Overview
Addressing financial reporting issues in practice requires a multi-faceted approach to tackle the challenges effectively and efficiently. The approach requires a detailed analysis of transactions, data processing, and reporting methodologies to accurately identify the root cause(s) of discrepancies.
Some of the common financial reporting issues include:
- Revenue recognition – Issues arise from the difficulty in determining the appropriate timing and amount of revenue to be recognised especially for complex transactions.
- Financial instruments – The valuation and classification of financial instruments can be complex, especially with derivatives and other complex financial products.
- Goodwill and impairment – Main issues arise from determining the recoverable amount of goodwill and other intangible assets for impairment testing purposes can be subjective and complex, particularly in volatile or uncertain economic conditions.
Join Constance Kawelenga CA(SA) on 11 April 2024 from 10:00 a.m. to 12:00 p.m. as she equips you with practical strategies and insights for effectively identifying, addressing, and preventing common financial reporting challenges encountered in real-world scenarios.
Learning Objectives
By attending this webinar, you will gain the following competencies:
- Possess a strong appreciation of the background of regulatory requirements impacting financial reporting.
- Have an understanding of the importance of accurate financial reporting as it impacts different stakeholders and their needs.
- Know some common financial reporting issues that accountants in practice find challenging and why most of these challenges are of a recurring nature.
- Gain an awareness of key financial reporting areas and provide a process of identifying reporting issues in a systematic manner.
- Own techniques, tools and resources for proactively addressing financial reporting challenges.
Content
The webinar will cover the following topics:
- Regulatory Framework and Standards.
- Overview of relevant accounting standards (e.g. IFRS).
- Regulatory requirements impacting financial reporting.
- Importance of accurate financial reporting for stakeholders.
- Informed decision making.
- Risk assessment.
- Transparency and accountability.
- Legal and regulatory compliance.
- Investor confidence.
- Credibility and reputation.
- Overview of common financial reporting challenges.
- Revenue recognition.
- Expense recognition.
- Asset valuation.
- Financial instruments.
- Lease accounting.
- Tax reporting.
- Fair value measurements.
- Business combinations and consolidation.
- Disclosure requirements.
- Internal controls and compliance.
- Identifying reporting issues.
- Review financial statements.
- Compare to industry standards.
- Analyse accounting policies.
- Assess disclosure quality.
- Scrutinise internal controls.
- Consider auditor insights.
- Investigate unusual transactions.
- Evaluate management integrity.
- Monitor red flags.
- Seek professional advice.
- Key reporting areas.
- Income statement.
- Balance sheet.
- Cash flow statement.
- Statement of changes in equity.
- Notes to financial statements.
- Directors'/ members' report.
- Financial ratios and metrics.
- Communication and collaboration.
- Clarity and accuracy.
- Timely resolution.
- Risk management.
- Conflict resolution.
- Tools and resources to resolve financial reporting issues.
Obtaining your CPD Certificate
This training adheres with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for Continuing Professional Development (CPD) by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA.
Upon completing this training, attendees will receive a CPD certificate, which will be available in their online profile. This certificate is in alignment with IFAC's IES 7 standards, focusing on one of the following areas:
- Input-Based Learning: Recognition of your participation in structured educational activities based on number of hours.
- Output-Based Achievement: Evidence of the knowledge and skills you have gained through an assessment.
- Outcomes-Based Impact: Demonstration of how your professional practice has improved through reflection.
About the Presenter
Constance Kawelenga CA(SA)
Constance Kawelenga is a chartered accountant with a broad proficiency in finance, taxation and auditing. She has attained a diverse range of experience - from Big 4 audit experience, commercial multinational exposure, to running an audit and consulting boutique over the past 8 years. In 2013, Constance founded the Zuva Group of entities, focusing on audit, financial management, taxation, secretarial, business mentorship as well as business valuations.
Who Should Attend?
The following persons will benefit from attending this webinar:
- Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA.
- Registered auditors.
- Accounting officers.
- Financial analysts.
- Bookkeepers.
- Trainee accountants.
Price
- R 450.00 - Online admission - Individual.
- Group Price 1 - From R184 per person (up to 5 users)
- Group Price 2 - From R121 per person (up to 10 users)
- Group Price 3 - From R109 per person (over 11 users)
Steps to register for the event:
- If you already have a profile, login and register for the webinar.
- If you don’t have a profile, create a free profile then login and register for the webinar.
- Click here to create a free profile (There is no charge to create a profile and gain access to our free content).
- Click here to find out about the Technical Resource Centre & CPD Subscription options.
Additional Material
By attending this webinar you will be provided with:
- A summarised slide presentation.
- Reference documents and/or course material where available.
- You can ask questions during the webinar and you will also have access to the presenter after the webinar.
About SA Accounting Academy
The SA Accounting Academy is an accredited private QCTO, SAICA - AT(SA), ICB and BANKSETA qualifications provider. We are committed to providing our students with the highest quality training and support, to ensure that your skills and knowledge are up to date and ready to face the challenges of the modern workplace. Qualifications and courses delivered are designed to ensure that you reach your professional goals and advance your career. With our experienced faculty, staff, and resources, you can be confident that you will receive the highest quality of training.
SAAA is a Level 2 B-BBEE contributor, with 125% procurement recognition. Training spend on certain solutions can be allocated against the Skills Development element of the B-BBEE Scorecard through accredited and nonaccredited training or claimed through SETA grants. In addition, 25% of your Skills Expenditure can be claimed on non-accredited training or courses.
Corporate Training Solutions
At the Accounting Academy, we recognize the evolving needs of businesses in today's dynamic environment. Beyond our standard webinar offerings, we provide tailored corporate training solutions designed to empower your team with the latest in accounting and professional skills. Whether you're looking for online sessions or face-to-face training, our programs are crafted to ensure a comprehensive and engaging learning experience.
Drawing inspiration from modern training methodologies, our corporate solutions are interactive, adaptable, and focused on real-world applications. We prioritize hands-on learning, ensuring your team can immediately apply their newfound knowledge in practical scenarios.
Interested in a bespoke corporate training experience? Reach out to us at [email protected] or call 010 593 0466. Together, let's design a training program that elevates your team's capabilities and aligns with your organizational goals.
Contact Us
Have any questions or need any assistance? Contact us today!
- Online chat through our website.
- WhatsApp: Start chatting (+27635026114)
- Phone: 010 593 0466
- E-mail: [email protected]