FINANCIAL REPORTING

INTRODUCTION FOR FINANCIAL REPORTING

Participants able to develop the knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements. Develop skills in analysing accounting reports and evaluating organizational performance through statement of change in financial position.

HOW WILL YOU BENEFIT

This course covers current practices in corporate financial reporting and fundamental issues relating to asset valuation and income determination. The emphasis is on financial statement analysis and interpretation of financial disclosures to help improve risk assessment, forecasting, and decision‐making.

WHO MUST ATTEND

  • Accountants
  • Business Advisors
  • Finance Managers
  • Entrepreneurs
  • Supervisors
  • HOD
  • Business owners
  • Students

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COURSE CONTENT

Topic 1 : Basics of Financial Accounting

  • Meaning, need and terminology of financial accounting
  • Accounting cycle
  • Double-entry system
  • Accounting equation
  • Cash and accrual system of accounting

Topic 2 : Financial Reporting

  • Evolution of regulatory framework of financial reporting, conceptual framework
  • IFRS
  • Users of financial information
  • Theories of disclosure
  • Accounting standards
  • Annual report

Topic 3: Recording and posting of transactions

  • Source documents
  • Classification of accounts
  • Journalizing
  • Posting and balancing

Topic 4: Preparation of financial statements

  • Aspects of financial statements
  • Manufacturing account, trading account
  • Profit and loss account- classification, accounting treatment of revenue and expenses
  • Balance sheet- classification, accounting treatment of assets and liabilities

 

 

 

 

Topic 5 : Depreciation and valuation for inventories

  • Basics of depreciation
  • Methods of allocating depreciation- Straight line method, written down value method
  • Sinking fund method
  • Provisions and reserves
  • Revenue reserve and capital reserve
  • Inventory systems: periodic and perpetual
  • Methods of valuation of inventories: LIFO and FIFO method

Topic 6: Accounting for share capital

  • Classification of capital
  • Kinds of shares
  • Basic terminology
  • Off-balance sheet finance
  • Financial instruments
  • Allotment of securities
  • The balance sheet of the company

Topic 7: Analysis and interpretation of financial statements

  • Ratio analysis
  • Liquidity ratios
  • Solvency ratios
  • Activity ratios
  • Profitability ratios
  • Cash flow statement
  • Measures of return

Topic 8: Accountability and ethics

  • Ethical issues in accounting
  • Accounting code of conduct
  • Function of auditing
  • Corporate governance
  • Case study

Topic 9: Financial Audit Report

  • Audit Preparation
  • Internal & external audit

Topic 10 : Q & A Section

End Of Program

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