Course Objectives

This course is essential for accounting and finance employees in every company. It covers the rules and regulations under IFRS blended with practical knowledge for recording and reporting financial data. It is a technical accounting course which starts with financial statements and goes into the details therein, or accounts. The course also tackles the definitions and meanings of the main accounts like ‘cash and cash equivalents’, ‘Available for Sale’ (AFS)  and some equity accounts which employees don’t see on a daily basis, and as a result, forget how to treat. Also, this course covers topics such as proper account classifications like ‘non current assets’ or ‘non current liabilities’ and the rules that require different classifications.

Furthermore, this course highlights for participants different depreciation methods for different types of assets. It also includes costs capitalization rules and impairment rules for assets. In addition, we cover interesting and sometimes controversial topics like ‘leases’ and correcting errors, which engage participants in conceptual thinking and discussions.

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

• Enhance their accounting knowledge by learning how to account for income measurement and recognition
• Demonstrate knowledge of accounting for long lived assets and intangibles
• Explain current liabilities, contingencies, long term liabilities and bonds
• Apply accounting for operating and capital leases and how it will affect income statement and balance sheet
• Account for various investment types such as available for sale, trading and held to maturity
• Identify equity stock transactions, including dividends and stock splits
• Demonstrate knowledge of the rules of accounting changes and errors

Content

• Accounting: the language of business
  • The environment of financial reporting
  • The balance sheet
  • Statement of shareholders’ equity
  • The income statement
  • The cash flow statement
• Cash and receivables
  • Accounting for cash and cash equivalents
  • Accounting for accounts receivable
• Inventory life cycle
  • Accounting for inventory, costing, and measurement
  • Computation of COGS using inventory costing methods
  • Inventory valuations
• Property, plant, equipment and intangibles
  • Accounting for purchased assets
  • Asset capitalization rules
  • Depreciation methods
    • Straight line depreciation
    • Units of production
    • Double declining
  • Maintenance and repairs expensing or capitalizing
  • Accounting for retired, sold, and written-off assets
  • Depletion of natural resources
  • Intangible assets
• Liabilities
  • Accounts payable and accruals
  • Advances and refundable deposits
  • Warranty obligations and contingencies
  • Accounting for bonds

• Accounting for leases
  • Classification criteria
  • Operating lease
  • Capital lease
• Investments reporting and classification
  • Reporting categories for investments
  • Trading securities
  • Securities available for sale
  • Debt held to maturity
  • Equity method
• Shareholders’ equity
  • Equity capital
  • Stock subscriptions and stock splits
  • Authorized, issued and outstanding shares
  • Comprehensive income and loss
• Accounting changes and errors
  • Restatements and prior period adjustments
  • Accounting for a change in an estimate, principle and reporting entity
  • Accounting for correction of errors

Course Target

Accountants, senior accountants, chief accountants, accounting managers, general ledger accountants, corporate accountants, and professionals interested in upgrading, enhancing, and refreshing their accounting skills.