Course Objectives

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

• Provide participants with a set of knowledge of the new International Financial Reporting Standards (IFRS) and identifies the changes that have accompanied the application of these standards to international and Arab business environments.
• Develop the skills of participants in the design of final financial reports in accordance with the current standard and the proposed standard.
• Provide participants with all the professional problems that accompany the application of some accounting treatments to some accounting standards.
• Provide participants with a set of skills in how to use and benefit from financial reports through critical reading of them.

Target Audience

This course is designed for:

• Accountants, heads of accounts and financial sectors
• Financial analysts in governmental and private economic institutions
• Internal and external auditors for various sectors

Course Outline

Day 1: The development of the accounting profession according to the latest global developments

• Accounting standards (International – IFRS – Public Sector Standards IPSAS)
• Joint Project for the Development of IASB & FASB Accounting Standards (2005-2020)
• Why abide to international and Arab accounting standards .
• Differences between international, Egyptian, and Gulf accounting standards
• The latest changes to International Accounting Standards and Financial Reporting Standards

Day 2: Accounting systems in governmental and private business organizations

• An introduction to the objectives, nature, and types of accounting systems in organizations.
• Basic components of accounting science
• Financial operations and the cycle of the accounting system
• Dual enrolment and registration cycle
• Applied cases to capital formation processes and cash operations

Day 3: Accounting cycle (proof and carryover)

• Financial operations related to purchases, sales, returns, discounts,
• Financial operations related to commercial papers (receipt of a receivable, acceptance of a payment sheet)
• Posting of accounts to the ledgers
• Ledger balances and process cases

Day 4: Closing of final accounts and inventory adjustments of revenues and expenses

• Score calculations
• Inventory adjustments of assets
• Expense and revenue inventory adjustments
• Preparation of the trial balance in balances and totals
• Final inventory adjustments of assets:
• Inventory adjustments of fixed assets
• Inventory adjustments of current assets
• Inventory settlements of moral assets

Day 5: Inventory adjustments of financial lease assets

• Inventory adjustments for impairment of assets
• Presentation of financial statements according to IFRS:
• View menus in light of IAS 1–IAS 7–IFRS (DRAFT).
• View the balance sheet
• View the Comprehensive Income Statement
• View Cash Flow Statement
• Complementary clarifications