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How to Write a Personal Statement for Accounting (Best Tips)

Author: Rafal Reyzer

Your personal statement for accounting school application must reflect your deep interest in the field.

It should signify your love for numbers and your passion for business and finance. It should also provide an in-depth look into your personality and evidence that you are qualified for this course. This article will show you how to write a captivating personal statement for accounting school in the simplest yet most substantial form.

What is a Personal Statement?

A personal statement is a detailed yet concise essay that requires you to elaborate on your suitability for your desired admission program, scholarship, or job. It is a pivot part of the university and college admission procedure. Besides your academic record and experiences, the personal statement is an integral part of convincing the selection committee to consider you for admission.

young man doing research

What to Include in Your Personal Statement?

A personal statement is not a lengthy essay to be filled with your life story and fancy goals. It must be a concise, realistic, and compelling justification of why you’re the most suitable candidate to be granted admission.

Include these in your personal statement:

  • Reason(s) for choosing the
  • Proof of your deep understanding of the course you are going to study.
  • Mention academics and work experiences that apply to the course.
  • Relevance of the course to your goals.
  • The value that you can bring to the course, society, and industry.
  • Validation that you know the program and that you are making an informed decision.
  • Clear career plan after completing the course.
  • Brief of relevant skills, experiences, and potential to complete the course.

According to James Seymour, Director of Marketing and Student Recruitment at the University of Gloucestershire , universities do not want a beautifully written essay with tens of achievements but a realistic picture of a candidate with all efforts, traits, goals, and hardships that shaped him for an accounting major.

How to Write a Personal Statement for Accounting (Step-by-Step Guide)

Writing a personal statement for accounting differs slightly from writing a personal statement for other business schools. Accounting is a straightforward and practical subject, and you must justify your position in choosing such an intensive course that requires hard work. Since accounting has nothing to do with creativity, personal statements for accounting are precise, simple, short, and directly explain your interest in the subject. Here is a step-by-step guide to writing a personal statement for accounting:

1. Do Your Research

Be very sure about what and where you are applying for and why you are applying for it. Do your research on:

  • What is unique about the institute?
  • What does the course prospectus look like?
  • Who are the instructors and what is special about them?
  • What are the achievements of their alumni?
  • The importance of accounting in every industry?
  • How do technology and business dynamics affect accounting and finance ?
  • What would be the demand for accountants in the future?
  • What will you do after completing this course?
  • What value will you bring to society and industry after getting an accounting diploma?

This research will make you confident about your choice and your plans. Reflect the knowledge gained from this research into your statement. Tip: Do thorough research and make notes on the achievements of instructors, industry leaders, and related case studies. This will help you in compiling evidence-based personal statements.

2. Brainstorm and Write

Once you have done enough research and analysis on pursuing an accounting and finance program, the next step is to jot it down. Take a paper and pen, and write whatever comes to your mind regarding the course and your application. Leave the structure and language for now, and think and write whatever comes to your mind. Support your every thought with evidence from the research you did in step#1.

3. Filter it Out

Now you have a very long, unstructured, raw content, the next step is to read it and group your sentences into the following sections:

  • Introduction and Passion for the subject and institute
  • Academics and research
  • Work experience
  • The value you will bring to society and the industry
  • Hobbies, interests, and soft skills

Group sentences into the above sections and then write them in paragraph forms under each section.

arrange and refine your essay

4. Arrange and Refine

Once you categorized sentences, the next step is to arrange them in a sequence and flow. Write your sentences in sequence in each section. Refine each sentence to make it more logical, more relevant, and worth reading. Re-read each section many times and think of ways to improve it. Make sure that every single sentence is supported with an example or evidence. Tip: Instead of writing, “Accounting and finance was my favorite subject since grade 7”, write “I won a Kangaroo math and puzzle-solving competition in grade 7, which sparked my interest further in solving mathematical problems related to real-world business”

5. Analyze and Improve Sections

Once content under each section is written, the next step is to analyze each section to make it much better and more logical. Think of every section as a separate essay. Analyze each section and think about what the reader will get from it. Each section must justify your choice of accounting and finance.

