Professional Accounting

Course Objectives

• Design and produce a model accounting manual
• Plan the required resources needed for the department
• Apply accounting concepts and International Financial Reporting Standards
• Set the chart of accounts in details to suit the business model
• Create comprehensive policies and procedures to streamline accounting for fixed assets
• Develop policies and processes for current assets and current liabilities
• Formulate reporting requirements as per International Financial Reporting Standards

Course Outlines

Day 1

Designing accounting manual

• Manual purpose and organization
• Financial authorities and responsibilities
• Process mapping chart: basic Icons

Accounting department setup

• Planning for proper reporting
• Planning for Human Resources Versus Software – HRVSS

Day 2

Accounting concepts and their application

• Underlying accounting assumptions
• Accrual basis versus cash basis
• System and reliability of measurement
• Concepts of assets, liabilities, income, and expense

Chart of accounts

• Setting up a chart of accounts
• Accounts and cost centers
• System structure
• Exchange rate differences
• Prepaid and accrual concepts and treatments

Day 3

Long term assets

• Assets capitalization costs
• Depreciation, amortization, and depletion
• Impairment of assets
• Disposal of assets

Liabilities

• Approving suppliers for purchases
• Receiving invoices and inventory
• Accruals
• Dividends payable
• Payment orders processing

Day 4

Accounts receivables policies

• Approving clients
• Bank or other guarantees
• Recording invoices
• Collections
• Allowance for doubtful debts

Other accounting policies

• Debit and credit notes
• Payroll recording and reporting

Day 5

Reporting

• Essential budgeting policies
• Financial statements process
• Financial analysis