Advanced Financial Accounting
Select Other "city & date"
Advanced Financial Accounting Course
Introduction:
Financial Accounting is a specialized field of accounting that involves the recording of all financial aspects pertaining to an organization, including its financial position, financial performance, and cash flows. These records are prepared in accordance with specific accounting standards. The significance of financial accounting extends to all parties associated with the institution.
This 7-day course provides comprehensive coverage of current and intricate topics in financial accounting practice. It not only explains the practical aspects of accounting but also critically evaluates the implications of relevant accounting standards. The course aims to foster a deep understanding and critical appreciation of the applicable accounting principles, concepts, and regulations.
Building upon the foundations of Financial Accounting, this course delves into the examination of contemporary financial accounting theory and practice, focusing on advanced topics that are currently undergoing review and deliberation by the International Accounting Standards Board (IASB).
The primary objective of this course is to cultivate a thorough comprehension of the accounting principles, concepts, regulations, and practices relevant to selected topics. Furthermore, the course places significant emphasis on developing critical analysis skills through the study of pertinent research papers on various financial accounting subjects.
Course Objectives:
At the end of Advanced Financial Accounting Course, you will be able to:
- Discover how balance sheets, income statements, and cash flow statements are developed and how each interact
- Evaluate the financial health of a business using financial statements
- The links between accounting principles and the preparation of financial statements.
- Definitions of the content and functions of the two key financial statements.
- How to prepare a set of financial statements from scratch.
- Explain the relevance of cash flow and how it is reported.
- Define the function of financial management.
- Show how organizations use accounting to create and monitor their strategies.
- Develop a practical perspective into contemporary work practices in your field.
- Implement an Action Plan at your workplace using the knowledge and skills acquired through the course.
- Prepare and evaluate financial forecasts to make strategic decisions
- Value a venture, project, or investment opportunity and perform a sensitivity analysis
Who Should Attend?
Advanced Financial Accounting Course is designed for:
- Those who wish to understand the implications of decisions made across a range of financial accounting issues.
- Those who wish to develop the ability to analyse, interpret, and question the accounting information they may encounter in a business context.
- Those who wish to acquire a sound appreciation of accounting and finance in order to communicate and succeed in the business world.
- Non-accounting staff who desire a practical introduction to the fundamentals of financial accounting.
- New accounting staff who need to understand the financial accounting function holistically.
- Accountancy staff with no formal qualifications.
- Accountancy staff in pursuit of promotion.
- Accountancy staff who need to have a deeper understanding of accounting and how this can improve results.
- Anyone who wants to understand how the financial function relates to the general management of an organization.
Course Outlines:
The Cash Budget
- Why should managers understand accounting?
- Accounting concepts
- Timings of receipts and payments
- Calculation of the gross profit and gross profit margin
Budgets and Performance Management
- Responsibility centers
- The controllability principle
- Profit-related performance measurement
- Standard costing and variance analysis
- Performance management in investment centers
- Non-financial performance indicators
- The balanced scorecard
- Performance measurement in not-for-profit organizations
- External influences on performance
Introduction to the Statement of Profit and Loss
- Measuring profit
- Double-entry bookkeeping
- Types of account
- Trial balance
- Capital versus revenue expenditure/income
- Calculating the cost of sales
Balancing the Basics
- Assets and liabilities
- The statement of financial position
- Accruals and prepayments
Accounting for Depreciation and Bad Debts
- The straight-line method
- The reducing-balance method
- Disposals of non-current assets
- Bad and doubtful debts
- Uses and limitations of the statement of financial position
Company Finance
- The nature of limited companies
- Share capital
- The stock exchange
- Venture capital
- Loan capital and debentures
- Retained profits
- Reporting requirements
Company Accounts
- The statement of profit or loss
- The statement of changes in equity
- The statement of financial position
- Intangible assets
- Revaluing assets
- The statement of comprehensive income
- Corporate governance