6. Set the Flow

Once the content is completed, the next step is to arrange the paragraphs in a sequence. Read the individual paragraphs and make connections between them. Each new paragraph should be a smooth transition from the previous one. Arrange paragraphs in such a way that it keeps the reader engaged and gradually provides insights about you. Think of it as the art of storytelling . It goes from the introduction to the body of the story to the climax.

7. Proofread

Once done, proofread your personal statement. Re-read it several times to make it better. Make sure that it sounds strong and is not just a word waffle. Scan it for spelling, punctuation, grammar, and other errors. There are a lot of content writing and editing tools available for modern writers, one of which is Grammarly. If you are not using it yet, I suggest you download it immediately to your PC. It is very helpful.

8. Peer Check

After writing the final copy of your personal statement, get it reviewed by your friend, colleague, teacher, supervisor, and subject expert. Be open to critique. Listen to their reviews and comments, ask them what they thought while reading your statement, and then jot down the suggested improvements.

9. Don’t be Hasty in Submitting It

Yes, do not submit your personal statement along with your application if the deadline is still far off. Keep the final version with you and read it after a day or two. You will see lots of space for improvement after checking it with a fresh mind. Keep on improving and submit the best version a few days before the closing date. That’s it. We provided you with the best approach to writing a personal statement for an accounting school application. You may end up writing an amazing one if you follow these steps in a sequence. If you are still confused about structuring your accounting and finance personal statement, here is how you can do that.

How to Structure Personal Statement for Accounting and Finance

Making a general structure or outline for your personal statement will make your writing ten times easier and will give it a natural flow. The widely accepted personal statements usually follow the following structure:

Opening Paragraph

Begin your personal statement with an interesting opening paragraph. It is a very crucial part of your essay as it draws the reader in. Mention your interest in accounting and finance and explain what stokes your passion for choosing this course.

  • Keep it simple
  • Avoid cheesy, exaggerated, unrealistic, bookish, and cliche sentences
  • Express your strong passion for the subject
  • Grab the reader’s attention
  • Be very sure what you are getting into and how excited you are about it

Try to sum up the theme of your personal statement in the beginning lines. Don’t stress too much about it and keep it natural. The more you think, the more muddled your opening will become. Here is a complete guide for the opening paragraph of the personal statement.

Middle Part

Place your logical evidence in this part, showing your passion and suitability for accounting and finance. Prove it to the committee that you can do it.

You can divide this part into academics and work experience as follows:

  • Academics: Besides your academic track record, you can mention and elaborate on any book (print or ebook ), lecture, research paper, or case study that spiked your interest in the course.
  • Work Experience: Explain your past or current job and what learning experience in accounting and finance you got from them. If you do not have any work experience, then mention any online or offline courses you took or activities that show your passion for the subject.

Watch this and learn how to include academics and work experiences in your accounting and finance personal statement.

This part is a personal touch. This is where you can mention the least significant part of your story. Mention your interests, hobbies, and other activities and elaborate on how they help you develop relevant soft skills. Mention books, events, programs, or people by name that you follow. Tip: Even the least significant information must significantly relate to your passion for accounting and finance. For example, you can mention reading books like ‘Rich Dad, and Poor Dad’, listening to TEDx talks, etc. Check out this guide to learn how to talk about hobbies in a personal statement.

typing a personal statement

Tips for Writing a Great Accounting Personal Statement

Here are a few very useful tips for writing an appealing personal statement for accounting school. We gathered these tips after a keen analysis of multiple successful personal statements. They are going to help you stand out from the crowd.

  • 1. Define what exactly appeals to you for the career rather than simply saying “I have wanted to be an accountant since a very young age”.
  • 2. Rather than elaborating on work experience, focus on transferable skills that you learned from your experiences.
  • 3. Focus on elaborating details that are not anywhere else in your application.
  • 4. Emphasize your interest in mathematics, economics, and business.
  • 5. Be realistic and genuine. Do not flatter the admission committee.
  • 6. Realistically present yourself in the light in which the admission committee wants you to be.
  • 7. Read profiles of selected and successful students to learn what type of person the institute prefers.
  • 8. Make your statement academics-oriented. Express your passion for accounting and finance courses.
  • 9. Do not mention books that are too common.
  • 10. Choose a trendy topic like a country or a company facing a financial crisis or technology affecting global finance, elaborate on it in a paragraph or two, and link it back to accounting.

