Financial Accounting and Reporting

Financial Accounting and Reporting

A warm welcome to the Financial Accounting and Reporting course by Uplatz.

Uplatz provides this comprehensive training on Financial Accounting and Reporting.

This Financial Accounting & Financial Reporting course will demonstrate the key accounting concepts and principles to be able to prepare financial statements and unlock critical insights into business performance and potential. You will explore how financial advisors, managers, analysts, and entrepreneurs leverage accounting to drive strategic decision-making. The Financial Accounting course will help you master the functional and technical skills needed to analyze financial statements and disclosures for use in financial analysis, and learn how accounting standards and managerial incentives affect the financial reporting process. By the end of this Financial Accounting & Reporting course, you’ll be able to read the three most common financial statements: the income statement, balance sheet, and statement of cash flows. Then you can apply these skills to real-world industry scenarios.

Financial Accounting is essentially the process of preparing financial statements that organizations use to show their financial performance and position to people outside the company including investors, creditors, suppliers, and customers. Financial reporting can be defined as the standard practices to provide stakeholders a clear depiction of an organization's finances, including their revenue, expenses, profits, capital, and cash flow, as formal records that provide in-depth insights into financial information.

Financial accounting ensures the legal compliance for how businesses track, recognize, and measure revenue, costs, depreciation, intangible assets, goodwill, and the like. Since the investors as well as regulatory bodies want all businesses to be measured on the same grading stick and to have confidence that financial measures can be compared across businesses, hence financial accounting assumes great importance. While the occasional pro-forma statement may be issued, financial accounting is primarily dealing with accounting for historical transactions. Everything must be accounted for and should match on both sides of the accounting ledger.

Financial accounting differs from management accounting, in the sense that financial accounting is for external parties which by contrast management accounting involves preparing detailed reports and forecasts for managers inside the company. In simple words, managerial accounting information is aimed at helping managers within a company while financial accounting is aimed at providing information to external parties.

The basic goals of financial accounting involve analysis, preparation, publication of:

• Financial statements/accounting/reporting, cash flow analysis

• Accounting theory/practice/cycle

• Income/retained earnings statements, balance sheets

• GAAP, international reporting standards, standards convergence

Financial Reporting simply refers to the financial results of an organization that are released to its stakeholders and to the public. This reporting is a key function of the controller, who may be assisted by the investor relations officer if an organization is publicly held. Financial reporting typically encompasses the following documents and postings:

• Financial statements, which include the income statement, balance sheet, and statement of cash flows

• Accompanying footnote disclosures, which include more detail on certain topics, as prescribed by the relevant accounting framework

• Any financial information that the company chooses to post about itself on its website

• Annual reports issued to shareholders

• Any prospectus issued to potential investors concerning the issuance of securities by the organization

Financial reporting utilizes financial statements to disclose financial data that indicates the financial health of a company over during a specific period of time. The information is vital for management to make decisions about the company’s future and provides information to capital providers like creditors and investors about the profitability and financial stability of an organization.

Internal financial reporting is a business practice that involves compiling financial information on a frequent basis for use within the organization. The documents may contain confidential information, such as business indicators or KPIs, financial performance, performance indicators, etc.. These are designed to help those individuals working within the company to make informed decisions. In contrast, the external reporting involves preparing financial information to be distributed to parties outside the organization. Unlike internal reports, external reports do not contain confidential information about the company.

The recipients of the external reports include potential investors, lenders, and creditors who require the reports to evaluate the financial position of the company. The main external financial reports include the income statement, balance sheet, and statement of cash flows.

Financial Accounting & Reporting include key areas of finance & accounting such as debt management, trend identification for decision-making, real time tracking, liabilities position, progress & compliance, cash flows, communication & data access, and more.

Financial Accounting & Reporting - Course Syllabus

1. Introduction to Financial Accounting and its importance

2. Introduction to Financial Reporting and its importance

3. Golden rule of accounting

4. Recording of transactions

5. Trial balance

6. Bank reconciliation statement

7. Bill of exchange

8. Depreciation

9. Rectification of errors

10. Provisions and reserve

11. Divisible profit & dividend

12. Financial statements of companies

13. Income recognition, classification of assets and provisions

14. Insurance claims

15. Internal reconstruction

16. Managerial remuneration

17. Accounting for not-for-profit organization

18. Accounting for bonus issue and right issue part

19. Accounting for share capital

20. Accounting ratios

21. Amalgamation of companies

22. Banking companies

23. Accounting for branches including foreign branches

24. Buy-back of securities and equity shares with differential rights

25. Cash flow statement

26. Consolidated financial statements

27. Corporate social responsibility

28. Departmental accounts

29. Accounting for employee stock option plans

30. Framework for preparation and presentation of financial statements

31. Hire purchase and installment sale transactions

32. Incomplete records

33. Insurance claims

34. Issue of debentures

35. Liquidation of companies

36. Non-banking financial companies

37. Accounting for partnership basic concepts

38. Dissolution of partnership firm

39. Reconstitution of a partnership firm – admission of a partner

40. Reconstitution of a partnership firm – retirement death of a partner

41. Preparation of financial statement of bank

42. Profit or loss pre and post incorporation

43. Redemption of debenture

44. Redemption of preference shares

45. Special transactions of bank

Accounting, Transactions, Financial statements of companies, Income recognition, Financial reporting, Insurance claims..

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What you will learn

• End-to-end concepts of Financial Accounting & Financial Reporting
• Prepare for CA, CFA exams
• Gain complete knowledge to work as Financial Advisor/Executive/Accountant

Rating: 4.1

Level: All Levels

Duration: 74.5 hours

Instructor: Uplatz Training