Course description
Financial Accounting is a branch of accounting that records all matters related to financial position (financial position), financial performance (income statement), and cash flows of the enterprise in accordance with certain accounting standards. Here is the importance of financial accounting for all parties concerned with the institution.
This 7 Days course covers financial accounting practice for a selection of current and complex topics. Both the accounting practice is explained and the implication of the relevant accounting standard is critically appraised, with a view to developing thorough knowledge and critical understanding of applicable accounting principles, concepts, and regulations.
This course builds upon Financial Accounting. It aims to critically examine current financial accounting theory and practice for a selection of advanced topics, many of which are subject to current debate and review by the International Accounting Standards Board (IASB).
The course seeks to develop a thorough knowledge and understanding of the accounting principles, concepts, regulations and practices, applicable to selected topics. An important aim of the course is to develop skills of critical analysis through the study of relevant research papers on financial accounting topics.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Advanced Financial Accounting Course is designed for:
- Those who wish to understand the implications of decisions made across a range of financial accounting issues.
- Those who wish to develop the ability to analyse, interpret, and question the accounting information they may encounter in a business context.
- Those who wish to acquire a sound appreciation of accounting and finance in order to communicate and succeed in the business world.
- Non-accounting staff who desire a practical introduction to the fundamentals of financial accounting.
- New accounting staff who need to understand the financial accounting function holistically.
- Accountancy staff with no formal qualifications.
- Accountancy staff in pursuit of promotion.
- Accountancy staff who need to have a deeper understanding of accounting and how this can improve results.
- Anyone who wants to understand how the financial function relates to the general management of an organization.
Outcome / Qualification etc.
By the end of of Advanced Financial Accounting Course, you will be able to:
- Discover how balance sheets, income statements, and cash flow statements are developed and how each interact
- Evaluate the financial health of a business using financial statements
- The links between accounting principles and the preparation of financial statements.
- Definitions of the content and functions of the two key financial statements.
- How to prepare a set of financial statements from scratch.
- Explain the relevance of cash flow and how it is reported.
- Define the function of financial management.
- Show how organizations use accounting to create and monitor their strategies.
- Develop a practical perspective into contemporary work practices in your field.
- Implement an Action Plan at your workplace using the knowledge and skills acquired through the course.
- Prepare and evaluate financial forecasts to make strategic decisions
- Value a venture, project, or investment opportunity and perform a sensitivity analysis
Training Course Content
Day 1
The Cash Budget
- Why should managers understand accounting?
- Accounting concepts
- Timings of receipts and payments
- Calculation of the gross profit and gross profit margin
Budgets and Performance Management
- Responsibility centres
- The controllability principle
- Profit-related performance measurement
- Standard costing and variance analysis
- Performance management in investment centres
- Non-financial performance indicators
- The balanced scorecard
- Performance measurement in not-for-profit organisations
- External influences on performance
Day 2
Introduction to the Statement of Profit and Loss
- Measuring profit
- Double-entry bookkeeping
- Types of account
- Trial balance
- Capital versus revenue expenditure/income
- Calculating the cost of sales
Balancing the Basics
- Assets and liabilities
- The statement of financial position
- Accruals and prepayments
Day 3
Accounting for Depreciation and Bad Debts
- The straight-line method
- The reducing-balance method
- Disposals of non-current assets
- Bad and doubtful debts
- Uses and limitations of the statement of financial position
Day 4
Company Finance
- The nature of limited companies
- Share capital
- The stock exchange
- Venture capital
- Loan capital and debentures
- Retained profits
- Reporting requirements
Day 5
Company Accounts
- The statement of profit or loss
- The statement of changes in equity
- The statement of financial position
- Intangible assets
- Revaluing assets
- The statement of comprehensive income
- Corporate governance
Day 6
The Statement of Cash Flows
- Sources of cash flow
- Non-current assets and the statement of cash flows
- Movements in working capital
- Tax, interest, and dividends
- What to look for in a statement of cash flows
- Managing cash
Day 7
Interpreting Financial Statements
- Ratio analysis
- The pyramid of ratios
- Probability ratios
- Liquidity ratios
- Control of working capital
- The working capital cycle
Capital Structure and Investment Ratios
- Capital structure
- Investment ratios
- Limitations of ratio analysis
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