Chrome Consultants

Advanced Accounting and Financial Reporting Standards

This program provides a full exploration of advanced accounting and financial reporting standards for both public and private sector organizations, with emphasis on advanced accounting procedures and performance management strategies. Delegates will also learn methods of assessing financial performance to ensure efficient and prompt service delivery to both internal and external customers. The course will cover prospective financial information management and strategy. By the end of this seminar, participants will be able to: - Appreciate how transactions are recorded in business accounting systems - Apply professional judgment in summarising and reporting financial information - Identify the role of accounting and financial reporting standards in communicating financial results - Understand how key standards are applied to their organizations - Recognize the role of audit in providing assurance to shareholders - Read and interpret their organizations’ annual financial reports - Apply analytical techniques to evaluate financial performance and financial position

Venues

Dates

Cost: $4,000 per participant (USD) (=N=)

For Whom

Snapshot of Course Content

Advanced Accounting Procedures

  • Accounting for accruals, prepayment and amortisation
  • Supplier account management (external and internal)
  • Advanced capital expenditure transactions and classification procedures
  • Contemporary cost centre coding system
  • Contemporary cost control procedures
  • Advanced performance management
  • Contemporary financial reporting considerations
  • Assessing financial performance
  • Prospective financial information management

The Structure and Format of Financial Reports

  • The income statement: revenues and costs
  • Purpose and structure of the income statement
  • Categories of revenue and cost
  • Calculation of profit and role of judgment
  • The balance sheet: assets, liabilities, equity
  • Purpose and structure of the balance sheet
  • Shareholders’ equity
  • Current and non-current assets/liabilities
  • Valuation of non-current assets and depreciation
  • Valuation of inventory and cost of sales
  • Links between asset valuation and profit
  • Long-term financing and short-term working capital

Analysis and Interpretation of Financial Reports

  • Analysis of financial position and performance
  • Interpretation of financial statements – key principles
  • Ratio analysis: profitability, efficiency, liquidity, investment, financial structure
  • Pyramids of ratios
  • Dupont system integration
  • Common size trend analysis
  • Vertical trend analysis
  • Financial distress and Altman’s Z-score
  • Limitations of financial statements for analysis

Published Financial Reports and Corporate Governance

  • The annual report and accounts
  • Financial reporting in the UK, USA, and GCC countries
  • Recent developments in financial reporting
  • Financial reporting – beyond the numbers
  • Segmental analysis
  • Post balance sheet events and contingencies
  • The agency problem
  • International financial scandals
  • The need for corporate governance
  • Development of corporate governance in the UK, USA, and GCC countries