The field of financial reporting has been made more interesting in the recent years than ever. The strong demand for reliable and relevant financial reports is certain to occur in the centuries ahead. It will grow steadily especially at times when the business environment and its systems keep on changing leading to new rules and standards in financial reporting.
Compliance to financial reporting standards is becoming more technical and integrative of other professional fields. This brings greater demand for skilled and trusted financial accountants to assist entrepreneurs, corporate executives, community leaders, and government agencies in meeting their needs for economic decision and regulations.
As financial accounting integrates to the domain of several fields of practice, this professional practice requires a thorough understanding of the standards and regulations governing financial instruments, strategic accounts, and operating accounts. It also demands professional objectivity in presenting financial reports while upholding the interests of its users.
As users ask for a reasonable estimation of the future, the preparers of financial reports has to adopt applicable models from corporate governance, statistics, economics, financial management, taxation, and legal rules and procedures in order to comply to new and evolving standards in order to provide relevant financial reports. This wide range of knowledge and technical expertise require competent skills certifications to be acceptable in countries around the world to ensure the objectivity and integrity in the financial reporting processes.
Level 1
Level 2
Level 3
Course Outline
Introductory Module
- Time Value of Money
- IFRS 5 – Discountinued Operations
Financial Assets
- Cash and Cash Equivalents
- Loans and Receivables (Financial Assets at Amortized Cost)
- Investment in Equity Securities
- Investment in Debt Securities
- IAS 28 – Investment in Associates
- Basic Derivatives (excluding Hedging)
Financial Liabilities
- Accounts Payable
- Notes Payable
- Bonds Payable
- Debt Restructuring
Economic Analysis
- Microeconomic analysis
- Macroeconomic analysis
PART 1
Non-Financial Assets
- IAS 2 – Accounting for Inventories
- IAS 16 – Property, Plant and Equipment
- IAS 20 – Accounting for Government Grant and Disclosure of Assistance
- IAS 38 – Intangible Assets
- IFRS 6 – Exploration and Evaluation Assets
- IAS 36 – Impairment of Assets
- IAS 40 – Investment Property
- IAS 41 – Agriculture
- IFRS 5 – Non-current assets held for sale
Non-Financial Liabilities
- IAS 37 – Provision, Contingent Liabilities and Assets
- Unearned Revenues
PART 2
Shareholders’ Equity
- Share Capital Transactions
- Accounting for Dividends
- Accumulated Profits
- Other Comprehensive Income
- Book Value per Share
- Earnings per Share
- Share-based payments
Special Topics
- Borrowing costs
- Leases
- Income taxes
- Employee benefits
- Interim reporting
- Operating segment
- Related party disclosures
- Small-medium enterprises
PART 1
Partnership Accounting
- Partnership Formation
- Partnership Operation
- Partnership Dissolution (Changes in Ownership Composition)
- Partnership Liquidation
Special Revenue Recognition
- Accounting for installment sales contracts
- Long-term construction contracts
- Commercial franchise operations – point of view of franchisor
PART 2
Group Accounts
- Accounting for Home Office, Branch and Agency Transactions
- Accounting for Business Combination
- Consolidated Financial Statements
- Joint Arrangements
Effects of Changes in Foreign Currency Exchange Rates
- Accounting for Foreign Currency Transactions
- Foreign Currency Hedging Activities using Derivatives
- Preparation of Foreign Currency Financial Statements
Other Special Transactions
- Corporate liquidation
- Accounting for insurance contracts by insurers
- Not-for-profit organizations
- Accounting for build-operate-transfer (BOT)