• Define accounting and the accounting cycle
• Identify the major rules and principles of accounting under the International Financial Reporting Standards (IFRS)
• Demonstrate knowledge of the basic accounting equation, double-entry bookkeeping, and the new automated accounting systems
• List the key financial statements (Balance Sheet, Income Statement, changes in Shareholder's Equity and cash flow statement) and their components
• Practice financial statements’ adjustments at month and year-end

Module 1: Introducing Accounting and Financial Statements

• Definition of accounting
• Users of accounting information
• Basic financial statements
• The corporation defined
• Presentation of accounting information by different business entities

Module 2: International Financial Reporting Standards

• The International Accounting Standards Board (IASB)
• Introduction to IFRS
• Main differences between IFRS and US Generally Accepted Accounting Principles (GAAP)

Module 3: Double-Entry Accounting

• The accounting equation
• Traditional double-entry bookkeeping
• Your asset is his liability
• The chart of accounts
• The general journal
• The general ledger
• The trial balance
• Modern bookkeeping: automating transactions

Module 4: Income Statements

• Defining the Income Statement
• Defining revenue and its recognition
• Defining expenditures and their classifications
• Calculating profit
• Gross profit
• Operating profit
• Net profit
• The income statement illustrated

Module 5: Net Equity

• Defining Capital stock
  
• Dividends are not an expense
• Cash dividends, stock dividends and stock split
• Definition of treasury stock
• Retained earnings - not the same as cash

Module 6: The Balance Sheet and its Components

• Defining the balance sheet
  
• Assets
• Liabilities
• Equity
• Current versus non-current assets and liabilities
• The balance sheet illustrated

Module 7: Cash Flow Statement

• Defining the statement of cash flows
• Cash and cash equivalents
• Classification of cash flows
  1. Operating activities
  2. Investing activities
  3. Financing activities
• The cash flow statement illustrated

Module 8: Adjustments to Financial Statements

• The Accrual concepts
• Accruals and prepayments
• Depreciation
• Bad debts
• Provisions for contingencies