Financial Statements and International Reporting Standards
ICTD International Centre for Training and Development
What are the topics?
ICTD International Centre for Training and Development
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Who should attend
This course is of particular benefit to those involved in the preparation and analysis of financial reports based on IFRS and for accountants operating in a global economy, including:
- Chief Accountants
- Group Finance Directors
- Heads of Finance
- Finance Managers
- Financial Controllers
- Accountants
- Management Accountants
- Executive Directors of Finance
- Managers of Financial Accounts
- Heads of Accounting and Administration
- Finance and Information Systems Managers
- Financial Analysts
- Auditors
- Portfolio Managers
- Those directly responsible for the preparation of financial statements
- Professionals with accounting and financial responsibilities
- Financial decision makers, whose techniques of decision making and analysis will be improved through attendance
- Professionals acting upon the financial decisions of others, who will gain an appreciation for decision making thereby ensuring shared values within the organization
- Analysts whose role involves evaluating and identifying market and competitive trends
About the course
This programmed provides the essential skills required to prepare, present and analyze financial statements in accordance to IFRS in order to:
- Evaluate past performance
- Identify business Strengths, Weaknesses, Opportunities and Threats
- Improve decision making and future financial performance
- Implement and evaluate performance measures
- Aid the Strategic Planning Process
In addition it establishes the Case for Corporate Governance and International Financial Reporting Standards by examining the Creative Methods of Accounting adopted and the case of Enron.
## Course Objectives
- Be able to Prepare and Present Financial Statements in accordance with IFRS:
- Income Statement
- Balance Sheet
- Accompanying notes
- EITHER a Statement of Changes in Equity OR A Statement of Recognized Income or Expense ("SORIE")
- Cash Flow Statement
- Notes, including a Summary of the Significant Accounting Policies
- Be able to Prepare Cash Budgets
- Develop an understanding of the role and responsibilities of financial analysis and management as part of the Strategic Planning Process
- Be able to identify the key success factors/critical factors in their industry/division
- Be able to evaluate and analyze financial statements and the impact of IFRS using Excel® and the very latest techniques/methods of Financial Analysis focusing on profitability and cash flow
- Understand the limitations of Financial Analysis
- Improve Decision Making relating to future:
- Divisional/Individual Performance
- Capital Expenditure
- Investment Opportunities
- SWOT Analysis
- LE PESTE & Co Analysis
- Porter's Analysis
- Asset valuations
- Earnings valuations
- Market valuations
- Evaluate future market/competitive trends using:
- Be able to value businesses and evaluate/analyze business valuations based on:
- Become aware of the Case for Corporate Governance and International Financial Reporting Standards
- Identify the Creative Methods adopted by companies when preparing their financial statements
- Appreciate the Lessons Learnt from the Enron Case
- Gain an understanding of the major IFRS
- Become aware of the International Adoption of IFRS, Current Issues/IFRS Convergence Projects and the Problems of Convergence
## Course Outline
Preparing Income Statements and Balance Sheets together with accompanying notes
Preparing Financial Statements:
The Profit & Loss Account (Income Statement)
The Balance Sheet
Accompanying notes
Key Elements - Defined and Explained
Profit
Revenue & Capital Expenditure
Assets - Fixed & Current
Liabilities - Current & Long-term
Reserves - Capital & Revenue
Working Capital
Net Worth
An introduction to IFRS, International Financial Reporting Standards
Annual Reports & Accounts
Book Value versus Market Value
Preparing Cash Flow Statements and Cash Budgets
Profit and Cash - what is the difference?
The Cash Flow Cycle
Working Capital – Analysis and Management
Cash Flow Statements
Preparations
Roles
Interpretation
Cash Budgets
Preparation
Role
Interpretation
The Analysis of Financial Statements
The Role and Methods of Financial Analysis
Financial Analysis as part of the Strategic Planning Process
The Role & Responsibilities of Financial Analysis and Management
Identifying key success factors in your industry sector
Financial review compared to targets and expectations and Variance Analysis
Financial performance measurement systems
Methods of Financial Analysis
Common Size Statements
Trend Analysis
Ratio Analysis
Du-Pont Analysis
Z scores
Investment Ratios
Cash flow Analysis
Peer Group/Industry comparison
Sensitivity & Scenario Analysis
Establishing the need for both Financial and Non-Financial Analysis
Non-Financial Analysis
SWOT Analysis
LE PESTE & Co Analysis
Porter's Analysis
Techniques/Models Combining Financial and Non-Financial Analysis
Analyzing and Evaluating Financial Performance
The Analysis and Evaluation of various Case Studies using Excel® in order to:
Assess past performance
Identify Strengths, Weaknesses, Opportunities and Threats
Improve Decision Making relating to Future
Divisional/Individual Performance
Capital Expenditure
Investment Opportunities
Implement and Evaluate Performance Measures
Aid the Strategic Planning Process
Valuation and Business Performance
Definitions of Value
Methods of Business Valuation
Asset Based
Earnings Based
Market
Value to the Investor
Managing for Shareholder Value
Creating Value in Restructuring and Combinations
Business Valuation for Merger & Acquisition
Business Restructuring and Reorganizations
Corporate Governance and International Financial Reporting Standards (IFRS)
Establishing the Case for Corporate Governance and International Financial Reporting Standards
Creative Accounting
Enron and the Lessons Learnt
Corporate Governance
The Structure of IFRS:
International Financial Reporting Standards
International Accounting Standards
Interpretations
Standing Interpretations Committee
The International Adoption of IFRS
Current Issues/IFRS Convergence Projects
The Problems of Convergence
The Framework for the Preparation and Presentation of Financial Statements
Purpose and Status
Scope
Objective
Underlying Assumptions
Qualitative Characteristics of Financial Statements
Elements of Financial Statements
Recognition of Elements of Financial Statements
Measurement of the Elements of Financial Statements
The Presentation of Financial Statements in accordance with IFRS
Balance Sheet
Income Statement
EITHER A Statement of Changes In Equity OR A Statement of Recognized Income or Expense ("SORIE")
A Cash Flow Statement
Notes, including a Summary of the Significant Accounting Policies
The Interpretation of Financial Statements and the impact of IFRS
Financial Analysis
Common Size Statements
Trend Analysis
Ratio Analysis
Du-Pont Analysis
Z scores
Investment Ratios
Cash Flow Ratios
Peer Group/Industry comparison
Sensitivity & Scenario Analysis
International Accounting Diversity
Comparative analysis of companies adopting IFRS and those not adopting IFRS
The Impact of IFRS on accounting diversity
The Case for further IFRS
Videos and materials
Financial Statements and International Reporting Standards at ICTD International Centre for Training and Development
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