Financial Accounting and Reporting |Meirc

Course Methodology

The course uses interactive techniques, such as brief presentations by the consultant, the practical application of theories, 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
Explain how to properly account for revenues and expenses, leading to the preparation of an income statement
Classify the accounts of assets, liabilities, and equity, leading to the preparation of the balance sheet and statement of owners’ equity
Prepare the cash flow statement
Apply accounting adjustments required for accurate financial reporting
Recognize reporting for major accounts and transactions

Target Audience

Professionals in 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
Applying accounting adjustments
Preparing financial statements
Practicing financial statements' notes preparation
Realizing minimum disclosure requirements
Applying International Financial Reporting Standards (IFRS)

Note

This course is worth 25 NASBA CPEs.

Financial Statements and Business Decisions
- The financial accounting cycle
- The 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
  - Commitments and contingencies
  - Risk management
  - Subsequent events
Income Statement
- Revenue and expense recognition: Applying the accrual basis
- The matching principle between revenues and expenses
- Illustration of the income statement
- Other comprehensive income components
- Earnings per share reporting
Balance Sheet and Statement of Owners' Equity
- Purpose of the balance sheet
- Components of the balance sheet accounts
- Illustration of the balance sheet
- Minimum presentation requirements of balance sheet accounts
- Definitions of accounts in the balance sheet
- Correct presentation for statement of owners' equity
Cash Flow Statement
- Purpose of the cash flow statement
- Exploring the three sections of a cash flow statement
- Direct method cash flow statement preparation
- Indirect method cash flow statement preparation
- Linking cash flow statements to notes
Accounting Adjustments
- Accruals and unearned revenues
- Prepayments and deferrals
- Accounting estimates
- Depreciation
- Impairment of assets
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 a lower cost or net realizable value
- 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
- Definitions and classification of liability accounts
- Types of ownership and stocks
- Accounting for capital and dividends
- Wrapping it up: Linking notes to the face of financial statements

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.

Field of Study : Accounting

Prerequisites : None

Advanced Preparation : None

Delivery Method : Group Live

Number of CPE credits : 25

Visit Website Check the Courses

2024 Schedule & Fees

Fees

Per participant

USD 5200

Fees + VAT as applicable

(including coffee breaks and a buffet lunch daily)

Discount Plans & Cancellations Policy

Location & Date

21 - 25 Apr, 2024

Dubai

Arabic

Arjaan by Rotana Dubai Media City

26 - 30 May, 2024

Dubai

English

Venue to be assigned

22 - 26 Sep, 2024

Dubai

Arabic

Venue to be assigned

10 - 14 Nov, 2024

Dubai

Arabic

Venue to be assigned

Meirc reserves the right to alter dates, content, venue, trainer, and to offer courses in an integrated virtual learning (IVL) format whereby face to face classroom participants and virtual learners participate simultaneously in the same course in an interactive learning experience.

Tax Registration Number: 100239834300003

This course is also offered in Virtual Learning, click on the course below.

Financial Accounting and Reporting - Virtual Learning

21 - 25 Apr, 2024

Arabic

Virtual Learning

Financial Accounting and Reporting - Virtual Learning

26 - 30 May, 2024

English

Virtual Learning

Overview

Course Methodology

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
Explain how to properly account for revenues and expenses, leading to the preparation of an income statement
Classify the accounts of assets, liabilities, and equity, leading to the preparation of the balance sheet and statement of owners’ equity
Prepare the cash flow statement
Apply accounting adjustments required for accurate financial reporting
Recognize reporting for major accounts and transactions

Target Audience

Professionals in 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
Applying accounting adjustments
Preparing financial statements
Practicing financial statements' notes preparation
Realizing minimum disclosure requirements
Applying International Financial Reporting Standards (IFRS)

Note

This course is worth 25 NASBA CPEs.

Course Outline

Financial Statements and Business Decisions
- The financial accounting cycle
- The 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
  - Commitments and contingencies
  - Risk management
  - Subsequent events
Income Statement
- Revenue and expense recognition: Applying the accrual basis
- The matching principle between revenues and expenses
- Illustration of the income statement
- Other comprehensive income components
- Earnings per share reporting
Balance Sheet and Statement of Owners' Equity
- Purpose of the balance sheet
- Components of the balance sheet accounts
- Illustration of the balance sheet
- Minimum presentation requirements of balance sheet accounts
- Definitions of accounts in the balance sheet
- Correct presentation for statement of owners' equity
Cash Flow Statement
- Purpose of the cash flow statement
- Exploring the three sections of a cash flow statement
- Direct method cash flow statement preparation
- Indirect method cash flow statement preparation
- Linking cash flow statements to notes
Accounting Adjustments
- Accruals and unearned revenues
- Prepayments and deferrals
- Accounting estimates
- Depreciation
- Impairment of assets
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 a lower cost or net realizable value
- 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
- Definitions and classification of liability accounts
- Types of ownership and stocks
- Accounting for capital and dividends
- Wrapping it up: Linking notes to the face of financial statements