Common mistakes:

  • Tending to express passion for business and entrepreneurship rather than for accounting.
  • Too many fancy words and unrealistic goals.
  • Showing off or exaggerating interests, goals, and skills.
  • Using flowery language.

Amazing examples of personal statements

After reading all the tips and tricks for writing a personal statement for accounting and finance, check out these successful examples that got selected for top-ranked institutes.

  • This personal statement got offers from four UCAS universities.
  • This video explains the accounting personal statement that got selected for all the top five choices of UCAS.
  • This personal statement got accepted for an accounting course at five UCAS universities.
  • This is a typical, very simple, and yet compelling personal statement for an accounting course.

Want more examples? Here is a list of the best accounting statements that have been shared by the UCAS admission officer.

Writing a personal statement for accounting is not simple. It requires you to express and justify your interest in this rigid subject. It also requires lots of background knowledge and research. We provided a very comprehensive guide for you to write the best personal statement for accounting. Go, grab your laptop, gather your knowledge, and follow these guidelines to come up with a landing personal statement for the accounting program of your dreams. If you are still on your educational path, learn how to write a “why do you deserve the scholarship” essay and get the funding you need. Next up, you may want to explore a guide on how you can stand out to employers .

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Rafal Reyzer

Rafal Reyzer

Hey there, welcome to my blog! I'm a full-time entrepreneur building two companies, a digital marketer, and a content creator with 10+ years of experience. I started RafalReyzer.com to provide you with great tools and strategies you can use to become a proficient digital marketer and achieve freedom through online creativity. My site is a one-stop shop for digital marketers, and content enthusiasts who want to be independent, earn more money, and create beautiful things. Explore my journey here , and don't miss out on my AI Marketing Mastery online course.

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  • Finance Personal Statement Examples

Here are two finance personal statement examples from some of the best students in undergraduate and postgraduate programmes. Both examples you can use as inspiration and motivation to write your own personal statement for university . 

Finance Personal Statement

Ever since I discovered my passion for the finance industry at a young age, I have been determined to pursue a career as a financial consultant and advisor. It is this unwavering ambition that has led me to apply for the MSc course in Finance at the esteemed London School of Economics and Political Science (LSE). I firmly believe that this course will provide me with the necessary tools and knowledge to achieve my career goals by expanding my understanding of financial products, the intricate workings of financial markets, and investment banking.

The reputation of LSE as a university of academic excellence is one of the key reasons for my decision to apply. I am aware of the university’s ability to equip students with critical analysis skills that are essential for becoming leaders in their chosen sectors. Moreover, being located in the heart of London provides unparalleled opportunities for networking and professional development in the world of business and finance. The course’s comprehensive approach, which strikes a balance between theoretical and practical modules, is also highly appealing to me.

My educational background in accounting has laid a solid foundation for my advanced studies in finance. Through my coursework in accounting, I have developed strong numerical skills and gained practical experience in management accounting and reporting roles within financial firms. It was during my studies that I discovered a particular interest in Strategic Financial Management, where I was introduced to financial products such as equities, derivatives, fixed income, and bonds, along with their significance in financial markets. Building on this knowledge, I have become a qualified accountant and have gained valuable work experience as an Associate at Deloitte, where I am part of the project management team, responsible for decision support. This role has honed my ability to work under pressure and within tight time constraints, allowing me to meet urgent and conflicting deadlines.

To stay up-to-date with the dynamic financial market, I avidly follow financial news through subscriptions to reputable media platforms such as the Financial Times, the Economist, and Bloomberg. Additionally, I engage in various hobbies such as travelling, watching movies and documentaries, and reading to broaden my knowledge and stay informed about current affairs. As a sports enthusiast, I follow tennis, football, boxing, and Formula One racing. These diverse interests have cultivated qualities such as ambition, intuition, focus, and self-discipline, which drive me to excel in any endeavour. I value the input and opinions of others, making me an effective team player, while also possessing the independence and initiative to work autonomously. I firmly believe that these qualities will contribute to my success as a finance analyst and enable me to excel academically.

