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Financial Accounting and Reporting
Categories:
Business
Description
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.

Curriculum

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

Learning Outcomes

  • 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?

  • Management Students
  • Graduates with Management background

Job Prospects

  • Financial Accountant
  • General Manager Finance & Accounts
  • Accounts Manger
  • Audit Assistant
  • Financial Controller
  • Accounts Officer

Certification

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'

Faculty Profiles
Frequently Asked Questions