Accounting and Finance Policies and Procedures

Accounting and Finance Policies and Procedures

Why Attend

Accounting and finance policies and procedures are the most efficient way to implement company-wide effective internal control tools in any organization. They are part of every business cycle: purchase and payment cycle, inventory and production, HR and payroll, fixed assets and capitalization of costs, and the sales and collection cycle. On top of that, accounting and finance policies and procedures are essential for the board of directors and senior management to communicate limitations and authorities given to different managers and employees throughout the organization. Moreover, their use is also extended to organize financial reporting and compliance with regulators outside the organization.

In this course participants will be encouraged to think of risk-based processes to write and implement operational policies and procedures. They will learn to allocate tasks to different personnel based on proper segregation of duties and to use software to implement the controls efficiently. Also, the course covers sample financial statements prepared according to the International Financial Reporting System (IFRS).

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Course Methodology

This course uses explanations by a subject matter expert on how to write policies and procedures and what to include in them. Participants will be asked to write policies and procedures in different business cycles leading to financial reporting as per IFRS.

Course Objectives

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

  • Design and produce the Accounting Manual.
  • Apply accounting concepts properly.
  • Allocate costs to assets or expenses.
  • Record liabilities and equity accounts.
  • Assist in preparing financial reports.
Target Audience

Professionals in accounting and finance.

Target Competencies
  • Designing policies and procedures
  • Understanding business cycles
  • Applying financial policies
  • Preparing accounting procedures
  • Segregating employee tasks
  • Implementing internal controls
  • Complying with International Financial Reporting Standards (IFRS)

This course is worth 25 NASBA CPEs.

Course Outline
  • Designing Accounting and Finance Manual

    • Accounting Manual purpose
    • Financial Authorities and Responsibilities
    • Accounting Manual Organization
    • Process Mapping Chart Icons
    • Planning for financial reporting
    • Chart of Accounts
  • Accounting Principles Application

    • Accounting Principles
    • Underlying Accounting Assumptions
    • System and reliability of measurement
    • Concept of Assets
    • Concepts of Liabilities
    • Concepts of Income
    • Concepts of Expense
  • Assets

    • Cash and Equivalents
    • Accounts Receivable and Collections
    • Production and Inventory Processing
    • Long Term Assets
      • Capitalization and utilization
      • Impairment of assets
      • Disposal of assets
  • Liabilities and Equity

    • Accounts Payable
    • Accruals
    • Payroll
    • Long Term debt
    • Equity Accounts
  • Reporting

    • Accounting adjustments
    • Credit and debit notes
    • Budgeting
    • Financial statements
    • Financial analysis
National Association of State Boards of Accountancy (NASBA)

Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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