Course description
Overview
This one-day course is designed to provide an understanding of basic accounts together with an introduction to the contents of a published set of financial statements. The focus is on defining accounting terms and explaining key concepts so that you will be able to read a simple annual report with confidence. No prior knowledge of company accounts is assumed.
Who is this for?
This course will be of benefit to those who work with financial statements and need to understand the basic aspects of the information that they contain together with their internal linkages. It will also benefit those looking to gain a basic understanding of a company's annual report and the key financial statements, without having to analyse the information in detail. It differs from our Finance Fundamentals course as it is aimed at delegates working in corporate finance and mergers and acquisitions and it fulfils the prerequisite for our advanced courses in this area.
The course does not cover interpretation of accounts (see our related courses below which cover this content).
What will you learn
- How do accounts work?
- Objectives of accounts
- Users of accounts
- Sources of regulation
- Principles underlying financial reporting: accruals; matching; and prudence
- The financial statements
- Balance sheet
- Profit and loss account
- Cash flow statement
- What do financial statements tell you?
- The links between the balance sheet, the profit and loss account and the cash flow statement
- Recording transactions using the double-entry system
- Contents of published accounts
- The audit opinion
- Reading an Annual Report and identifying key information contained therein
- Getting to grips with accounting jargon
- Tangible and intangible assets
- Depreciation
- Current assets
- Liabilities
- Shareholders' equity
- Sales, operating profit (EBIT) and net profit
- Retained profit
- Cashflow
PSC Elective
This course may be taken as a PSC elective, although it may also be attended by non-trainees.
SRA competencies
B, C
Other related courses
Accounting & Financial Analysis - Introduction
Finance Fundamentals for Lawyers
Finance for Non-Finance Managers Module 1 - The StatementsFinance for Non-Finance Managers Module 2 - The Principles
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Upcoming start dates
Suitability - Who should attend?
This course will be of benefit to those who work with financial statements and need to understand the basic aspects of the information that they contain, and those looking to gain a basic understanding of a company's annual report and financial statements, without having to analyse the information in detail.It is also a preferred prerequisite for those new to this area that wish to attend our Analysis of Financial Statements - Part 1 and Analysis of Financial Statements - Part 2 courses.
Outcome / Qualification etc.
Learning outcomes include obtaining a greater understanding of:
- How do Accounts Work?
- Objectives of accounts
- Sources of regulation
- Principles underlying financial reporting: Accruals; matching; and prudence
- Contents of Published Accounts
- Reading an Annual Report
- Identifying key information
- Understanding the main terms
- Recording Transactions
- Why use double entry?
- The Financial Statements
- What do financial statements tell you?
- Balance sheet
- Profit and loss account
- Cash flow statements
- Linking the Statements Together
- Profit versus cash
- The link between the balance sheet, the profit and loss account and the cash flow statement
- Getting to Grips With Accounting Jargon
- Tangible and intangible assets
- Depreciation
- Current assets
- Liabilities
- Shareholders' equity
- Sales, EBIT and net income
- Retained profit
- Cash flow
Course delivery details
- Location Name: Online Live
- Learning Mode: Blended