Financial Statements

Course details

At program completion, participants will be able to:

• Understand the accounting framework, theory and information system.
• Prepare the reversing entries and column worksheet
• Prepare the financial statements (Income Statement – the changes in equity statement – Balance Sheet – Cash Flow Statement in the direct and indirect methods) and Disclosures in according to the Egyptian Accounting Standards.

Overview

Across all industries, the financial health of a company is measured against four major financial statements:

• Balance Sheet, displays an entire snapshot of a company’s financial state at a particular time
• Income Statement, shows a business’s profit or loss
• Cash Flow Statement determines business liquidity.
• Owners’ Equity Statement shows the company’s capital which is invested by shareholders.

As per the importance of the financial statements in providing the decision makers with information, this program is designed to provide participants with practical skills needed to prepare, present and measure the financial statements on a professional base.

Program Contents

• General Introduction to Financial Reporting
• The Conceptual Framework & Accounting Theoryand itsapplication in financial reporting
• Accounting Information system.
• Post-closing trial balance, reversing entries and ten column worksheet.
• Qualitative characteristics of financial Information.
• The theoretical foundation for the preparation and presentation of financial statements.
• Presentation of Financial Statements
• Apply relevant financial reporting standards to key elements of financial reports:
• Preparation of income statement & and statement of comprehensive income.
• Preparation of Balance Sheet statement.
• Preparation change in owners’ equity
• Preparation cash Flow statement.
• Identify and apply disclosure requirements for companies relating to the presentation of financial reports and notes
• Earnings per share, Events after the reporting date, Accounting policies, changes in accounting estimates and errors.
• Measurement of Financial Statements
• Revenue recognition
• Property, plant and equipment.
• Intangible assets and goodwill.
• Impairment of assets.
• Depreciation, Depletion, Amortization ( DD&A) Deprecation Methods calculations.
• Liabilities and Owners