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Financial Accounting and Reporting - Virtual Learning

Financial Accounting and Reporting - Virtual Learning

Why Attend

With the rapid developments in accounting standards, regulations, and industry practices, individuals need continuous training in order to keep abreast of all the changes. They also need to improve the quality of financial reporting by recording, reporting and disclosing regular and unusual business transactions. 'Financial Accounting and Reporting' is a course prepared and facilitated by professionals who not only master the theoretical facts of academia, but who also have a solid and practical global experience.

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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
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
  • Disclosing financial information
  • International Financial Reporting Standards (IFRS)
  • Preparing financial statements
  • Financial accounting
Course Outline
  • Financial statements and business decisions
    • The financial accounting cycle
    • Relationship among financial statements
    • Income statement
      • ­Presentation by nature or function
      • ­Minimum presentation requirements of income statement accounts
      • ­Other comprehensive income components
    • Balance sheet
      • ­Classification as current and non-current
      • ­Minimum presentation requirements of balance sheet accounts
      • ­Definitions of accounts in the balance sheet
    • Correct presentation for statement of owners' equity
    • Exploring the three sections of a cash flow statements
    • Essential notes and disclosures to the financial statements
      • ­Business entity and basis of preparation
      • ­Accounting policies
      • ­Related party transactions
      • ­Commitments and contingencies
      • ­Risk managements
      • ­Subsequent event
  • Accounting adjustments
    • Accruals and unearned revenues
    • Prepayments and deferrals
    • Accounting estimates
      • ­ Depreciation
      • ­ Impairment
      • ­ Interest capitalization 
      • ­ Allowance for doubtful receivables
      • ­ Allowance for slow-moving inventory
      • ­ Provisions
      • ­ Fair value adjustments
      • ­ Income taxes
  • 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
      • ­Presenting inventory at lower of cost or net realizable value
    • Classifying, measuring and recording long lived assets
    • Repairs, maintenance, and additions to long lived assets
    • Accounting and reporting for intangibles
    • Accounting for investments
    • Definitions and classification of liability accounts
Schedule & Fees