Programme Objectives

By the end of the programme, participants will be able to: 

In terms of Knowledge 

1. 1. Describe the importance of the accounting process in proper business financial management. 
   2. Describe the context and purpose of financial reporting.  
   3. List the qualitative characteristics of financial information.  
   4. Describe the context and usefulness of conceptual framework. 
   5. Describe and illustrate the accounting principles. 
   6. Convey the ethical principles that underpin financial reporting and specify their importance for maintaining the integrity of financial information. 
   7. Clarify the accounting processes and procedures. 
   8. Separate financial information that relates to assets, liabilities, equity, expenses and income. 
   9. Describe the main elements of financial accounting information – assets, liabilities, revenue and expenses. 
   10. Outline and analyse the reporting requirements emanating under the main financial reporting standards. 
   11. Identify the recognition and measurement considerations on assets, liabilities, equity, income and expenses. 
   12. Correlate the requirements of different accounting standards while preparing financial reports. 
   13. Describe the cost concepts and how they can be applied to manufacturing and service businesses. 
   14. Correlate the costs and the corporate value creation. 
   15. Identify the three main costing techniques.  
   16. Specify the importance of preparing and using the budget. 
   17. Describe how budgeting can improve organisational performance. 
   18. Identify and describe the variances between actual and budgeted cost. 
   19. Clarify the operation and scope of the Cyprus tax system. 
   20. Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes. 
   21. Define the tax avoidance, tax evasion and tax planning. 
   22. Clarify the difference between tax evasion, tax avoidance and tax planning. 
   23. Describe the tax planning process. 
   24. List the main financial ratios that can be used to assess the financial position and financial performance of a business. 
   25. Describe the main techniques that can be used to value a business. 
   26. Identify and evaluate alternative sources of business finance. 
   27. Describe investment appraisal techniques. 

In terms of Skills 

1. 1. Explain the importance of adhering to the accounting principles and standards in order to maintain the consistency and integrity of financial information. 
   2. Explain the main principles of financial reporting. 
   3. Explain the main provisions for financial reporting as those derive from accounting standards. 
   4. Choose the appropriate accounting policies as per the guidance of relevant reporting standards. 
   5. Explain the requirements of the main accounting standards. 
   6. Develop financial statements in compliance with financial reporting standards. 
   7. Choose techniques required for dealing with costs. 
   8. Develop budgets for planning and control of business operations. 
   9. Perform a thorough variance analysis. 
   10. Choose management accounting techniques to support decision making. 
   11. Perform calculations for the corporation tax liabilities of individual and groups of companies. 
   12. Perform calculations for the special contribution for the defence (SCD) and capital gain tax liabilities. 
   13. Develop a thorough tax plan for various business options. 
   14. Choose the most appropriate business option based on tax effectiveness. 
   15. Explain the impact of the economic environment on financial management.  
   16. Perform a financial statements analysis and interpret financial information. 
   17. Choose effective investment appraisal techniques based on available information. 
   18. Justify investment decisions based on analysis.  
   19. Perform a proper business valuation. 
   20. Choose the most appropriate financing option for business. 

In terms of attitude 

1. 1. Manage stakeholders’ expectations. 
   2. Encourage themselves to apply simple methods that provide meaningful financial results. 
   3. Share their view regarding the importance of conceptual and regulatory frameworks for financial reporting. 
   4. Discuss the importance of having and using a budget for corporate value creation. 
   5. Discuss the role and purpose of the financial management function. 
   6. Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures. 
   7. Challenge tax assessments. 
   8. Defend tax planning strategy formulation and implementation. 
   9. Criticized financial results and performance. 
   10. Evaluate the performance of a business. 
   11. Compare the business results with competitors and industry average. 
   12. Compare the actual results with the budgeted results. 
   13. Justify strategic decisions based on financial analysis. 
   14. Defend investment decisionsbased on a thorough and proper investment analysis. 

Programme Outline

• The financial reporting framework
• Anatomy of a balance sheet
• Mastering the Income Statement 
• Controlling cash -The Cash Flow Statement
• Managerial Accounting: Reporting to management
• Managing and Tracing Costs
• Budgeting: A business plan in numbers
• Long term and short-term decision making
• The Cyprus Tax System
• Corporate Income Tax
• Special contribution for the defence
• Capital gains tax
• Corporate Tax Planning, Tax Avoidance, Tax Evasion  
• Financial Management Function  
• Using ratios to benchmark performance 
• Business analysis and valuation tools
• Investment appraisal  
• Business finance  

View the Full Training Outline 

Who Should Attend

The programme is suitable to

• Assistant accountant 
• Audit trainee 
• Financial Manager and Controllers 
• Finance officers 
• Payroll supervisor 
• Professional bookkeeper 
• Bookkeepers 
• Business consultants 
• SME business owners

Training Style

• Illustration of key terms and concepts 
• Preparation and discussion of practical examples, including mini cases 
• The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international  
• Activities and Break-out groups 

Knowledge Test 

At the completion of the knowledge areas, participants will be assessed via the form of Multiple-Choice Questions which will consist of questions related to the material taught. The aim of the assessment is to examine participants’ overall attention and knowledge of material taught as well as their competencies towards the implementation of practical cases. 

CPD Recognition

This programme may be approved for up to 40 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.