Mastering Reporting and Financial Accounting

Introduction

This short course is for Accounting and financial specialists. Those who wish to understand how to interpret the financial statements of business entities, those who wish to learn the mechanics of preparing financial statements under IFRS.
Individuals charged with the responsibility of providing financial information about a reporting entity that is useful to users in making decisions.

Objectives

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

• Identify the important financial accounting topics and how to report them on financial statements.
• Properly account for assets, liabilities, equity, revenues and expenses.
• Prepare financial statements with the required notes and disclosures in periodic financial reports.
• Identify the need for transparency in reporting of financial statements and management reports.
• Determine the structure, presentation and disclosure of financial statements and annual reports.
• Report and interpret income statement and balance sheet accounts.

Course Outline

Day 1

Financial Statements and Business Decisions
• Accounting and Financial Systems.
• Four Key Financial Statements.
• Relationship among the Financial Statements.
• Management Uses of Financial Statements.
• Essential Notes to the Financial Statements.

Day 2

Income Statement
• Identifying and Accounting for Revenues and Expenses.
• Applying Matching Principle and Accrual Basis.
• Comprehensive Income and Earnings Per Share.
• Signs of Cooking the Books.

Day 3

Balance Sheet & Statement of Owner’s Equity
• Categories and Accounts of Assets, Liabilities and Equity.
• Definitions of Accounts in the Balance Sheet.
• Statement of Owners Equity.
• Caution Flags.

Cash Flow
• Defining the Three Sections of Cash Flow Statement.
• Direct versus Indirect Method and the Relation to BS and IS.
• Interpreting Cash flow Patterns.

Day 4

Accounting Adjustments
• Accruals and Unearned Revenue and Prepayments.
• Accounting Estimates.
• Financial Statements Relationships.

Receivables
• Measuring and Reporting.
• Estimating and Accounting for Bad Debts.
• Methods of Converting Accounts Receivable to Cash.

Inventory
• Nature of Inventory and Cost of Goods Sold (COGS).
• Methods for Determining Inventory and COGS Values.

Day 5

Property, Plant, Equipment and Intangibles
• Classifying, Measuring and Recording Long-Lived Assets.
• Accounting for Repairs, Maintenance, and Additions.
• Depreciation, Amortization and Disposal of Assets.
• Accounting and Reporting for Intangibles and Natural Resources.

Reporting and Interpreting Investments
• Kinds of Equity and Debt Investments.
• Accounting for Investments.
• Fair Value and Equity Methods / Controlling Interest.

Liabilities and Owners’ Equity
• Definitions and Classification of Liability Accounts.
• Types of Ownership and Stock.
• Accounting for Capital and Dividends.
• Accounting for Treasury Shares.