Preparing Financial Statements

Introduction:

Financial statements and the annual report are key communication channels between companies and their different stakeholders. By attending this course, you will be able to prepare financial statements as per the International Financial Reporting Standards (IFRS) which will allow you to maintain your company's financial reporting transparency and credibility.

Targeted Groups:

• Senior and Junior Accountants
• Accounting and Finance Professionals
• Chief Accountants
• Accounting Managers and Supervisors
• Financial Controllers
• Any Accounting and Finance Professional interested in learning and updating their knowledge regarding the preparation of financial statements and notes.

Course Objectives:

At the end of this course the participants will be able to:

• Understand the accounting cycle and why it is important.
• Read and interpret a company’s financial statements.
• Understanding the designing chart of account.
• Adjust Entries
• Understand the financial statements and their elements.
• Learn techniques to analyze the financial statements and understand their issues

Targeted Competencies:

• Understanding the accounting cycle
• Designing chart of accounts
• Performing accounting adjusting entries
• Preparing and analyzing income statements
• Preparing and analyzing balance sheets
• Preparing and analyzing cash flow
• Reviewing and understanding financial statements notes
• Utilizing Excel functions

Course Content:

Unit 1: The Accounting Cycle:

• Analyze and measure transactions.
• Record transactions in the journal.
• Post information from the journal to the ledger.
• Prepare an unadjusted trial balance.
• Preparing adjusting entries.
• Prepare an adjusted trial balance.
• Prepare financial statements.
• Prepare closing entries.
• Prepare a post-closing trial balance.

Unit 2: Designing Chart of Accounts:

• The chart of accounts design
• Chart account examples.
• The 5 major accounts in accounting.
• The order of account categories on the chart of accounts.
• The standard chart of accounts.
• Creating a chart of accounts in SAP.
• What does the chart of accounts structure set?

Unit 3: Performing Accounting Adjustment Entries:

• What are accounting adjustments?
• Classes and Types of Adjusting Entries
• The 5 types of adjusting entries.
• What is adjusting entries in accounting? with example.
• the 4 types of adjusting entries.
• The two basic categories of adjusting entries.
• The easiest way to understand adjusting entries.

Unit 4: Preparing Financial Statements:

• Introduction to Financial Statement Preparation.
• The order of preparation for financial statements.
• The 4 financial statements.
• Constructing a Balance Sheet.
• Constructing an Income Statement.
• Constructing a Cash Flow Statement.
• Statement of retained earnings.
• Issues in financial statements.

Unit 5: Reviewing and Understanding Financial Statements Notes:

• Understanding Financial Statements
• Verifying financial statements.
• Analyzing a balance sheet.
• Reviewing financial statements.
• Financial statement review checklist.