What you will learn

  • Understanding the importance and need of accounting profession.
  • Insights to basics of financial accounting
  • Understanding the application of accounting basics in terms on high level view of the financial statements
  • Gain basic level understanding of various accounting standards issued by IASB.

Course overview

Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. Accounting practice is the process and activity of recording the day-to-day financial operations of a business entity.

Learning the accounting standards and common financial accounting practices is very much required for an accountant/financial analyst/book keeper/management accountant.

Curriculum

Module 1:- Accounting Technician

Accounting as a profession: Maintaining work ethics, Confidentiality & Customer protection, Professionalism, Compliance with laws, Integrity towards client and employer, Proper communication with clients, Prudence and care, Conflicts of interest and disclosures

Basics of Financial Accounting: Financial transactions, Control accounts cash receivables, fixed assets, sales etc,  Journal entries , Accounting software, Assumptions in financial accounting, Users of financial statements and accounting equation.

Understanding the financial statements: Components of financial statements and their interrelationships., Understanding the income statement, Understanding Balance sheet , Understanding Statement of other comprehensive income, Understanding statement of cash flow, Statement of equity,  Notes to the financial statements, Segmental reporting, Risk management notes and related party disclosures etc.

Module 2:- Financial Reporting – Basics

IASB, IAS 1 and IAS 2: Conceptual framework components, Scope IAS 1, Objective of financial statements, Components of financial statements, Fair presentation, Going concern, Comparative information, Overview of IAS 2, Measurement of inventories, Write-Down to Net Realizable Value, Expense Recognition, Inventories disclosures.

IAS 7, IAS 8, IAS 10 and IAS 12: Overview of IAS 7, Presentation of the Statement of Cash Flows ( Direct & indirect method), Operating, investing and financing activities, Cash flow disclosures, Overview of IAS 8 , Selection and Application of Accounting Policies, Consistency of accounting policies, Changes in accounting policies & Estimates, Disclosures for change in policies and estimates, Overview of IAS 10, Adjusting events and non-adjusting events, Overview of IAS 12, Temporary differences and deferred tax, Current tax, tax base

Module 3:- Professional Accountant

IAS 16, IAS 20, IAS 21 and IAS 23: Overview of IAS 16, Recognition of PPE, Measurement of PPE, Cost model and revaluation model, Depreciation, PPE Disclosures, Overview of IAS 20, Government grants (monetary and non monetary), Presentation of grants, Functional currency & presentation currency, Foreign currency transactions, Disposal of foreign operation, Disclosures of foreign currency , Recognition and measurement of borrowing cost, Qualifying assets, Disclosures of borrowing cost

IAS 24, IAS 33 and IAS 34 : Defining related party, Related party transactions, Related party disclosures, Basic EPS and diluted EPS, Retrospective adjustments to EPS, Dilution and antidilution of EPS, Disclosures of EPS, Interim period, Local regulator requirements, Minimum contents of interim financial report, Notes and accounting policies, Materiality.

Course Curriculum

Total learning: 21 lessons / 6 quizzes Time: 10 weeks

ABOUT INSTRUCTOR

Zainul Abid is an experienced Banking and Auditing professional with over 10 years experience in the field. He is currently working in financial accounting Division of Ahli United Bank K.S.C.P, an Islamic bank incorporated in Kuwait. Zainul Abid were employed with EY – Kuwait for more than 5 years as external auditor, and most of his audit clients were banks and financial institutions.

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