McTimothy Associates

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Accounting and Finance Policies and Procedures

Why Attend

Accounting and 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 and 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). 

$ 195.53

Event Date: 25/04/2024 – 27/04/2024

Total:

More Dates

01/08/2024 – 03/08/2024

Price: $ 195.53

01/08/2024 – 03/08/2024

Price: $ 195.53

05/09/2024 – 07/09/2024

Price: $ 195.53

05/09/2024 – 07/09/2024

Price: $ 195.53

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 and finance manual. 

Plan the required resources needed for the department. 

Apply accounting concepts and International Financial Reporting StandardsSet 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

 Managers/Professionals in accounting and finance. 

Target Competencies 

Designing policies and procedures. 

Understanding business cycles. 

Applying financial policies. 

Preparing accounting procedures.

  

Segregating employee tasks. 

Implementing internal controls. 

Developing accounting systems. 

Complying with International Financial Reporting Standards (IFRS)

Course Outline 

Designing accounting and 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 – HRVSSAccounting 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 expenseChart 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

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