Often times, Officers find themselves performing accounting duties whereas they have not acquired formal training in the profession. For example, will it be right to blame staff (transferred from say Personnel Department to Accounts Department or Audit Department) for non-performance when the staff affected is neither a professional Accountant nor has he been formally trained to enable him to perform well in his new Department? It is a statement of fact that Managers in most Accounts Departments fall into the category of those that have not been formally trained. Until this group of managers, which constitutes the ‘engine room’ of accounting operations, is held to sharpen their skill, the full benefits of even employing professionally qualified Accountant at the top will not be realized.
FOCUS OF THE WORKSHOP
The workshop, which will be a practical one, will teach the participants the preparation, analysis and interpretation of accounts from the rudimentary stages. The workshop will also dwell on basic accounting concepts and principles and their application in the preparation of accounts. It will also be quite refreshing for qualified and professional Accountants.
THE WORKSHOP WILL DEAL WITH THE FOLLOWING MATTERS:
EVOLUTION OF ACCOUTING
- History and development of accounting discipline
- The role and operations of accounting in management
- The relationship amongst the financial accountant, management accountant, tax managers, budget manager, treasury managers and internal auditors
- Accounting concepts.
- Basic records, invoices, receipts, correspondences.
- Principles and practice of double entry bookkeeping, books of accounts, ledgers, control accounts ad supporting records, trial balance, etc.
- Accounting treatment of fixed assets and current assets, depreciation and methods of making provision.
- Bad and doubtful debts and how they are crated
- Mechanics of accruals and prepayments
- Preparing accountings from incomplete records.
PREPARING FINAL ACCOUNTS:
- Preparing Manufacturing, Trading and Profit and Loss Accounts and Balance sheet from underlying records
- Preparation of Income and Expenditure Accounts and Statement of Affairs in the Public Sector.
- Tax issues in preparation of final accounts
STANDARDS, GUIDELINES, STATUTES REGULATING THE PREPARATION OF ACCOUNTS.
- Accounting policies
- Accounting standards: International and Nigeria Accounting Standards
- Companies and Allied Matters ACT, 1990
- 1999 constitution of the Federal Republic of Nigeria
- Guidelines of regulators i.e. CBN, SEC, NDIC, NAICOM, ECT.
- Public sector peculiarities
AN OVERVIEW OF PUBLEC SECTOR ACCOUNTING
- Meaning of government accounting
- Legal basis of government accounting
- Comparison between public sector and private accounting
- Funds accounting
- Accountant General’s financial statements
- Financial statements of Parastatals, Institutions, agencies, etc
INTERPRETATION AND ANALYSIS OF FINANCIAL STATEMENTS:
- Account for publication: Format disclosure requirements
- Interpretation of accounts
- Use of accounting ratios
- Verticals, horizontal and global analysis
- Balance sheet appreciation including identification of strength and weakness.
ROLE OF INFORMATION TECHNOLOGY IN THE PREPARATION AND ANALYSIS OF ACCOUNTS:
Establishing the need for computerization
- Understanding different and common computerized accounting systems
- Various accounting functions
- Accounting software packages
- Controls in a computerized accounting environment
- Contingency planning and disasters recovery methods.