Corporate Accounting In International Accounting Standards

Course Code: FA15

►Course Objective

 

  • Record and classify commercial transactions in business accounting systems, and use professional judgement in the valuation of non-current assets and inventories and assess their impact on profitability
  • Prepare the three key financial statements: income statement; balance sheet; statement of cash flows
  • Apply the accounting concepts, IASs, and IFRSs with regard to preparation of the financial statements and annual financial reporting
  • Use financial analysis to interpret the financial statements and annual reports and accounts to evaluate the financial performance and financial position of the organisation
  • Provide assurance to shareholders and others through corporate governance and internal audit

 

►Target Audience

 

  • Chief financial officers, vice-presidents of finance, controllers, treasurers
  • Professionals responsible for financial reporting
  • Accountants, project managers, and budget analysts who would like to refresh and update their financial accounting and reporting knowledge and skills

 

►Course Outline

 

DAY 1

The Importance of Accounting in Business

  • Business objectives and shareholder wealth maximisation
  • The users of financial information
  • The role of accounting in financial reporting
  • Double-entry accounting using debits and credits, T-accounts and the trial balance
  • The structure of the accounting system and accounting transactions
  • Incomplete transactions at the period end – the five accounting adjustments
  • How business transactions are recorded – the ledgers and books of account
  • Accrual accounting vs. cash accounting, accruals and prepayments, and the accounting period

 

DAY 2

The Structure and Format of Financial Reports

  • The income statement and its two elements: revenues; costs, and the accounting equation
  • What the income statement tells us, its purpose, and structure: categories of revenue and cost and the calculation of profit
  • Circumstances where judgement needs to be applied
  • The balance sheet and its three elements: equity; assets; liabilities, and the accounting equation
  • What the balance sheet tells us, its purpose, and structure: shareholders’ equity; current and non-current assets; current and non-current liabilities
  • Non-current assets valuation and depreciation, and inventory valuation and cost of sales
  • The links between asset valuation and profit
  • Long-term financing, short-term financing and working capital

 

DAY 3

The Statement of Cash Flows and Group Accounting

  • The statement of cash flows and its three elements: cash flows from operating activities (direct and indirect); cash flows from investing activities; cash flows from financing activities
  • What the statement of cash flows tells us, its purpose, and structure
  • The cash flow forecast
  • The creation of groups of companies
  • Subsidiary companies, associated companies, and joint ventures
  • Preparation of a group balance sheet
  • The conceptual frameworks of accounting
  • The development of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)

 

DAY 4

Analysis and Interpretation of Financial Reports

  • Analysis of financial position and financial performance
  • Interpretation of financial statements – key principles
  • Ratio analysis: profitability ratios; efficiency and working capital ratios; liquidity ratios; investment ratios; financial structure ratios
  • Pyramids of ratios
  • Integration of ratios – the DuPont system
  • Common size (horizontal) and vertical trend analysis
  • Predicting financial distress using the Altman’s Z-score
  • The limitations of financial statements analysis

 

DAY 5

Published Financial Reports and Corporate Governance

  • The annual report and accounts of organisations in the UK, USA, GCC and other countries
  • Recent developments in financial reporting
  • Financial reporting – it is not just the numbers
  • Segmental analysis
  • Post balance sheet events and contingencies
  • The agency problem and international financial scandals
  • The development of corporate governance in the UK, USA, GCC and other countries
  • A glossary of accounting and financial terminology


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Date & Location

Date : 10 February 2019

Duration : 5 days

Place : Kuala Lumpur

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Date : 24 November 2019

Duration : 5 days

Place : Istanbul

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