Open Courses

Financial Accounting & Reporting (IFRS)

FA31

Introduction

This course is designed to identify the importance of financial reporting in business and understand the framework of accounting and financial reporting standards.  IFRS is the new global language of finance and accountancy.  Much of the world has now converged with IFRS, therefore it is critical knowledge for those who seek to progress their career in Finance. Delegates will learn how to identify key accounting issues and report them on financial statements.

This course will also explore how internal reporting contributes to control of costs, revenues, investment, and financing, which is essential in the identification and rectification of problems while making and implementing profitable and value-adding decisions.

Who should attend

This course is designed for Accounting and Finance Professionals who are actively involved in reporting and analytical roles. As well as those needing to learn about implementation of IFRS to enable greater confidence in their financial reporting in an increasingly internationalised business world.

COURSE PROFILE

Understanding IFRS and reporting frameworks

  • Understanding IFRS, its background, governance and current status
  • Key financial statements:
    • Statement of Financial Position,
    • Income Statement, and
    • Cash flow statement
  • How financial statements interact
  • Accounting for Revenue and Cost and calculating profit

Understanding the Balance Sheet

  • Understanding the classification and methodology for accounting for non-current assets
  • Key differences between tangible and intangible assets
  • Accounting and reporting for Intangibles
  • Accounting for repairs, maintenance, and additions
  • Depreciation, Amortisation and disposal of assets
  • Methods for determining and valuing Inventory
  • Accounting and reporting for natural resources

Understanding the balance sheet and cash flow

  • Identifying and accounting for bad debts
  • Meaning and reporting of payables
  • Reviewing the balance sheet and its interpretation
  • Understanding cash flow
  • Defining the principles of the cash flow statement
  • Review of cash flow statements and their interpretation

Topical IFRS accounting issues

  • Revenue recognition - What are the areas of subjectivity and professional judgement?
  • Understanding lease accounting - How to account for leases, when they are and aren’t on balance sheet?
  • Preparation, interpretation and commercial issues arising from both Revenue and Leases

Interpreting and analysing financial statements

  • Interpreting and analysing financial statements
  • Common financial terminology (e.g. EBITDA, underlying performance) and its meaning
  • Why and how can ratio analysis be used?
  • Commonly used ratios and their uses
  • Understanding the limitations of ratio analysis
SKILLS

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

  • Understand IFRS and its critical role in the modern world
  • Have an awareness of the latest developments in IFRS reporting and its effects 
  • Understand the fundamentals of accounting systems and how transactions are recorded
  • Recognise key financial accounting issues and develop the capacity to build report using financial statements
  • Identify the role of accounting and financial reporting standards in the communication of financial results
  • Appreciate why transparency in reporting of financial statements and management reports is essential
  • Appraise the structure and presentation of financial statements and annual reports
  • Interpret income statement and balance sheet accounts
BOOKING

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