The workshop will highlight best practice methods in Financial Statement Analysis and interpretation of first-class Final Accounts and Audited Financial Statements.

Contents:

Nature of Financial Statements

Construction of Final Accounts Including the Statement of Accounting policies, Balance sheet, P and L account or income ad Expenditure account Notes on the accounts, Auditor’s report, Director’s reports, Statement of cash flow, statement of value added, five years financial summary, Group financial statement etc

Uses: Report of stewardship, basis for fiscal policy, for declaration of dividends, basis for granting credit, information for present and prospective investors, basis for rate regulation, basis for taxation et Regulation: The Nigerian Constitution, Company and Allied Matters Act (CAMA 1990), Banks and other financial Institution Decree (BOFID), Nigeria Deposit Insurance Corporation Decree 1988, Central Bank of Nigeria Act 1991, Insurance Decree, Various public sector financial regulation and circulates International  

• Accounting Standards.

  Important Reporting Standards, Guidelines and Professional Pronouncements

  Information to be disclosed in financial statements
• Cash flow statements
• Accountant for taxes on Income: Including Deferred Taxation
• Preparing statement of value-added.
• International Federation on Accountants (IFAC) guideline in public sector accounting and report.
• United Nations Pronouncements on Budgeting and Financial reporting in the public sector
• Internal Control Standards issued by the Auditor General of the Federation.

Preparation For The Auditor

• Preparing the extended Trial Balance
• Extracting the draft Accounts and Supporting Schedules
• Effecting Internal Auditor’s opinion prior to arrival of External Auditor
• Incorporating pre and post Audit Adjustments
• The external Auditor’s report: The new perspective, filing the expectation gap
• Audit Committee relationships.
• Director and Auditors responsibilities

Corporation Tax

• Adjusted Profits
• Basis period for Continuing Businesses
• Basis periods for New Businesses
• Basis periods for Cessation
• Change of Accounting period
• Capital Allowances
• Pioneer Status
• Tax Incentives
• Consequences of indiscipline
• Self-Assessment, B.O.T and payment procedures
• Penalties
• Overview of VAT.

Reports In Financial Statements

• Chairman’s
• Managing Director’s
• Director’s
• Auditor’s
• Audit Committee’s

Overview Of Group Accounts

• Group and Subsidiaries Defined
• Legal Basis for Group Accounts
• Associate Companies
• When Group Accounts Cannot be produced?
• Inter Group sales, profits and Adjustments
• Pre-Acquisition profits
• Purchase Consideration concept
• Cost of acquisition concept
• Group profit and loss accounts
• Group Balance Sheet
• Group changes in working capital
• Relationship between Auditors of Group and Subsidiary companies

Approval Process

• Approval by management; various committees, chief executives, Board of Directors.
• Accounts Committee, Federal Ministry of Finance etc.
• Approval by shareholders: Annual general meetings-uses and processes
• Approval by regulators: CBN, NDIC, insurance companies’ various government ministries and agencies, the stock exchange, the securities and exchange commission etc.

Filling Necessary Returns

• Nature and forms of financial returns to corporate affairs commission
• Nigerian Stock Exchange
• Central Bank of Nigeria
• National Insurance Commission
• Federal Inland Revenue Service
• Nigeria Deposit Insurance Corporation
• Securities and Exchange Commission
• Auditor General, Accountant General, public Account’s Committee, Ministry of Finance etc
• Filling fees: payable on due date, for late penalty for late return etc

Nature of Public Sector Accounting

• Meaning of Government Accounting
• Uses and Users
• Legal Basis of Government Accounting
• Funds Accounting
• Financial Warrants
• Accountant General’s Financial Statements
• Financial Statements of Parastatals, Institutions, Agencies, etc.

Facilitators:   A Distinguished team of Facilitators who are eminently qualified Professionals has been assembled to lead discussions in course of the workshop.

For Whom: Directors, Company Secretaries, Accountant,, Auditors Corporate planners and other senior to Middle Management staff who perform related functions in the public and private sectors including Banks, Oil Companies, Trading organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.

Methodology:    Formal lectures, Group discussions and Case study.

The training workshop will equip participants with the nitty-gritty of Best Practice In Financial Reporting as well as current issues on the topic.

For whom.

Directors, Accountants, Auditors and other Management staff who perform related functions in the public and private sectors including Banks, Oil Companies, Trading organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.