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Financial Accounting & Reporting Course

Course Overview

In the ever-evolving landscape of finance, mastery of International Financial Reporting Standards (IFRS) is non-negotiable for companies engaged in global commerce. Our course ensures finance and accounting professionals not only possess essential IFRS knowledge but also stay ahead, crafting high-quality financial statements aligned with global standards.

Tailored for modern professionals, our fast-paced program covers a spectrum of vital topics. This course provides a comprehensive and in-depth exploration of the concepts and practical application of the latest IFRS standards and practices used in the preparation of financial statements. From a detailed overview of profit and loss statements, understanding accounting financial statements, recognizing revenue, and evaluating receivables to gaining insights into long-term liabilities and conducting balance sheet account analysis—participants engage in a comprehensive review with real-world application exercises, featuring diverse business scenarios aligned with IFRS standards.

Encouraging collaborative learning, participants mostly work in groups, fostering valuable experience and knowledge-sharing. Upon completing this intensive accounting and financial training course, attendees gain essential financial reporting skills, such as:

  • Principles and purposes of accounting and financial reporting under IFRS
  • Basics of public sector financial reporting
  • Understanding revenue recognition and valuation of expenses, assets, liabilities, and equity
  • Insights into treating provisions and contingent liabilities
  • Special in-depth treatment of revenue and receivables; inventory; property, plant & equipment; and liabilities and off-balance-sheet financing

Our intensive International Financial Reporting Standards (IFRS) training—your pathway to becoming a highly skilled and globally competitive financial professional!

Who Should Attend

  • Strategic Planning Specialists
  • Financial Accounting Team Members
  • Financial Planning and Budgeting Professionals
  • Investment Analysts and Advisers
  • Financial professionals who want to refresh and update their skills and knowledge on reporting and accounting

Course Objectives

At the end of this course, participants will be able to:

  • Review the purpose of financial statements for internal and external stakeholders
  • Understand the IFRS’s conceptual framework and its five elements
  • Realize the relationship between finance and executive management, and finance and operations
  • Comprehend the link between the P&L statement and the balance sheet
  • Review the 5-step process in recognition of revenue and evaluation of receivables
  • Get an overview of the methods of estimating provision for bad debt
  • Learn about accounting adjustments and the importance of objective recognition and matching
  • Know the components of statements of financial position, owner’s equity and cash flows
  • Get a clear understanding of the cost flow assumption: FIFO, LIFO, or weighted average cost
  • Review the nuances of the capitalization decision and the depreciation decision
  • Know how to work with shareholders’ equity, including treasury stock and share buybacks

Course Content

A quick overview of the four financial statements

The purpose of financial statements

  • Internal stakeholders
  • External stakeholders
  • Financial accounting vs. managerial accounting

The fundamental principles of accounting

IFRS’s Conceptual Framework

  • The five elements: assets, liabilities, equity, income, and expenses
  • Brief recognition criteria for each of the five elements

The importance of a basis of preparation, notes, and disclosure

  • Completeness
  • Contingent liabilities

The relation between finance and executive management, and finance and operations

The Profit & Loss Statement

  • Standard formats of P&L
  • Presentation of the P&L
  • Recognition of expenses: the matching principle
  • The link between the P&L statement and the balance sheet
  • The difference between profit and cash

Recognition of revenue and evaluation of receivables

  • 5-step process
  • Requirements for revenue recognition for the delivery of goods
  • Recognition of delivery of services
    • Percentage of completion
    • Cost-recovery
  • Methods of estimating provision for bad debt
    • Making provisions for bad debts objectively
  • Valuation of long-term receivables
  • Accounting for long-term contracts
  • Cash discounts
  • Sales returns and allowances
  • VAT

Accounting adjustments

  • Accruals
  • Importance of objective recognition and matching
  • Accounting for prepayments and deferrals
  • Contingent liabilities
  • Presentation on the balance sheet

Statements of financial position (balance sheet), owner’s equity and cash flows

  • Purpose of the statements
  • Components of the statements
  • Standard formats and presentation of the statements

Inventories

  • The cost flow assumption: FIFO, LIFO, or weighted average cost
    • Implications of the financial statements of the different methods
    • LIFO, IAS, and US GAAP
  • Absorption costing (capitalization of costs)
  • Lowering of historical cost and net realizable value for closing balance sheet
  • Categories
    • Materials and supplies
    • Work in progress
    • Finished goods

Treatment of goodwill and intangible assets

Property, plant, and equipment

  • The capitalization decision
  • The depreciation decision
  • Repairs and improvements
  • Impairments
  • Disposal

Long-term liabilities and off-balance sheet financing

  • Long-term loans
  • Operating leases vs. finance leases
  • Other methods

Shareholders’ equity

  • Issuance of common stock, preferred stock, and treasury stock
  • Share buybacks
  • Profits: dividends and appropriation to reserves
  • Earnings per share

Table of Contents

Course Code DU0307 Category
Location: Dubai, UAE
Duration: 5 Days
Language: English
Cost: 15,770 SAR
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