Oil & Gas Skills (OGS) - Financial Accounting Standards

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Course Name:

Financial Accounting Standards

Course Objective:

• Work on a team to discuss the accounting standards historical development, modifications, up dates and structures

Who Should Attend:

• Company accountants, auditors who wish to acquire an understanding of the accounting standards • Any Staff (Technical, Commercial, Financial, etc) whose work impacts directly on financial statements.

Course Content:

Module 1: Accounting Standards - the conceptual framework • The Standard Setting Process: Parties Involved (GAAP, SEC, AICPA, FASB and GASB) • Major Types of FASB Pronouncements • Challenges Facing Financial Accounting • International Accounting Standards (IASC) • Statements of Financial Accounting Concepts (SFACs) • Conceptual Framework for Financial Reporting • Primary and Secondary Characteristic of Accounting Information • Basic Elements of Financial Statements • Recognition and Measurement Criteria Module 2: Income Statement, Balance Sheet and Statement of Cash Flows Systems • The Single Step Income Statement • The Multiple Step Income Statement • Irregular Item: Discontinued and Extraordinary Operations • Unusual Gains and Losses and Change in Accounting Principle • Balance Sheet: Classification (Assets and Liabilities) • Balance Sheet: Techniques of Disclosure • The Statement of Cash Flows • Cash Inflows and Outflows • Statement of Cash Flows: Indirect and Direct Method • Ratio Analysis • Accounting and the Time Value of Money Module 3: Cash and Receivables, Acquisition and Disposition of Property, Plant, and Equipment • Cash and Cash Equivalents: Issues • Management of Control and Cash • Restricted Cash • Accounts Receivable Recognition: Recording Cash Discounts • Balance Sheet Representation • Accounting for Transfers of Receivables • Acquisition and Disposition of Property, Plant, and Equipment • Determining Weighted-Average Accumulated Expenditures (WAAE) • Valuation Issues • Exchange of Non-Monetary Assets • Improvements and Replacements • Capitalization Approaches Module 4: Depreciation, Impairments and Depletion, Intangible Assets, Current Liabilities and Contingencies and Stockholders’ Equity • Depreciation: Concept • Impairments • Depletion: Terminology • Intangibles: Characteristics • Amortization of Intangible Assets • Accounts Payable • Unearned Revenues • The Rights of Stockholders • Components of Equity Module 5: Revenue Recognition, Accounting for Leases and Accounting Changes and Error Analysis and Statement of Cash Flows • Guidelines for Revenue Recognition • Four Types of Revenue Transactions • Revenue Recognition Classified by Nature of Transaction • Conceptual Nature of a Lease • Cumulative-Effect Type of Accounting Change • Statement of Cash Flows: Concept • Preparing a Statement of Cash Flows • Full Disclosure in Financial Reporting • The Full Disclosure Principle FINAL SESSION • Appendix A Summary of the Generally Accepted Accounting Principles • Further Development Certificates

Duration:

(5) days

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Program Schedules

From	To	Location	Attendees
06-6-2010	10-6-2010			Enroll
12-12-2010	16-12-2010			Enroll