Corporate Accounting in International Accounting Standards

Corporate Accounting in International Accounting Standards

 

Date & Location: (08-12/Jan) Kuala Lumpur – ( 05-09/March) Istanbul

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Course Overview

Introduction:

  • The importance of financial accounting, its systems and the recording and classification of transactions
  • Preparation of the three key financial statements and the need for subjective judgement
  • Accounting for group companies and the development of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)
  • Financial reporting and its analysis and interpretation
  • Corporate governance reporting and other recent developments in financial reporting

 

Program Objectives:

  • Record and classify commercial transactions in business accounting systems, and use professional judgement in the valuation of non-current assets and inventories and assess their impact on profitability
  • Prepare the three key financial statements: income statement; balance sheet; statement of cash flows
  • Apply the accounting concepts, IASs, and IFRSs with regard to preparation of the financial statements and annual financial reporting
  • Use financial analysis to interpret the financial statements and annual reports and accounts to evaluate the financial performance and financial position of the organisation
  • Provide assurance to shareholders and others through corporate governance and internal audit

 

Who Should Attend?

This seminar is suitable for a wide range of personnel from companies, corporations and governmental organisations. In addition to anyone working in the finance, accounting, costing, budgeting and planning departments, or anyone with an interest in financial accounting and reporting, this seminar will greatly benefit:

  • Chief financial officers, vice-presidents of finance, controllers, treasurers
  • Professionals responsible for financial reporting
  • Accountants, project managers, and budget analysts who would like to refresh and update their financial accounting and reporting knowledge and skills

 

Program Outline:

DAY 1

 The Importance of Accounting in Business

  • Business objectives and shareholder wealth maximisation
  • The users of financial information
  • The role of accounting in financial reporting
  • Double-entry accounting using debits and credits, T-accounts and the trial balance
  • The structure of the accounting system and accounting transactions
  • Incomplete transactions at the period end – the five accounting adjustments
  • How business transactions are recorded – the ledgers and books of account
  • Accrual accounting vs. cash accounting, accruals and prepayments, and the accounting period

DAY 2

 The Structure and Format of Financial Reports

  • The income statement and its two elements: revenues; costs, and the accounting equation
  • What the income statement tells us, its purpose, and structure: categories of revenue and cost and the calculation of profit
  • Circumstances where judgement needs to be applied
  • The balance sheet and its three elements: equity; assets; liabilities, and the accounting equation
  • What the balance sheet tells us, its purpose, and structure: shareholders’ equity; current and non-current assets; current and non-current liabilities
  • Non-current assets valuation and depreciation, and inventory valuation and cost of sales
  • The links between asset valuation and profit
  • Long-term financing, short-term financing and working capital

DAY 3

 The Statement of Cash Flows and Group Accounting

  • The statement of cash flows and its three elements: cash flows from operating activities (direct and indirect); cash flows from investing activities; cash flows from financing activities
  • What the statement of cash flows tells us, its purpose, and structure
  • The cash flow forecast
  • The creation of groups of companies
  • Subsidiary companies, associated companies, and joint ventures
  • Preparation of a group balance sheet
  • The conceptual frameworks of accounting
  • The development of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)

 DAY 4

 Analysis and Interpretation of Financial Reports

  • Analysis of financial position and financial performance
  • Interpretation of financial statements – key principles
  • Ratio analysis: profitability ratios; efficiency and working capital ratios; liquidity ratios; investment ratios; financial structure ratios
  • Pyramids of ratios
  • Integration of ratios – the DuPont system
  • Common size (horizontal) and vertical trend analysis
  • Predicting financial distress using the Altman’s Z-score
  • The limitations of financial statements analysis

DAY 5

 Published Financial Reports and Corporate Governance

  • The annual report and accounts of organisations in the UK, USA, GCC and other countries
  • Recent developments in financial reporting
  • Financial reporting – it is not just the numbers
  • Segmental analysis
  • Post balance sheet events and contingencies
  • The agency problem and international financial scandals
  • The development of corporate governance in the UK, USA, GCC and other countries
  • A glossary of accounting and financial terminology