Financial Statements represent a formal record of the financial activities
of an entity. These are written reports that quantify the financial strength,
performance and liquidity of a company. Financial Statements reflect the
financial effects of business transactions and events on the entity.
Four Types of Financial Statements
The four main types of financial statements are: strictly accurate. This article is
about Continuing Professional Development as a process of recording and reflecting
on learning and development.
What is it for?
The CPD process helps you manage your own development on an ongoing basis. Its
function is to help you record, review and reflect on what you learn. It’s not a tick-box
document recording the training you have completed. It’s broader than that.
Training and development – what’s the difference?
These terms are often used interchangeably, though there is a distinction. As a rule
of thumb, training is formal and linear. It’s to do with learning how to do something
specific, relating to skill and competence. Training can be as simple as using a PC
application and as complex as learning how to be a pilot. Development is often
informal and has a wider application, giving you the tools to do a range of things and
relating to capability and competency. It involves progression from basic know-how
to more advanced, mature or complex understanding. Alternatively, it can be about
widening your range of transferable skills like leadership, managing projects or
organising information.
The key features of the CPD process
To justify the name, CPD needs to:
be a documented process
be self-directed: driven by you, not your employer
focus on learning from experience, reflective learning and review
help you set development goals and objectives
include both formal and informal learning.
What will it do for you?
CPD may be a requirement of membership of a professional body. It can help you to
reflect, review and document your learning and to develop and update your
professional knowledge and skills. It is also very useful to:
provide an overview of your professional development to date
remind you of your achievements and how far you’ve progressed
direct your career and help you keep your eye on your goals
uncover gaps in your skills and capabilities
open up further development needs
provide examples and scenarios for a CV or interview
demonstrate your professional standing to clients and employers
help you with your career development or a possible career change.
How do I start?
Keep a learning log and record your thoughts in whatever way suits you best. You
may find it helpful to write things down in detail, for example, or to make notes on
insights and learning points. The process of writing makes you think about your
experiences at the time and makes planning and reflection much easier. You can’t
review your experiences without recording them, however good your memory is.
Answering the following questions may help you to get started:
