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Financial Accounting and Reporting

Financial Accounting and Reporting

Why Attend

With the rapid developments in accounting standards, regulations, and industry practices, professionals need continuous training to stay current on all the changes. They also need to improve the quality of financial reporting by recording, reporting, and disclosing usual and unusual business transactions. 'Financial Accounting and Reporting' is a course prepared to help professionals understand and practice the accounting and reporting of business transactions and results, aiming to comply with IFRS and support decision-making.

Associations
Associations
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Overview
Course Methodology

The course uses interactive techniques, such as brief presentations by the consultant, the practical application of theories, and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

  • List the basic financial statements and determine the best structure and presentation practices
  • Explain how to properly account for revenues and expenses, leading to the preparation of an income statement
  • Classify the accounts of assets, liabilities, and equity, leading to the preparation of the balance sheet and statement of owners’ equity
  • Prepare the cash flow statement
  • Apply accounting adjustments required for accurate financial reporting
  • Recognize reporting for major accounts and transactions
Target Audience

Professionals in finance and accounting, accountants at all levels seeking to enhance practical finance and accounting knowledge, and certified financial and accounting personnel.

Target Competencies
  • Mapping trial balance accounts to financial statements accounts
  • Applying accounting adjustments
  • Preparing financial statements
  • Practicing financial statements' notes preparation
  • Realizing minimum disclosure requirements
  • Applying International Financial Reporting Standards (IFRS)
Note

This course is worth 25 NASBA CPEs.

Course Outline
  • Financial Statements and Business Decisions
    • The financial accounting cycle
    • The four or five key financial statements
    • Management uses of financial statements
    • Relationship among financial statements
    • Essential notes and disclosures to the financial statements
      • Basis of preparation
      • Accounting Policies
      • Related parties' transactions
      • Commitments and contingencies
      • Risk management
      • Subsequent events
  • Income Statement
    • Revenue and expense recognition: Applying the accrual basis
    • The matching principle between revenues and expenses
    • Illustration of the income statement
    • Other comprehensive income components
    • Earnings per share reporting
  • Balance Sheet and Statement of Owners' Equity
    • Purpose of the balance sheet
    • Components of the balance sheet accounts
    • Illustration of the balance sheet
    • Minimum presentation requirements of balance sheet accounts
    • Definitions of accounts in the balance sheet
    • Correct presentation for statement of owners' equity
  • Cash Flow Statement
    • Purpose of the cash flow statement
    • Exploring the three sections of a cash flow statement
    • Direct method cash flow statement preparation
    • Indirect method cash flow statement preparation
    • Linking cash flow statements to notes
  • Accounting Adjustments
    • Accruals and unearned revenues
    • Prepayments and deferrals
    • Accounting estimates
    • Depreciation
    • Impairment of assets
  • Financial Reporting for Major Accounts and Transactions
    • Measuring and reporting accounts receivable
    • Estimating and accounting for bad debts
    • Costs to be capitalized in inventory value
    • Inventory cost flow assumptions
    • Presenting inventory at a lower cost or net realizable value
    • Classifying, measuring, and recording long-lived assets
    • Repairs, maintenance, and additions to long-lived assets
    • Depreciation and amortization
    • Disposal of long-lived assets
    • Accounting and reporting for intangibles
    • Accounting for investments
      • Passive investment, exercising significant influence or control
      • Types of equity and debt investments
    • Definitions and classification of liability accounts
    • Types of ownership and stocks
    • Accounting for capital and dividends
Associations
Associations
National Association of State Boards of Accountancy (NASBA)

Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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Schedule & Fees

2024 Schedule & Fees

There are no public sessions remaining for the course this year. Please contact us if you wish to have a customized in-house session, or to find out how an additional public session can be scheduled.

2025 Schedule & Fees

Location & Date
16 - 20 Feb, 2025
Dubai
Arabic
Arjaan by Rotana Dubai Media City
20 - 24 Apr, 2025
Dubai
English
Venue to be assigned
6 - 10 Jul, 2025
Dubai
Arabic
Venue to be assigned
21 - 25 Sep, 2025
Dubai
English
Venue to be assigned
16 - 20 Nov, 2025
Dubai
Arabic
Venue to be assigned
Fees
Per participant

USD 5500

Fees + VAT as applicable

(including coffee breaks and a buffet lunch daily)

Discount Plans & Cancellations Policy

Meirc reserves the right to alter dates, content, venue, trainer, and to offer courses in an integrated virtual learning (IVL) format whereby face to face classroom participants and virtual learners participate simultaneously in the same course in an interactive learning experience.

Tax Registration Number: 100239834300003

Virtual Learning
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