Looking toward the future, I aspire to establish a reputable financial consulting firm in my home country, Nigeria. This firm would provide a range of financial services to both companies and public institutions. I recognise that achieving this goal will require years of experience, cultivating the right connections, and personal determination. Pursuing an MSc in Finance from LSE will better equip me to manage corporate, strategic, and financial opportunities, while also providing the opportunity to learn from talented professors and compete with exceptional graduates. I am convinced that this course is a crucial step toward realizing my long-term aspirations.

The increasingly evident impact of financial risk on our world has captivated my interest like never before. The interplay between the financial sector, government, and the general public dominates news stories, emphasizing the significance of understanding the industry. With my passion for finance nurtured from an early age, I have dedicated myself to attaining a comprehensive understanding of both the theoretical and practical aspects of global finance through high-level studies and extensive work experience in diverse industrial and international contexts.

Currently, in my fourth year of a degree in Finance, Risk, and Investment at Caledonian University, I have developed a strong foundation of knowledge in the field. Moreover, I have delved deeper into specific areas

Finance Personal Statement Example

Since my early years, extensive international travel has shaped my perspective on the world, particularly the stark economic contrasts between the ‘Third World’ and the ‘Western World.’ Having the privilege of experiencing different cultures and economies through my parents, who have lived in Africa, Europe, and the USA, I have developed a deep curiosity about the mechanisms that drive global economies. This curiosity has led me to pursue Economics at A Level, as I believe it is at the core of world discussions and can provide a comprehensive understanding of current news articles and their correlation to the subject.

Through my readings, such as Tim Harford’s ‘The Undercover Economist,’ I have come to appreciate the analogy that economics is like engineering, offering insights into how things work and the consequences of changing them. I see economics as an intricate puzzle, requiring economists to integrate economic theories with government policies to solve complex economic problems. Attending conferences at prestigious institutions like the University of Warwick and Oxbridge has broadened my perspective on economics, with theories like Freakonomics intriguing me and sparking a desire to explore the unexpected links between seemingly unrelated phenomena.

My passion for economics is complemented by a strong affinity for mathematics , which has been nurtured since my childhood. From playing mental maths games to tackling complex problem-solving at A Level, I have developed analytical abilities that were put to the test during a taster day at Cass Business School. Through quick thinking and effective teamwork, I excelled in a trading shares simulation, resulting in my group being the most profitable. Furthermore, my participation in a business management enterprise day at the University of the West of England allowed me to showcase my skills, leading to the recognition of the ‘Best Business Idea.’

To gain practical experience in the finance sector, I sought work opportunities that would provide me with invaluable insights. My time at Britannia Building Society exposed me to the inner workings of retail banking, allowing me to shadow the branch manager, work closely with financial planning advisors, and handle transactions at the tills. This experience introduced me to financial assets, including options for investing in bonds, shares, and increasing savings. Additionally, working at Harrison’s Accountancy and Insolvency Agency gave me valuable knowledge about liquidations and insolvencies of businesses, further solidifying my interest in pursuing a career in finance.

Staying updated with current financial affairs is crucial to me, and I regularly read the economy sections of reputable sources such as the BBC website and The Economist. Subscribing to a weekly update from RBS provides me with topical developments in the financial markets. Alongside my commitment to academic and professional pursuits, I have also developed essential skills through my job at O2 Retail. This experience has sharpened my interpersonal skills and honed my ability to negotiate mutually beneficial deals for both customers and the company. As a captain of my football team, I have learned the value of leadership, motivation, and maintaining high team morale, skills that have translated into success in class debates and the trading shares simulation at Cass Business School.

During a recent trip to Switzerland, I had the opportunity to meet with the assistant vice president at Credit Suisse, who shared insights into exchange rate processes within a leading investment bank. These conversations further solidified my understanding of the close relationship between economics and the finance sector.

Through a comprehensive study of Level Economics and practical experiences, I have been able to bridge the gap between theory and real-world situations. Engaging with professionals in the field has deepened my appreciation for the vital connection between economics and finance. I am confident that pursuing a university education will equip me with the necessary knowledge and skills to navigate the dynamic and fast-paced world of financial markets.

My passion for finance and economics was sparked by the Lehman Brothers’ bankruptcy and the subsequent financial crisis when I was 21 years old. The events of that

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Guide to Better Finance Master’s Personal Statements

Table of Contents

A  Finance master’s personal statement  is an essay crafted by a prospective student applying for a master’s degree. 

