This course is a full introduction to the basics of financial reporting, giving you the skills to perform well in a finance or accounting position within any business.

You will gain an understanding of the essential principles of financial statements, including the nature of double entry accounting and its operation, regulation, and required presentation to meet UK and International Financial Reporting Standards (IFRS). which will allow you to maintain your company’s financial reporting transparency and credibility.

By the end of the Annual Report and Financial Statements Preparation Course, participants will be able to:

• Explain each part of the accounting cycle

• Design an effective chart of accounts
• Perform accounting adjustments including deferrals and accruals
• Create trial balance and adjusted trial balance
• Describe and map charts of accounts to the financial statements
• Prepare and present income statements, balance sheets, and cash flow statements
• Formulate notes to the financial statements

This Annual Report and Financial Statements Preparation Course is ideal for:

Senior and junior accountants, accounting and finance professionals, chief accountants, accounting managers and supervisors, financial controllers and any accounting and finance professionals interested in learning and updating their knowledge regarding the preparation of financial statements and notes.

Day 1

The Accounting Cycle

• Understanding the Accounting Cycle
• Supporting Documents
• Analyzing Transactions and Recording in the System
• Preparing Ledgers and General Ledgers (GL)
• Converting the GL to Trial Balance (TB)
• Types of Adjusting Entries
• The Adjusted Trial Balance (ATB)
• Mapping ATB to the Financial Statements
• Preparing Financial Statements
• Closing the Books
• Preparing the Post-Closing Trial Balance (PCTB)

Day 2

The Cash Cycle

• Cash versus profit.
• The flow of money in and out of a company.
• How this is managed and controlled.
• Customers & Suppliers: The collection and payment processes.
• Where finance comes from.
• Basic cash flow statements.

Day 3

Chart of Accounts and Design Techniques

 Designing Chart of Accounts

• Maintenance of Chart of Accounts
• Analyzing Chart of Accounts
• Reconciliations and Important Issues
• Creating the Trial Balance

 Accounting Adjusting Entries

• Understanding Deferrals

• Deferred Revenues and Entries
• Deferred Expenses Entries
• Working with Accruals
• Adjusting for Accrued Revenues
• Accrued Expenses Entries
• Other Adjustments and Corrections
• Preparing the Adjusted Trial Balance

Day 4

Preparing Financial Statements and Notes

• Mapping the Adjusted Trial Balance to the Financial Statements

• Preparing Income Statements
• Preparing Balance Sheets
• Preparing Cash Flow Statements
• Preparing the Equity Statements
• Reading and Interpreting the Audit Opinion

Day 5

Notes to the Financial Statements

• Understanding the Requirements for the Notes

• Organization and Activities of Notes
• Basis for Preparation
• Summary of Significant Accounting Policies
• Accounting Convention
• Use of Estimates
• Completing the Financial Statements and the Notes

RECTUS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration