This training course aims to equip finance professionals and accountants with the advanced professional knowledge and practical skills required to process complex accounting transactions. It focuses on preparing and analyzing consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and the standards approved by the Saudi Organization for Chartered and Professional Accountants (SOCPA). Furthermore, the course emphasizes the practical application of modern accounting policies, professionally qualifying participants to pass the professional fellowship certificate exam and enhancing the efficiency of corporate financial reporting.
Course Objectives
- Apply the conceptual framework for financial reporting and the presentation and disclosure standards approved in the Kingdom.
- Process complex accounting transactions related to assets, liabilities, and provisions with high efficiency.
- Understand and execute business combination procedures, determine control, and calculate goodwill and non-controlling interests (NCI).
- Prepare consolidated financial statements (Statement of Financial Position, Income Statement, and Cash Flows) and eliminate intercompany transactions.
- Apply standards for revenue recognition, earnings per share, and events after the reporting period in accordance with approved standards.
- Acquire advanced financial analysis skills and successfully pass the SOCPA fellowship simulation exam.
Target Audience
- Accountants and auditors looking to develop their skills in international and local standards.
- Financial department managers and financial advisors in holding and subsidiary companies.
- Candidates and applicants for the Saudi Organization for Chartered and Professional Accountants (SOCPA) fellowship exam.
- Financial report preparers and financial analysts in the public and private sectors.
Course Outlines
The course topics are distributed over 8 days as follows:
Day 1: Conceptual Framework and Presentation & Disclosure Standards
- Requirements of the conceptual framework for financial reporting approved in Saudi Arabia (SOCPA/IFRS).
- Qualitative characteristics of financial information, elements of financial statements, and their recognition criteria.
- Presentation of financial statements according to International Accounting Standard (IAS 1).
- Structuring financial presentations and supplementary disclosures for published financial statements.
Day 2: Advanced Accounting Treatments for Assets and Liabilities
- Measuring and processing current assets (cash, inventory, and receivables).
- Accounting for Property, Plant, and Equipment (IAS 16) and Intangible Assets (IAS 38).
- Treatment of Investment Property (IAS 40) and Impairment of Assets (IAS 36).
- Accounting for Provisions, Contingent Liabilities, and Contingent Assets (IAS 37).
Day 3: Business Combinations and Determining Accounting Control
- Business Combinations Standard (IFRS 3): Types of combinations and stages of applying the acquisition method.
- Identifying the fair value of identifiable net assets of the acquiree.
- Calculating Goodwill, bargain purchase gains, and Non-Controlling Interests (NCI).
- Determining the concept of accounting control and the difference between separate and consolidated financial statements (IFRS 10).
Day 4: Preparing Consolidated Financial Statements – Statement of Financial Position
- Consolidation steps and procedures using the Consolidation Worksheet.
- Adjusting and eliminating the holding company’s investment account against the subsidiary’s equity.
- Accounting treatment of intercompany transactions and internal sales of assets and inventory.
- Eliminating unrealized profits between holding and subsidiary companies in the Statement of Financial Position.
Day 5: Preparing Consolidated Financial Statements – Income and Cash Flows
- Preparing the consolidated income statement and statement of comprehensive income, and allocating profits between owners and non-controlling interests.
- Preparing the consolidated statement of cash flows using the direct and indirect methods (IAS 7).
- Accounting treatment of changes in ownership percentages with the retention or loss of accounting control.
- Practical application of the comprehensive consolidation worksheet for financial statements.
Day 6: Revenue Recognition, Earnings Per Share, and Accounting Policies
- Revenue from Contracts with Customers Standard (IFRS 15) and applying the five-step model for recognition.
- Earnings Per Share Standard (IAS 33): Calculating basic and diluted EPS.
- Events after the Reporting Period in accordance with standard (IAS 10).
- Accounting treatment of changes in accounting policies, estimates, and errors (IAS 8).
Day 7: Advanced Financial Analysis of Consolidated Statements
- Advanced financial analysis indicators and ratios for consolidated statements (liquidity, financial structure, and profitability).
- Evaluating the quality of earnings and cash flows, and detecting warning indicators (red flags) in reports.
- Analyzing the impact of accounting policies on the performance and volume of accounts in holding companies.
- Studying real-world practical cases of joint-stock companies listed on the Saudi market.
Day 8: Comprehensive Simulation Applications for the SOCPA Fellowship Exam
- Intensive and comprehensive review of key concepts and complex accounting adjustments.
- Solving questions and case studies simulating the SOCPA fellowship exam.
Course Outcomes and Impact
This course enables participants to acquire the practical ability to prepare consolidated financial statements with high accuracy and professionally handle complex accounting treatments according to approved standards. Additionally, it elevates technical readiness to successfully and competently pass the Saudi Organization for Chartered and Professional Accountants (SOCPA) fellowship exam.
This course is your optimal choice to upgrade your accounting skills and attain advanced knowledge in financial reporting and consolidation analysis, ensuring your professional excellence, complete readiness to pass the SOCPA exams, and the ability to ascend to top financial positions.
