Session 1: Introduction to Accounting

• Introduction to accounting
• The accounting equation
• Recording financial transactions
• Ledger accounting and double entry
• Preparing basic financial statements
• Accounting concepts and conventions
• Cost of sales, accruals and prepayments
• Inventories
• Non-current assets and depreciation
• Balance sheet
• Profit and loss account
• Cash flow statements
• Company financial statements

Session 2: Income Statement

• Recognition and measurement of income
• Impact on legal form of financial reporting
• Major components of the income statement
• Offsetting revenue and expenses
• Provisioning and its role

Session 3: The Balance Sheet

• Preparing the balance sheet
• It needs to balance!
• The importance of accounting policies
• Accruals and prepayments
• Depreciation
• Goodwill
• Dealing with reserves and reserve movements

Session 4: Cash Flow Statement

• Benefits of cash flow statements
• Types of statement
• Exclusion of non-cash transactions
• Gross v Net basis
• Reconciliation of cash and cash equivalents

Session 5: Tangible Assets

• Historic cost convention
• Property, plant and equipment
  o Cost
  o Capitalisation of borrowing costs
  o Disposal of assets
  o Capitalisation of other costs
  o Depreciation and impairment
  o Revaluation model

Session 6: Revenue and Cost of Sales – the trading cycle

• Sale of goods
  o Recognition and measurement
  o Exchanges of goods
• Inventories
• Services and construction contracts
  o Application of the percentage of completion method
• Compound transactions
• Company Case Studies

Session 7: Liabilities

• Provisions
  o Legal and constructive obligations
  o What can and what cannot be recognised?
  o Decommissioning and environmental costs
  o Onerous contracts
  o Restructurings
  o Provisioning policy and losses incurred
• Leases
  o Finance leases and operating leases
  o Lease accounting by lessees
  o Lease accounting for lessors
  o Sale and leaseback transactions
• Employee benefits
  o Short-term benefits
  o Pensions and other post-employment employee benefits
  o Actuarial valuations and actuarial gains and losses
  o Stock options other share based payments

Session 8: IFRS: Principles-based standards

• The IASB’s principles
  o Asset and liability recognition and measurement
  o Income and expense recognition
• The total list of IFRS accounting standards
• Fair presentation and compliance with IFRS
  o Fair presentation override
• Selection of IFRS accounting policies
• Changes in accounting policies
• IFRS for SMEs

Session 9: IFRS Consolidated Financial Statements

• What is a consolidation
• How to consolidate a group
• Consolidation principles
  o Subsidiaries
  o Special purpose entities
  o Associates
  o Joint ventures

Session 10: Summary, Discussion and Q&A

By the conclusion of this event delegates will have gained an understanding of accounting principles and processes as well as appreciating the key issues that tend to arise in practice, specifically

• The role of financial accounting
• Double entry book keeping
• Preparing statutory accounts
• The role of the balance sheet and profit and loss account
• Accrual and prepayments
• Consolidation practices
• The role of IFRS

Delegates who complete the course will receive a Certificate with equivalent CPD/CPE credits via email; and for those who require an assessment as a demonstration of competency via training a 20 multiple-choice questions and answers quiz, remotely invigilated with results report and 1 resit, is available at no additional charge when requested at time of reservation.

Highly interactive expert-led intensive presentation, Q&A, group real-time in-depth case studies, regulation and discussion supported by key principles and theory. The virtual learning platform uses safe, industry preferred encrypted Cisco WebEx to optimize live face-to-face visual interaction, discrete chat, for polling and quizzes.

(An invitation via email with access link is included for all participants.)