Preparation, Reporting, and Analysis of Financial Statements

Introduction:

Effective communication and information sharing with stakeholders are facilitated through financial statements and annual company reports. This Financial Statements and Reporting course is designed to equip you with the skills necessary to prepare financial statements that adhere to International Financial Reporting Standards (IFRS), ensuring the integrity of your organization's financial reporting.

Enhance your qualifications with our financial reporting training, which covers the preparation of detailed reports, analysis of overhead costs, and techniques for producing reports that withstand scrutiny. Our comprehensive course will provide you with the knowledge and analytical skills required to understand and evaluate financial statements, preparing you for a role as a financial reporting and analysis expert.

Objectives:

At the end of the Financial Statements and Reporting course, participants will be able to:

• Identify the complete accounting cycle and its importance.
• Confidently read and interpret financial statements.
• Design a chart of accounts suited to business needs.
• Accurately execute adjusting entries.
• Understand the structure and components of financial statements.
• Perform detailed financial statement analysis and identify key issues.

Training Methodology:

• Case Studies
• Classroom Instruction
• Simulations
• Financial Statement Analysis
• Group Discussions

Course Outline:

Unit 1: The Accounting Cycle

• Assess and measure transactions.
• Document transactions in a journal.
• Post journal entries to the general ledger.
• Prepare a preliminary trial balance.
• Post adjustments and prepare corrected entries.
• Prepare a revised trial balance.
• Report financial results.
• Process closing journal entries.
• Prepare a post-closing trial balance.

Unit 2: Designing Chart of Accounts

• Factors guiding the design of a chart of accounts.
• Examples of effective chart of accounts structures.
• Overview of the 5 major accounting accounts.
• Classification and order of accounts.
• Adoption of a common chart of accounts.
• Designing a chart of accounts in SAP.
• Establishing chart of accounts classification parameters.

Unit 3: Performing Accounting Adjustment Entries

• Nature and reasons for accounting adjustments.
• Types and classifications of adjusting entries.
• Detailed examination of the 5 types of adjusting entries.
• Discussion on changing entries in accounting.
• Explanation of 4 types of adjusting entries.
• Basic understanding of adjusting entries.

Unit 4: The Development of Financial Statements

• Purpose and process of preparing financial statements.
• Overview of the 4 main financial statements.
• Preparing a detailed balance sheet.
• Analyzing the income statement.
• Strategies for preparing a cash flow statement.
• Developing a statement of retained earnings.
• Addressing problems in financial statements.

Unit 5: Financial Statements Review and Notes

• Analyzing different parts of financial statements.
• Verification of the statement of economic performance.
• Breakdown of the balance sheet.
• Financial review of financial statements.
• Checklist for financial statement review.