Preparing Financial Statements
Preparing financials statements is tough to some people especially to those who do not have full access to all records. In this workshop you will not only learn how to prepare end of year/period adjusting entries but also you will learn how to prepare the financial statements according to the international financial reporting standards You will not only learn how to prepare the financial statements in this workshop, we will go deep in discussing and analyzing main and major accounts and key accounting and financial terms.
Course Outline
- The Four WHs
- What are Financial Statements?
- Why do we prepare financial statements?
- Who should prepare the financial statements?
- When to prepare the financial statements?
- Single Step Income Statement
- Multi-step income statement
- Income statement by nature
- Income statement by function
- Trail balance before closing
- Earned revenues and Accrued expenses
- Deferred revenues and expenses
- Unbilled vs. unearned revenues
- Provisions and prepayments
- Adjusting entries
- Realized and unrealized difference of exchange
- Closing process
- Trial balance after closing
- Net income and dividends.
- Legal reserve issues & regulations
- Retained earnings/losses
- Third parties accounts
- Current Liabilities and non current liabilities
- Current Liabilities and non current liabilities
- Non current assets and amortization
- Fixed assets and depreciation
- Cost of Goods Sold
- Operating Expenses
- Operating Profit
- Other Income
- Gains and Losses
- EBIT
- EBITDA
- Preparing & presenting the financial statements:
- Income Statement & statement of comprehensive income.
- Preparing statement of financial position (Balance Sheet)
- Preparing statement of shareholder’s equity