The course is aimed to sensitise the management graduates about the basics of ‘Financial Accounting and Reporting’. It emphasises on the role of accounting in an organisation. It concentrates on how accounting affects the financial decisions at organisations. This course is designed to help students learn how to prepare financial statements, students will be able to recognise important periodical adjustments and its effect on financial statements. By the end of this course, students will be able to read financial statements - income statement, balance sheet and statement of cash flows. This course also gives inputs on the US GAAP and International Financial Reporting Standards (IFRS) which helps the students to create financial reporting standards. This course is designed to serve as a stepping stone for the students to build a career in the field of accounting.
Module 1: Introduction To Financial Accounting
Accounting Concepts and Conventions; Recording, Classifying and Summarizing Business Transactions: Journalizing, Ledger Posting, and Preparation of Trial Balance; Overview of subsidiary books and bank reconciliation statement
Module 2: Final Accounts of Proprietary Concerns
Measurement of Financial Performance and Position, Preparation of Trading Account, Profit & Loss Account and Balance Sheet with the adjustments relating to: closing stock, outstanding expenses, prepaid expenses, accrued incomes, unearned incomes, depreciation, bad debts, provision for bad debts, provision for discount on debtors, interest on capital, and interest on drawings
Module 3: Company Final Accounts
Statutory Provisions regarding preparation of Company Final Accounts; Treatment of Special Items: Managerial Remuneration, Tax deducted at source, Advance payment of Tax, Provision for Tax, Depreciation, Interest on debentures; Dividends, Rules regarding payment of dividends; Transfer to Reserves; Preparation of Income Statement and Balance Sheet as per the revised formats
Module 4: Cash Flow Statement
Meaning, Importance, and Limitations of Cash Flow Statement; Cash Equivalents; Classification of cash flows into operating, investing, and financing; Calculating net cash flows from operating (Direct and Indirect Methods), investing, and financing activities; Preparation of Cash Flow Statement as per AS-3; Cash flow ratios and Cash Flow Analysis
Module 5: Financial Reporting Standards
Financial Reporting Standards-Meaning and Needs; Overview of Indian Accounting Standards (IND ASs); Overview of International Financial Reporting Standards; Overview of U.S. GAAPs; Comparison of U.S. GAAPs and IFRS: Similarities and Differences
Apply the accounting concepts, Identify the stages in accounting process
Examine the list of all the balances in trial balance, Prepare bank reconciliation statement
Prepare financial statement to know the result and financial position of a business
Prepare the profit and loss appropriation a/c
Analyse the treatment of special items in company final accounts
Create a balance sheet as per The Companies Act of 2013
Prepare cash flow statement as per AS-3
Use the accounting policies as per the Indian Accounting Standards
Contrast between GAAP and IFRS
Who Should Attend?
Graduates with Management background
General Manager Finance & Accounts
After completing this course and successfully passing the certification examination, the student will be awarded the “Financial Accounting and Reporting” certification.
If a learner chooses not to take up the examination, they will still get a 'Participation Certificate'.