Financial Accounting and Reporting

Financial Accounting and Reporting

Methodology

This course utilizes a combination of interactive training techniques, including brief presentations by the instructor, application of theories, and engaging in group activities to exchange experiences and apply the knowledge gained during the course.

Course Objectives

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

• Identify key financial data and best practices for structuring and presenting financial information.
• Understand important periodic adjustments and their impact on financial data.
• Calculate assets, liabilities, equity, revenues, and expenses for both recurring and non-recurring transactions accurately.
• Determine the minimum requirements for disclosing financial data for key transaction accounts.
• Prepare financial statements starting from the trial balance and ending with comprehensive disclosures.

Target Audience

Professionals in accounting, financial management, accountants at all levels who wish to enhance their practical knowledge of financial accounting, and certified accountants.

Training Program Content

• Financial Data and Business Decisions
• Financial Accounting Course
• Are there four or five key financial statements?
• Management’s use of financial data
• Relationship between financial statements
• Basic disclosures and disclosures in financial statements
• Principles of financial statement preparation
• Accounting policies
• Transactions with related parties
• Contingencies
• Risk management
• Subsequent events
• Simulation 1: Reporting General Information and Principles of Preparation and Important Accounting Policies
• Comprehensive income statement
• How to record revenues and expenses: accrual basis
• Matching principle for revenues and expenses
• Other components of comprehensive income
• Reporting earnings per share
• Simulation 2: Linking Accounts and Preparing Income Statement Using Excel
• Simulation 3: Disclosures related to the income statement
• Statement of financial position and statement of equity
• Minimum disclosures in general ledger accounts
• Definitions of accounts in the general ledger statement
• Proper disclosure of equity statement
• Simulation 4: Linking Accounts and Preparing Equity Statement and General Ledger Using Excel
• Cash flows
• Definitions of the three categories in the cash flow statement
• Direct method vs. indirect method
• Linking cash flows with notes
• Adjustment and reconciliation of accounts
• Accrued and unearned revenues
• Prepaid expenses and deferrals
• Accounting estimates
• Financial accounting for key accounts and transactions
• Measurement of accounts receivable and reporting
• Estimation and accounting for bad debts
• Costs included in inventory valuation
• Cost assumptions for inventory
• Measurement of inventory based on cost or net realizable value
• Simulation 5: Practical Training on Preparing Disclosures for Current Assets
• Classification, measurement, and recording of long-term assets
• Calculation of repairs, maintenance, and additions to long-term assets
• Depreciation and disposal
• Impairment of non-tangible assets
• Investment accounting
• Negative investment, significant influence, or control
• Types of investments in stocks and bonds
• Simulation 6: Practical Training on Preparing Disclosures for Non-Current Assets
• Definitions and classification of accounts receivable
• Types of equity and stocks
• Capital and profit accounts
• Simulation 7: Required Disclosures for Long-Term Liabilities and Shareholders’ Equity
• Conclusion: Linking Disclosures to Financial Data