Preparing Financial Statements and the Annual Report - Virtual Learning - Meirc

Preparing Financial Statements and the Annual Report - Virtual Learning

Why Attend

Financial statements and the annual report are key communication channels between companies and their different stakeholders. By attending this course, you will be able to prepare financial statements as per the International Financial Reporting Standards (IFRS) which will allow you to maintain your company's financial reporting transparency and credibility.

Course Objectives

By the end of the course, participants will be able to:

  • Explain each part of the accounting cycle
  • Design effective chart of accounts
  • Perform accounting adjustments including deferrals and accruals
  • Create trial balance and adjusted trial balance
  • Describe and map charts of accounts to the financial statements
  • Prepare and present income statements, balance sheets, and cash flow statements
  • Formulate notes to the financial statements

Target Audience

Senior and junior accountants, accounting and finance professionals, chief accountants, accounting managers and supervisors, financial controllers and any accounting and finance professionals interested in learning and updating their knowledge regarding the preparation of financial statements and notes.

Target Competencies

  • Understanding the accounting cycle
  • Designing chart of accounts
  • Performing accounting adjusting entries
  • Preparing and analyzing income statements
  • Preparing and analyzing balance sheets
  • Preparing and analyzing cash flow
  • Reviewing and understanding financial statements notes
  • Utilizing Excel functions

 

  • The accounting cycle
    • Understanding the accounting cycle
    • Supporting documents
    • Analyzing transactions and recording in the system
    • Preparing ledgers and General Ledgers (GL)
    • Converting the GL to Trial Balance (TB)
    • Types of adjusting entries
    • The Adjusted Trial Balance (ATB)
    • Mapping ATB to the financial statements
    • Preparing financial statements
    • Closing the books
    • Preparing the Post-Closing Trial Balance (PCTB)
  • Chart of accounts and design techniques
    • Designing the chart of accounts
    • Maintenance of the chart of accounts
    • Analyzing the chart of accounts
    • Reconciliations and important issues
    • Creating the trial balance
  • Accounting adjusting entries
    • Understanding deferrals
    • Deferred revenues and entries
    • Deferred expenses entries
    • Working with accruals
      • Adjusting for accrued revenues
      • Accrued expenses entries
    • Other adjustments and corrections
    • Preparing the adjusted trial balance
  • Preparing financial statements and notes
    • Mapping the adjusted trial balance to the financial statements
    • Preparing the income statements
    • Preparing the balance sheets
    • Preparing the cash flow statements
    • Preparing the owners equity statements
    • Objectives of external audit
    • External audit versus internal audit
    • Reading and interpreting the audit opinion
    • Management Discussion and Analysis (MD&A)
  • Notes to the financial statements
    • Understanding the requirements for the notes
    • Organization and activities of the notes
    • Basis for preparation
    • Summary of significant accounting policies
    • Accounting convention
    • Use of estimates
    • Completing the financial statements and the notes

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

MPC
Per participant

USD 1,750

Fees + VAT as applicable

Tax Registration Number : 100239834300003

Online Training

22 - 24 Jun, 2021

English

10:00 to 14:00 (UAE)

9:00 to 13:00 (KSA)