogradinjj5591 2 жыл бұрын

thank you I refreshed a lot of learnings

@luckyvaishnav6398 Ай бұрын

Air I breath in was really beautiful

@alyxalyx97 Ай бұрын

Hi im studying online bookkeeping and accounting. Your videos are highly interesting. Im from philippines.

@qww760 2 жыл бұрын

Excellent video!

@apoorvasharma9365 3 жыл бұрын

Thanks for such a nice illustration! Please upload more videos wrt US GAAP.

@TheFinancialController 3 жыл бұрын

Thanks 🙏 will do

@kiransankardebnath1449 3 жыл бұрын

Bill you are really awesome. Thank you for sharing the knowledge.

@TheFinancialController 3 жыл бұрын

Thanks 🙏

@Wanderlust_strummer 3 жыл бұрын

Thank you for keeping the words. Can I expect more videos in this topic?? As it is very vast portion and your explanation save our times with better understanding. Thanks once again.

@TheFinancialController 3 жыл бұрын

Yes I will dive more into some of these principles

@MohamedSalem-wm2yf 9 ай бұрын

Amazing thank you it helped me a lot to understand GAAP just in few minutes

@TheFinancialController 9 ай бұрын

Glad to hear that

@thetaxangels 2 жыл бұрын

You make very informative videos. Please keep going!

@TheFinancialController 2 жыл бұрын

Thanks 🙏

@TusharKumar-dw1xz Жыл бұрын

Hi Bill, your videos are amazing...I learnt many things from your videos...Even I gave my last interview after preparation from your videos...Thank You for making such meaningful videos...One que I have, I am from India how can I get job in abroad???

@rosmaryalgarin9292 3 жыл бұрын

thanks for everything you teach us on this video

@TheFinancialController 3 жыл бұрын

Thanks for watching

@tanmaybasu10 Ай бұрын

Very useful

@elhamnazari5653 Жыл бұрын

Thank you for the video!❤️ I have a question. Is there any certification based on that I can show that I have a good knowledge of GAAP?

@geeteshanand958 Жыл бұрын

Bill you are really doing excellent work for the accountants and financial controllers community round the world actually and not just USA. Keep up the good work and God bless you!

@TheFinancialController Жыл бұрын

I appreciate that!

@worldsecrets8323 2 жыл бұрын

Thanks for your videos

@jobymichael8981 Жыл бұрын

Very Informative

@FundamentalEconomics Жыл бұрын

Love you Sir. You are the Boss

@sonyeasow 3 ай бұрын

Excellent 🎉

@babylon2134 2 жыл бұрын

Well explained

@harkeshsharma8421 Жыл бұрын

Hi Bill, Thanks for this wonderful lession. what happened with General, selling & administrative expenses? Is this bifurcation of below items like Rent, TE & Commissions?

@umeshutage1837 3 жыл бұрын

Simple and short Nice video keep it up👍

@TheFinancialController 3 жыл бұрын

🙏 thanks

@leejmuam1 Жыл бұрын

Great video to review

@benscrumhalf 3 жыл бұрын

Hi Bill, great video. Could you make a video on multi-national qualifications? I have my final ACCA Exam in a couple of weeks; Interested to see which American employers would recognise this over CPA. Thanks!

@TheFinancialController 3 жыл бұрын

Sure will do

@Perfectsound88 2 жыл бұрын

Watching all your videos and Ads without skipping. 😂.Fantastic videos 🙏

@TheFinancialController 2 жыл бұрын

Thanks 😆

@marthashikongo3319 3 жыл бұрын

Hi, your videos are very informative, can you also perhaps consider a refresher on IFRS 9, 15 and 16...

@TheFinancialController 3 жыл бұрын

Ok sure

@maimisa 2 жыл бұрын

The Financial Controller ; We are Still Waiting for IFRS 9, 15 and 16...Videos... 14.05.2022. Regards, From MAIMISA EMMANUEL STEPHEN. Lusaka, Zambia.

@amiramir-bh5dk 3 жыл бұрын

Hi Bill, thanks a lot for the nice video. Could you please make videos to analyze financial statements by considering the (IFRS & ASPE) standards plus preparation of year-end audit/annual audit based on a real-life sample, as such by any chance quarterly SOX report? Thanks in advance.

@TheFinancialController 3 жыл бұрын

Ok will do

@camilomanrriquesierra6545 2 жыл бұрын

Hi, i would like to ask you for a recommendation to take a full course about US GAAAP. Thank you.

@jackjohn1895 3 жыл бұрын

Sir, As per my knowledge and google search, you only explained well about GAAP. If you give a example journal entires along GAAP mapping, also helpful for us Thanks

@TheFinancialController 3 жыл бұрын

Sure

@jessiesi1412 3 жыл бұрын

Please make more videos. I learned a lot. Could you please make some videos related with payroll such vacation accrual? Thanks

@TheFinancialController 3 жыл бұрын

👌 ok :)

@rahulbathwal4658 3 жыл бұрын

Good explanation 👍

@TheFinancialController 3 жыл бұрын

Thanks!