The statement’s purpose is to provide insight into the applicant’s personality and how they can contribute to the program. It also demonstrates their experience and expertise in the field. 

Applicants should tailor their personal statements to each specific university and their unique requirements. This will help make it stand out from those of other applicants.

The Importance of a Personal Statement

Personal statements aren’t redundant. While applications and resumes already enumerate an applicant’s qualifications, the main advantage derived from personal statements lies in compelling exposition. 

The exposition of your qualifications matters significantly. It can influence the impression you establish on readers. Moreover, it allows you to highlight specific skills and experiences to paint yourself as a prime candidate.

Personal statements are also a way to demonstrate a genuine dedication to mastering the subject or course . 

The best thing about personal statements is that they are reasonably straightforward despite their value. The following section provides a few tips for crafting effective personal statements.

Tips for Writing a Finance Masters Personal Statement

people using laptop

Highlight Your Finance Accomplishments and Knowledge

Explain how your experience has given you a unique perspective on the subject. Showcase your achievements and competencies, such as internships or volunteer work related to Finance. These will show your passion for the industry and your dedication to learning. 

Reference Research Experience

Referencing any related studies you’ve conducted or written about demonstrates your industry exposure. This will show that you are equipped to succeed in an advanced program and shows your hunger for knowledge. 

Use Concrete Examples

Concrete examples are valuable because they are a reliable basis for your general performance. Include a few to support any skills, characteristics, and values you claim to possess. 

Add an Opportunity Statement

Explain how a Finance Master’s degree can benefit your career, business, or academic life. Show your readers the allure that led you to pursue a Finance Master’s degree in the first place. This is valuable information because it gives admissions board representatives and recruiters a glimpse into your motivations.

Write With Clarity and Structure

To craft a clear, structured statement, you must use active language, well-rounded sentences, appropriate transition words, and utilize common English idioms when applicable. Avoid sounding overly robotic or overusing technical jargon. Let your personality shine through while demonstrating your mastery of the material.

This ensures you deliver a clear message and keeps your reader invested in your personal statement from the first sentence to the last.

If you’re still struggling with writing a  Finance Masters personal statement , don’t fret. Here are a few examples you can gain inspiration from.

Sample Finance Masters Personal Statement

I am an experienced professional with a decade of experience in the financial industry. I have always been passionate about pursuing further education to ensure I stay at the highest level of the market. Last year, I pursued a Masters’s degree in Financial Management (M.Sc.) from an internationally renowned school. 

I wanted to gain a better understanding of this area and expand my knowledge of economics and accounting principles. This will help me develop greater capability in dealing with processes in the ever-changing global environment. 

By taking up this degree, I will also have the opportunity to sharpen my skills through various job roles. I will also gain access to professionals who can provide real-world insight into the area. 

Moreover, My ability to apply within any business setting sets me apart from the rest of the market. I have a strong service orientation and focus on developing innovative solutions. These are qualities that are essential to excel within the management sector. After completing my M.Sc., I would be more than ready to take on future challenges and deliver excellent results.

I come from an international background and have been immersed in investment banking for the past six years. My work experience and Business undergraduate degree create a solid financial knowledge foundation. I want to build upon this foundation, so I seek an MSc in Finance. I recognize the need for more formal training to reach my long-term goals in the finance sector. 

Through my experiences, I believe I understand the challenges faced in working within the global banking system. I have become adept at anticipating and dealing with potential problems as they arise. My current role requires that I be able to analyze different markets and predict outcomes accurately. I feel confident doing this after having undertaken significant research in this area. 

Additionally, I manage portfolios and negotiate deals between clients and other businesses, a task further enhanced by my fluency in English and Spanish. 

I relish the opportunity to further develop my understanding of Finance through a Master’s program. It will allow me to explore new topics like derivatives trading and financial engineering. I also look forward to pushing myself academically and developing professional connections. These networks could be vital when it comes time to pursue my career aspirations. 

This course offers me the chance to gain the skills needed to do precisely that. Pursuing an MSc in Finance is the right decision for me.

