Course info

MODULE RATIONALE

Accounting for resources to the stakeholders has a huge base of regulations and standards that must be followed by those in charge of reporting. A thorough understanding of these standards and regulations is critical for effective reporting that will support decision making by the stakeholders. This module enables the participants to go into the required depth of these standards and regulations.

MODULE DESCRIPTION

The module builds basic knowledge of Financial Accounting, necessary for manager to appreciate and interpret financial information. It covers the conceptual framework of accounting with reference to the qualitative characteristics of useful information and the fundamental bases of accounting. It then moves into a detailed examination of the regulatory framework of accounting and how this informs the standard setting process. Reporting of financial information for single companies and for groups in accordance with generally accepted accounting principles and relevant accounting standards is also detailed before reviewing analysis and interpretation of information from financial reports.

MODULE AIM

To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyze and interpret those financial statements.

MODULE OBJECTIVES 

This module is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: revenue recognition, inventory, long-lived assets, present value, and long term liabilities. The module aims to: • Help participants to learn to read, understand, and analyze financial statements • Present a framework for understanding financial effects of business events. • Examine the content and meaning of business financial reports. • adopt a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events that generated them.

LEARNING OUTCOMES

At the end of the module, participants will be able to:

1. Apply conceptual and regulatory frameworks for financial reporting

2. Record business transactions in accordance with GAAPs.

3. Prepare and present financial statements for internal for single entities.

4. Analyze and interpret financial statements