Course Objectives
Financial Accounting and Reporting
Course Methodology
The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.
Course Objectives
By the end of the course, participants will be able to:
List the basic financial statements and determine the best structure and presentation practices
Recognize important periodical adjustments and their effect on financial statements
Explain how to properly account for assets, liabilities, equity, revenues and expenses during recurrent and non-recurrent transactions
Identify minimum disclosure requirements in the financial statements for major accounts of transactions
Prepare financial statements starting from raw trial balance and ending with full comprehensive disclosures
Target Audience
Professionals in the field of finance and accounting, accountants at all levels seeking to enhance practical finance and accounting knowledge, and certified financial and accounting personnel.
Target Competencies
Mapping trial balance accounts to financial statements accounts
Practicing financial statements' notes preparation
Realizing minimum disclosure requirements
Applying International Financial Reporting Standards (IFRS)
Using Excel and Pivot tables for reporting
Course Outline
Financial statements and business decisions
The financial accounting cycle
Four or five key financial statements
Management uses of financial statements
Relationship among financial statements
Essential notes and disclosures to the financial statements
Basis of preparation
Accounting policies
Related parties' transactions
Contingencies
Risk managements
Subsequent event
Simulation 1: reporting on general information, basis of preparation and significant accounting policies
Income statement
Revenue and expense recognition: applying the accrual basis
Matching principle between revenues and expenses
Other comprehensive income components
Earnings per share reporting
Simulation 2: mapping accounts and preparing income statement using Excel
Simulation 3: creating income statement disclosures
Balance sheet and statement of owners' equity
Minimum presentation requirements of balance sheet accounts
Definitions of accounts in the balance sheet
Correct presentation for statement of owners' equity
Simulation 4: mapping accounts and preparing equity and balance sheet using excel
Cash Flow Statement
Exploring the three sections of a cash flow statements
Direct versus indirect method of cash flow statement preparation
Linking cash flow statements to notes
Accounting adjustments
Accruals and unearned revenues
Prepayments and deferrals
Accounting estimates
Financial reporting for major accounts and transactions
Measuring and reporting accounts receivable
Estimating and accounting for bad debts
Costs to be capitalized in inventory value
Inventory cost flow assumptions
Presenting inventory at lower of cost or net realizable value
Simulation 5: hands-on preparation of disclosures on current assets
Classifying, measuring and recording long lived assets
Repairs, maintenance, and additions to long lived assets
Depreciation and amortization
Disposal of long-lived assets
Accounting and reporting for intangibles
Accounting for investments
Passive investment, exercising significant influence or control
Types of equity and debt investments
Simulation 6: hands-on preparation of disclosures on non-current assets
Definitions and classification of liability accounts
Types of ownership and stock
Accounting for capital and dividends
Simulation 7: required disclosures on long-term obligations and equity
Wrapping it up: linking notes to face of financial statements
Financial statements and business decisions
The financial accounting cycle
Four or five key financial statements
Management uses of financial statements
Relationship among financial statements
Essential notes and disclosures to the financial statements
Basis of preparation
Accounting policies
Related parties' transactions
Contingencies
Risk managements
Subsequent event
Simulation 1: reporting on general information, basis of preparation and significant accounting policies
Income statement
Revenue and expense recognition: applying the accrual basis
Matching principle between revenues and expenses
Other comprehensive income components
Earnings per share reporting
Simulation 2: mapping accounts and preparing income statement using Excel
Simulation 3: creating income statement disclosures
Balance sheet and statement of owners' equity
Minimum presentation requirements of balance sheet accounts
Definitions of accounts in the balance sheet
Correct presentation for statement of owners' equity
Simulation 4: mapping accounts and preparing equity and balance sheet using excel
Cash Flow Statement
Exploring the three sections of a cash flow statements
Direct versus indirect method of cash flow statement preparation
Linking cash flow statements to notes
Accounting adjustments
Accruals and unearned revenues
Prepayments and deferrals
Accounting estimates
Financial reporting for major accounts and transactions
Measuring and reporting accounts receivable
Estimating and accounting for bad debts
Costs to be capitalized in inventory value
Inventory cost flow assumptions
Presenting inventory at lower of cost or net realizable value
Simulation 5: hands-on preparation of disclosures on current assets
Classifying, measuring and recording long lived assets
Repairs, maintenance, and additions to long lived assets
Depreciation and amortization
Disposal of long-lived assets
Accounting and reporting for intangibles
Accounting for investments
Passive investment, exercising significant influence or control
Types of equity and debt investments
Simulation 6: hands-on preparation of disclosures on non-current assets
Definitions and classification of liability accounts
Types of ownership and stock
Accounting for capital and dividends
Simulation 7: required disclosures on long-term obligations and equity
Wrapping it up: linking notes to face of financial statements