Certificate in Accounting & Financial Management

To remain competitive and provide a truly top-quality service, all finance professionals serving the international business and finance markets, need to be in a position to prepare read and understand financial information and statements, for both the efficiency of their own departments and business, as well as to be able to develop a stronger understanding of their clients’ requirements.

This highly interactive seminar provides participants with a thorough understanding of financial statements, offering the opportunity to learn the key financial concepts and use this information in their everyday work, such as to propose and manage budgets and track initiatives’ financial performance.  It integrates team exercises that will allow participants to practice their new skills in real-life scenarios.

Programme Objectives

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

In terms of knowledge:

• Explain the context and purpose of financial reporting
• Define the qualitative characteristics of financial information
• Demonstrate the use of double-entry and accounting systems
• Describe and illustrate the accounting principles
• Demonstrate an understanding of the reporting frameworks and ethical principles that underpin financial reporting
• Describe the main elements of financial accounting information – assets, liabilities, revenue and expenses.
• Describe the cost concepts, cost behaviors, and cost accounting techniques that are applied to
• manufacturing and service businesses
• Define the costs and their impact on value creation in the manufacturing and non-manufacturing companies.
• Identify the specifics of different costing methods
• Demonstrate how budgeting can improve organisational performance
• Explain the operation and scope of the Cyprus tax system and the obligations of taxpayers and/or their agents

In terms of skills:

• Record transactions and events
• Prepare a trial balance (including identifying and correcting errors)
• Prepare basic financial statements for incorporated and unincorporated entities.
• Prepare and present financial statements for single entities and business combinations in accordance with International accounting standards
• Analyse and interpret financial statements
• Apply techniques required for dealing with costs
• Prepare budgets for planning and control
• Compare actual costs with standard costs and analyse any variances
• Apply management accounting techniques to support decision making
• Compute the income tax liabilities of individuals
• Compute the corporation tax liabilities of individual and groups of companies
• Compute the special contribution for the defence (SCD) and capital gain tax liabilities individuals and companies
• Compute the effects of value added tax on incorporated and unincorporated businesses.

In terms of attitudes:

• Encourage themselves to apply simple methods that provide meaningful financial results
• Share their view regarding the importance of conceptual and regulatory frameworks for financial reporting
• Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures
• Discuss the role and purpose of the financial management function
• Discuss and apply working capital management techniques