I believe my qualifications in Financial Economics and varied work and activity exposure make me an ideal candidate for a Master’s Degree in Finance. During my time at school, I learned the fundamentals of business finance and economics as well. I build on this by reading content from some of the world’s leading financial institutions. 

My success in these areas allowed me to skip a grade, giving me more time to pursue extra-curricular activities. I worked with a small company in India that specializes in financial consulting. This hands-on experience gave me great insight into corporate Finance’s complexities. It also helped me develop good communication skills and sharp problem-solving abilities. 

I am excited to use my knowledge, expertise, and experiences to advance my understanding of the financial industry further. As a student, I will be committed to maximizing my potential by taking advantage of every opportunity the university offers. By working hard and combining real-life examples with classroom learning, I aim to establish myself as an engaged and capable student. Upon graduation, I can become a valuable asset to any financial organization or institution.

Personal statements are vital to Master’s applications and other selective ventures because they express your best qualities . Mastering the art of crafting compelling personal statements will help you go far in your academic and professional experiences. Make sure to apply our tips to maximize your chances of success. Good luck!

Guide to Better Finance Master’s Personal Statements

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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Economics and accounting personal statement example.

Accounting to me is not just a subject, but a life skill. It invokes not only the core disciplines of business and economics but it provides these in both a local and global context.

I see Accounting as an international common language between businesses, to analyse accounts and influence future decisions companies will make.

The application of business within the accounting degree has been one of the major pulling factors that have influenced my decision to study the subject.

After studying GCSE business and discovering the accounting and finance aspect of it, I have become fascinated to learn more, going on to extend my knowledge of the subject by reading outside of the school environment.

As an avid reader of the Accounting blog on the tutor2u website, I have gained a good grounding in the fundamental application of accounting, especially in the way websites such as ‘facebook’s’ growth is driven by their own growth through advertising, and the fact that their books and accounts continue to stay cash flow positive, despite their impressive rate of expansion.

I am particularly interested in the law aspect of the course and how decisions made can influence an individuals’ desire to defraud their accounts to avoid taxation, and the often extensive amount of time it takes to bring these people to justice.

Although initially studying psychology may not seem to have a direct influence on accounting, I feel the knowledge I have learnt about the interaction of people’s behaviour in social situations will help me greatly. This would especially be within the aspects of the course that involve management methods and organisational behaviour.

By studying Economics at A level I have found that it has had a profound effect on accounting.

The understanding I have acquired of the financial world as a whole has provided me with a strong awareness of international sections of the course. The barrier for trade inside and outside of the EU and how this affects profit margins, with relevance to extra costs on balance sheets is one example.

This awareness will help equip me to have a better understanding of real world accounting situations, where I hope to find my self in the future.

Last summer I was accepted on a two week work experience placement at the Bank of England to do shadowing and accounting of my own, however due to circumstances beyond my own control, it fell through, much to my disappointment. Nevertheless I have tried to keep in touch with current Accounting developments through the newspapers and internet.

I am currently completing my silver Duke of Edinburgh award scheme and I am planning an eight day trip, alongside “World Challenge Organisation”, to Norway next summer for my Gold expedition. The trip will be funded entirely through the money my team raise. I feel these experiences have helped me develop valuable life skills such as the desire to achieve, self-confidence and discipline.

I believe that these skills I have learnt will provide the perfect platform for a degree in accounting and aid me on into the workplace. I also play hockey for the North of England and have captained both Yorkshire and South Yorkshire sides as well as my School and Club teams.

Hockey is a major part of my extracurricular life, giving me teamwork and leadership skills and I feel I could contribute greatly to a wide range of university activities.

I look forward to studying accounting at degree level. This will allow my interest in the subject to flourish. I hope to immerse myself fully in the experience and challenges the university will provide.

Profile info

This personal statement was written by ash4932 for application in 2011.

ash4932's Comments

I believe that this a one of the best personal statements around i hope to use this to help others. I received 5/5 offers last year with this but unfortunatly missed out on my grades by 4 marks i have applied again this year and within a week i had 4 conditional offers. Hope this helps!

Related Personal Statements

Universities.

Sun, 10/07/2011 - 20:20

to which universities have you applied for? Is Oxford, Cambridge and LSE one of them?

