Accounting & Finance Policies and Procedures F01 Why Attend Accounting & Finance policies and procedures are the most efficient way to implement company-wide effective internal control tools in any organization. They are part of every business cycle: purchase and payment cycle, inventory and production, HR and payroll, fixed assets and capitalization of costs, and the sales and collection cycle. On top of that, Accounting & Finance policies and procedures are essential for the board of directors and senior management to communicate limitations and authorities given to different managers and employees throughout the organization. Moreover, their use is also extended to organize financial reporting and compliance with regulators outside the organization. In this course participants will be encouraged to think of risk-based processes to write and implement operational policies and procedures. They will learn to allocate tasks to different personnel based on proper segregation of duties and to use software to implement the controls efficiently. Also, the course covers sample financial statements prepared according to the International Financial Reporting System (IFRS). Course Methodology This course uses explanations by a subject matter expert on how to write policies and procedures and what to include in them. Participants will be asked to write policies and procedures in different business cycles leading to financial reporting as per IFRS. Course Objectives By the end of the course, participants will be able to: Design and produce a model Accounting & Finance manual Plan the required resources needed for the department Apply accounting concepts and International Financial Reporting Standards Set the chart of accounts in details to suit the business model Create comprehensive policies and procedures to streamline accounting for fixed assets Develop policies and processes for current assets and current liabilities Formulate reporting requirements as per International Financial Reporting Standards Target Audience Professionals in Accounting & Finance. Course Outline Designing Accounting & Finance manual Manual purpose and organization Financial authorities and responsibilities Process mapping chart: basic Icons Accounting department setup Planning for proper reporting Planning for Human Resources Versus Software – HRVSS Accounting concepts and their application Underlying accounting assumptions Accrual basis versus cash basis Going concern assumption System and reliability of measurement Concepts of assets, liabilities, income and expense Chart of accounts Setting-up a chart of accounts Accounts and cost centers System structure Exchange rate differences Prepaid and accrual concepts and treatments Long term assets Assets capitalization costs Depreciation, amortization and depletion Impairment of assets Disposal of assets Liabilities Approving suppliers for purchases Receiving invoices and inventory Accruals Dividends payable Payment orders processing Production and inventory processing Recording of production costs Inter-department transfers of material Issuing finished goods Accounts receivables policies Approving clients Bank or other guarantees Recording invoices Collections Allowance for doubtful debts Other accounting policies Debit and credit notes Payroll recording and reporting Reporting Essential budgeting policies Financial statements process Financial analysis