@JLC304 3 жыл бұрын

All your videos helped me a lot. would you please explain how to become a financial controller and what is your responsibility if you don’t mind thanks

@TheFinancialController 3 жыл бұрын

Ok will talk about it in a future video

@llbbtk 4 ай бұрын

Thanks so much

@TheFinancialController 4 ай бұрын

Any time!

@sumathysakthivel8888 2 жыл бұрын

Plus is it possible to get a job as an accountant without knowing the GAAP standards bt knowing the IFRS in USA?

@abhinavpandey3022 2 жыл бұрын

Thanks a lot, Please make video for balance sheet also using GAAP

@TheFinancialController 2 жыл бұрын

Hi I made balance sheet version 4 weeks ago

@yinyin7614 2 жыл бұрын

Excellent video.

@AntonioZotelo-m1n 7 күн бұрын

The language of business

@pw7266 Жыл бұрын

Could you tell me what are US Accounting law practices and where can I find subject matter about that. I need that urgently.

@kanagasrinivasan3793 3 жыл бұрын

Great stuff dear Bill :) Appreciated.. And May i just check one thing here, will go for accrual only if incase we are not billed to customer? Or do we have any other scenario where we accrue revenue except Unbilled to customer?

@TheFinancialController 3 жыл бұрын

Yeah unbilled and also revenue share agreements

@kanagasrinivasan3793 3 жыл бұрын

Thanks Bill.. not just putting the video you are clarifying any questions that arises as well. Great!!

@Liam-B 3 жыл бұрын

Crab cakes sound really good right now. I haven't had one in years, come to think of it!

@TheFinancialController 3 жыл бұрын

They are!

@vishakharaut5478 3 жыл бұрын

Can you please assist me so I can learn more and gain a knowledge

@hue2140 11 ай бұрын

Hi Bill. I have a question. I am working for a building material company. If a customer returns over stock items within 6 months, what main account should I charge to ? I have revenue account and allowance account. Allowance account is for damage items, back charge for labor. I am not sure if the return items (good items and resellable) is belong to sales revenue account or allowance account. Thank you very much.

@stacydavis1682 Жыл бұрын

Hi, I work for a Chrysler dealership doing A/P, A/R, payroll, balancing statements, entering, and expensing invoices & so much more. How do I know if this company uses GAAP? since I do not do anything with the financial statements.

@tracydoolittle8825 3 жыл бұрын

i am so confused - under GAAP rules and accrual accounting - if you sell a contract for a one-year $10,000 subscription and the contract is signed 1/1. you invoice monthly beginning on 1/15. and the subscription is effective 2/1. how.... how... do i record this? what date is the revenue "recognized"?

@trackstarlexi 3 жыл бұрын

I too would like to know

@user-xy2ly4uz6p 3 жыл бұрын

Quick question so you say there is no math in accounting in Shane’s video? Sorry I didn’t understand that part very much. Thank you!

@TheFinancialController 3 жыл бұрын

The math part is handled by excel sheets, that’s what I mean

@vishakharaut5478 3 жыл бұрын

Hi, I am from India and I am working as accountant but not exactly end to end doing only doing a 1 part of it so now I am searching for job as a financial controllerand for that I have saw lots of vedios on youtube but not exactly understanding the concept very deeply if you will give traning or online course on it if possible in easier way so it would be great help to me to crack an interviews

@benderbendingrofriguez3300 3 жыл бұрын

can you explaine the Al Capone case and how they charge with with Tax Evasion?

@TheFinancialController 3 жыл бұрын

Will look into it

@debanjanmukhopadhyay5854 2 жыл бұрын

👌

@abbasboro Жыл бұрын

Is ifrs better than gaap?

@rayalakiran000874 3 жыл бұрын

Can u pls make a video on us Sox compliance for internal accountants

@TheFinancialController 3 жыл бұрын

Yes Sox will make good topic, will do

@rickykumar8595 Жыл бұрын

One thing I want to correct here for hand break pull it without pushing and down it with pushing

@sumathysakthivel8888 2 жыл бұрын

Hey, who has to prepare the income statement? The accountant?

@TheFinancialController 2 жыл бұрын

Yes

@vamanrao28 2 жыл бұрын

I'm from India and how can I pursue CPA

@user-rr1xg3hl5q 2 ай бұрын

The correction I suggest: this is not the reason for your existence! Your existence has many and more important reasons! As per the accounting explanation good job!

@TheFinancialController 2 ай бұрын

Haha thanks for this!!

@ansumanmishra21 2 жыл бұрын

Can INDIA CA/CMA students watch this ? Will it be helpful for INDIA CA/CMA?

@TheFinancialController 2 жыл бұрын

I think you'd benefit from this because though US GAAP is specific to the US, the principles are based on 'fair presentation' of financial statements, which applies to all countries/regions

@ansumanmishra21 2 жыл бұрын

@@TheFinancialController OK thanks

@rangasivaraju144 Жыл бұрын

Accrual. "Even if the invoice is not issued" your statement is not correct, accrual basis is business on credit, invoices are issued, bills are received but realization will happen later.