P.S.: It is really nice one

It is a very strong and

Fri, 19/07/2013 - 16:51

It is a very strong and smooth personal statement, what I wanted to know was how my offers did you receive once to sent out the personal statement to your chosen universities?

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Handbook: Financial statement presentation

Handbook | November 2023

Latest edition: In-depth guide on presentation and disclosure requirements, plus considerations under SEC regulations.

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Using detailed Q&As and examples, we explain various presentation and general disclosure requirements included in the Codification (i.e. ASC 205 to ASC 280), other broad topics (e.g. related parties under ASC 850 and subsequent events under ASC 855) and SEC regulations. This November 2023 edition incorporates updated guidance and interpretations.

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In the financial statement process, considerable time is devoted to determining what items get recorded and how to account for them, but the critical final mile is determining how they need to appear – i.e. how they are presented and disclosed.

Once the debits and credits have been settled, presentation and disclosure is how that information is conveyed to financial statement users in a transparent, understandable and consistent manner. Disclosure goes ‘behind the numbers’ and is necessary to fully understand the financial statements.

ASC 205 to 280 in the FASB’s Accounting Standards Codification® are dedicated to presentation and disclosure and provide the baseline requirements. Other ASCs address more detailed requirements, specific to certain transactions or industries. For SEC registrants, there is yet more guidance that contains many additional requirements, and which has helped shape practices over the years for all other entities.

In this Handbook, we pull together many of the general requirements and practices to provide you with a fuller picture of how the different financial statements are constructed and how they interact with one another. 

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Accounting and Finance Personal Statement

New dynamic markets are offering boundless opportunities with firms gravitating towards these markets, where inflows of foreign direct investments result in large returns on investment. As the world increasingly moves towards a more globalised environment, there is a need to understand the interplay between different economies and markets. Having lived my formative years in an emerging economy, studying in a UK university will open up opportunities for me to interact with students from other backgrounds and learn how other economies affect global markets. Furthermore, it creates a suitable platform for me to gain insights into the recent financial turmoil.

It is fascinating how series of accounting management mistakes and compromises caused the fall of various consultancy firms one of which is Arthur Andersen. The failure of the firm maintaining faithful accounting standards especially in the Enron forgery case where huge debts off the balance sheets led to the downfall of a once “Big Five” accounting firm. Documentation of this incident sparked my interest in finance . This love for understanding how financial market operate was intensified by reading ‘Intelligent Investor’, which emphasized on maximization of probabilities through valuation analysis and margin of safety. It also focused on the importance of asset allocation, diversification and prevention of consequential errors in a portfolio. This urged me to complete an internship in Elixir Investment Bank. During my internship, I gained greater insight into the Nigerian financial markets, particularly the Nigerian Stock Exchange. I assisted in examining trends on the stock market , bond and commodity prices. I found the interrelationship between macro-economic data and investment decisions particularly interesting as how businesses used retrenchment approaches during a recession. Based on my research on dominant Nigerian e-commerce firms, I analysed balance sheet data and assisted in making recommendations to the clients on investment opportunities.

In the modern globalised world, the key in decision making for businesses is having sound geographical and economic background. This encouraged me to study Economics and Geography in A level and have enhanced by ability to critically analyse information as well as develop structured arguments with detail in current affairs. Studying mathematics has improved my numerical skills, especially statistics where I learned the use of regression line to make predictions and estimate error for model reliability.

In school, I led a team of young economic enthusiasts who were keen to study economics and accounting in senior school. Reading ‘the Economist’ provided me with material to organise weekly activities with the team, and helped me explain how key economic concepts apply to real-life scenarios. My experience with this team motivated me to compete in various Finance and Economics competitions hosted by my school.

I believe a key component in excelling at university is being able to contribute to discussions on topical issues. As captain of school debate team, I learnt that the key to being a great orator is learning how to connect to your audience. This experience assisted me in becoming highly competent in clearly expressing complex issues with clear enunciation. Debating on the topic “Is Deflation proving transitory?” permitted me exhibit quantitative analysis gained from studying Economics, on a macro scale.

Being prepared for the world ahead for me transcends having an impact in my community. As a young boys scout, I learnt that giving back to the society and helping others should be a part of life wherever you are. I volunteered at various orphanage homes,, assisting assisting with day-to-day challenges and sharing my personal life challenges.

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