Overview
With the rapid changes in accounting standards, legislation, and business practices, in order to stay up to date, people need continuing training. The consistency of financial reporting must also be enhanced by the correct recording, reporting and disclosure of routine and unusual business transactions. 'Financial Accounting and Reporting' is a curriculum prepared and facilitated by experts who not only master academia's theoretical reality, but also have clear global practical experience.
Course Target
By the end of the program, participants will be able to:
- List the basic financial statements and define the best framework and procedures for presentation
- Acknowledge significant periodic adjustments and their impact on financial statements
- Explain how assets, liabilities, equity, revenues and expenses are properly accounted for during recurrent and non-recurrent transactions.
- Identify the minimum disclosure requirements for major transaction accounts in financial statements
- Prepare financial statements beginning from the balance of raw trials and finishing with full accurate disclosures
Target Audience
Finance and accounting experts, accountants at all levels who aim to develop practical finance and accounting skills, certified financial and accounting workers.
Personal Impact
Organization Impact
Course Outline
Module One
- The period of financial accounting
- Four or five main financial statements
- Usage of financial statements for management
- The relationship between financial statements
- Essential financial statement notes
- Simulation 1: general information reporting, basis of planning and important accounting policies
Module Two
- Theory of income and expenditure recognition: implementation of the accrual basis
- Balancing theory between income and expenditure
- The other detailed components of profits
- Reporting on earnings per share
- Simulation 2: use Excel to chart accounts and prepare income statements
- Simulation 3: making disclosures of income statements
Module Three
- Aspects of accounts for balance sheets
- Descriptions of Balance Sheet Accounts
- Statement of the equity of the owners
- Simulation 4: Account mapping and equity and balance sheet planning using Excel
Module Four
- Defining the three sections of a statement of cash flow
- Direct versus indirect preparation of cash flow statement method
- Linking statements of cash flow to notes
Module Five
- Accruals and unearned sales
- Prepayments and deferrals o
- Estimates on accounting
- Calculating and monitoring receivable accounts
- Estimating and taking into account bad debts
- Expenses to be capitalized by stock value
- Assumptions of Inventory Cost Flow
- Inventory measurement at lower cost or net realizable value
- Simulation 5: hands-on preparation of existing asset disclosures
- Classification, calculation and reporting of long-lived properties
- Repairs, repairs and additions to long-lived assets
- Amortization and depreciation
- Disposal of assets with a long life
- Accounting for intangibles and reporting
-
Investment accounting
- Passive expenditure, exercising major power or control
- Types of investments in equity and debt
- Simulation 6: hands-on planning of non-current asset disclosures
- Definitions and classification of accounts for liabilities
- Forms of Ownership and Inventory
- Capital and dividend accounting
- Simulation 7: required disclosures on long-term and equity obligations
- Wrapping it up: relating notes to financial statements
