Financial Accounting (FFA)

Financial Accounting Course Outline

Module 1: The Context and Purpose of Financial Reporting

• The scope and purpose of financial statements for external reporting
• Stakeholders’ needs
• The main elements of financial reports
• The regulatory framework
• Duties and responsibilities of those charged with governance

Module 2: Accounting Principles, Concepts, and Qualitative Characteristics

• The qualitative characteristics of financial information
• Qualitative characteristics of useful financial information

Module 3: The Use of Double-Entry Bookkeeping and Accounting Systems

• Double-entry bookkeeping principles, including the maintenance of accounting records
• General ledger accounts and journal entries

Module 4: Recording Transactions and Events

• Sales and purchases
• Cash
• Inventories
• Tangible non-current assets
• Depreciation
• Intangible non-current assets and amortisation
• Accruals expenses (accruals), prepaid expenses (prepayments), accrued income, and deferred income
• Receivables and payables
• Provisions and contingencies
• Capital structure and finance costs

Module 5: Reconciliations

• Bank reconciliations
• Trade payables account reconciliations

Module 6: Preparing a Trial Balance

• Trial balance
• Correction of errors
• Suspense accounts

Module 7: Preparing Financial Statements

• Statement of financial position
• Statement of profit or loss and other comprehensive income
• Disclosure notes
• Events after the reporting period
• Statement of cash flows (excluding partnerships)

Module 8: Preparing Basic Consolidated Financial Statements

• Subsidiaries
• Associates

Module 9: Interpretation of Financial Statements

• Importance and purpose of analysis of financial statements
• Ratios
• Analysis of financial statements

Who Should Attend this Financial Accounting Course?

This course is ideal for individuals seeking to develop a strong foundation in Financial Accounting. It suits those who want to enhance their understanding of financial statements, reporting, and compliance, enabling them to make informed financial decisions in various industries. This course can be beneficial for a wide range of professionals, including:

• Accountants
• Finance Executives
• Business Analysts
• Auditors
• Tax Consultants
• Bookkeepers
• Financial Planners
• Entrepreneurs

Prerequisites of the Foundation in Financial Accounting Course

There are no formal prerequisites for this Foundation in Financial Accounting Course. However, basic numeracy, analytical skills, and proficiency in English will be beneficial for understanding financial reporting principles and pursuing further ACCA qualifications.

Foundation in Financial Accounting Course Overview

Foundation in Financial Accounting is essential for recording, summarising, and reporting financial transactions accurately. It provides transparency, aids decision-making, and ensures regulatory compliance. This course equips individuals with fundamental accounting principles, financial statement preparation, and reporting techniques vital for business success.

Proficiency in financial accounting enables professionals to analyse financial data, assess company performance, and ensure compliance with financial regulations. It is essential for those involved in finance, auditing, and business management, helping them make informed financial decisions and maintain financial integrity.

The Knowledge Academy’s training provides a comprehensive understanding of financial accounting principles, enhancing delegates' ability to manage financial records and interpret financial statements. Delegates will gain practical knowledge, improving their confidence in handling financial data and applying best accounting practices.

Course Objectives:

• To understand fundamental financial accounting principles and concepts
• To develop skills for preparing financial statements and reports
• To enhance knowledge of financial regulations and compliance requirements
• To learn bookkeeping techniques for accurate record-keeping
• To analyse financial data for better decision-making
• To improve proficiency in financial reporting and interpretation

Upon completing this course, delegates will receive a certification demonstrating their proficiency in financial accounting. This recognition enhances career prospects and validates their ability to apply financial accounting principles in professional settings.

What’s included in this Foundation in Financial Accounting Course?

• World-Class Training Sessions from Experienced Instructors
• Foundation in Financial Accounting Certificate
• Digital Delegate Pack