Accounting Standards and Practices

Course details

Overview
Understanding accounting standards and practices is essential for anyone involved in the financial health of a business. This comprehensive 5-day program equips you with a solid foundation in the core principles applications and complexities of accounting standards in today's business world. Through interactive lectures case studies hands-on exercises and group discussions you will understand financial statements clearly interpret accounting data accurately and apply accounting principles to real-world scenarios.

Objective
Gain a comprehensive understanding of the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) framework.
Master the key components of financial statementsincluding the balance sheetincome statementcash flow statementand statement of changes in equity.
Learn to analyse financial statements effectively to assess a company's financial performance and position.
Develop skills for applying accounting standards to various business transactionssuch as revenue recognitioninventory valuationand asset depreciation.
Explore advanced accounting topics like intangible assetsleasesand financial instruments.
Understand the impact of accounting policies and estimates on financial statements.
Develop critical thinking skills to identify and address potential accounting issues and inconsistencies.
Gain insights into the evolving regulatory landscape and the role of accounting standards setters.
Learn best practices for internal controls and financial reporting to ensure accurate and reliable financial information.

Who Should Attend
Accounting Professionals (Bookkeepers, Accountants, Auditors): Gaining a deeper understanding of accounting standards and their practical application.
Finance Professionals (Financial Analysts, Credit Analysts, Investors): Learning to interpret financial statements accurately for informed decision-making.
Business Owners and Managers: Gaining insights into the financial health of their companies and the impact of accounting practices on key metrics.
Non-Financial Professionals: Developing a solid understanding of accounting principles to be more effective in their roles.

Course Outlines
Day 1: The Foundational Framework
Introduction to Accounting Standards: Understanding the importance of accounting standards and the regulatory environment.
Exploring GAAP and IFRS: Comparing and contrasting the two main accounting frameworks.
Understanding the Conceptual Framework: Grasping the underlying concepts and principles that guide accounting standards.

Day 2: Deciphering Financial Statements
The Balance Sheet: Learning to analyse assets liabilities and shareholder equity.
The Income Statement: Understanding revenue recognition expenses and net income.
The Cash Flow Statement: Exploring cash flow from operating investing and financing activities.
The Statement of Changes in Equity: analysing changes in shareholder equity over a period.

Day 3: Applying Accounting Standards to Transactions
Revenue Recognition: Understanding the different revenue recognition methods and their application.
Inventory Valuation: Exploring various inventory costing methods and their impact on financial statements.
Property Plant and Equipment (PPE): Learning about asset depreciation and impairment.
Intangible Assets: Understanding the accounting treatment of intangible assets like goodwill and patents.

Day 4: Advanced Accounting Topics
Leases: Learning to distinguish between operating and capital leases and their accounting implications.
Financial Instruments: Understanding the classification and accounting treatment of financial instruments.
Earnings Management: Exploring strategies for managing earnings and identifying potential red flags in financial statements.

Day 5: Maintaining Integrity & Looking Forward
Internal Controls & Financial Reporting: Learning best practices for accurate and reliable financial reporting.
The Evolving Regulatory Landscape: Understanding how changes in accounting standards can impact financial reporting.
The Future of Accounting: Exploring emerging trends in accounting technology and their impact on the profession.