Financial Accounting and Reporting Training Course in Dubai, UAE

Course overview

The requirements of international financial reporting standards (IFRS) are dynamic; as practices and thinking evolve, more convergence and accounting standardization are required; the knowledge of IFRS standards is a must for a company conducting any international commercial activity. Finance and accounting professionals need to ensure they stay up-to-date and prepare their accounting and financial statements as per the quality and following international financial standards. This course gives you a broad and thorough review of the concepts and practical implementation of current IFRS standards and practices for the preparation of financial statements.

This course on financial accounting and reporting covers a wide range of topics that are required for a modern professional in this field, including an overview of the profit and loss statement, understanding of accounting financial statements, recognition of revenue and evaluation of receivables, and a better understanding of long-term liabilities and the analysis of balance sheet accounts. The course is fast-paced, and participants will face questions and application exercises throughout to ensure that the concepts are well understood and embedded. A wide variety of business types will be included in these application exercises, covering an IFRS standards list. Participants will work mostly in groups to encourage experience and knowledge sharing.

After completing this intensive accounting and financial training course, the attendees will gain several essential financial reporting skills, such as:

• Get a thorough grounding in the principles and purposes of accounting and financial reporting under IFRS
• Learn the basics of public sector financial reporting
• Understand the recognition and valuation of revenue, expenses, assets, liabilities, and equity
• Explore how to treat provisions and contingent liabilities
• Special in-depth treatment of revenue and receivables; inventory; property, plant & equipment; and liabilities and off-balance-sheet financing

Who Should Attend

• Strategic Planning Specialists
• Financial Accounting Team Members
• Financial Planning and Budgeting Professionals
• Investment Analysts and Advisers
• Financial professionals who want to refresh and update their skills and knowledge on reporting and accounting

What will you gain

• Review the purpose of financial statements for internal and external stakeholders
• Understand the IFRS’s conceptual framework and its five elements
• Realize the relationship between finance and executive management, and finance and operations
• Comprehend the link between the P&L statement and the balance sheet
• Review the 5-step process in recognition of revenue and evaluation of receivables
• Get an overview of the methods of estimating provision for bad debt
• Learn about accounting adjustments and the importance of objective recognition and matching
• Know the components of statements of financial position, owner’s equity and cash flows
• Get a clear understanding of the cost flow assumption: FIFO, LIFO, or weighted average cost
• Review the nuances of the capitalization decision and the depreciation decision
• Know how to work with shareholders’ equity, including treasury stock and share buybacks

Course content

• A quick overview of the four financial statements
• The purpose of financial statements
  • Internal stakeholders
  • External stakeholders
  • Financial accounting vs. managerial accounting
• The fundamental principles of accounting
• IFRS’s Conceptual Framework
  • The five elements: assets, liabilities, equity, income, and expenses
  • Brief recognition criteria for each of the five elements
• The importance of a basis of preparation, notes, and disclosure
  • Completeness
  • Contingent liabilities
• The relation between finance and executive management, and finance and operations
• The Profit & Loss Statement
  • Standard formats of P&L
  • Presentation of the P&L
  • Recognition of expenses: the matching principle
  • The link between the P&L statement and the balance sheet
  • The difference between profit and cash
• Recognition of revenue and evaluation of receivables
  • 5-step process
  • Requirements for revenue recognition for the delivery of goods
  • Recognition of delivery of services
    • Percentage of completion
    • Cost-recovery
  • Methods of estimating provision for bad debt
    • Making provisions for bad debts objectively
  • Valuation of long-term receivables
  • Accounting for long-term contracts
  • Cash discounts
  • Sales returns and allowances
  • VAT
• Accounting adjustments
  • Accruals
  • Importance of objective recognition and matching
  • Accounting for prepayments and deferrals
  • Contingent liabilities
  • Presentation on the balance sheet
• Statements of financial position (balance sheet), owner’s equity and cash flows
  • Purpose of the statements
  • Components of the statements
  • Standard formats and presentation of the statements
• Inventories
  • The cost flow assumption: FIFO, LIFO, or weighted average cost
    • Implications of the financial statements of the different methods
    • LIFO, IAS, and US GAAP
  • Absorption costing (capitalization of costs)
  • Lowering of historical cost and net realizable value for closing balance sheet
  • Categories
    • Materials and supplies
    • Work in progress
    • Finished goods
• Treatment of goodwill and intangible assets
• Property, plant, and equipment
  • The capitalization decision
  • The depreciation decision
  • Repairs and improvements
  • Impairments
  • Disposal
• Long-term liabilities and off-balance sheet financing
  • Long-term loans
  • Operating leases vs. finance leases
  • Other methods
• Shareholders’ equity
  • Issuance of common stock, preferred stock, and treasury stock
  • Share buybacks
  • Profits: dividends and appropriation to reserves
  • Earnings per share