Financial Accounting & Reporting


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
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

المواعيد المتاحة

دبى
من 09-12-2024    الى 13-12-2024