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

Programme Outline

Section I: Financial Accounting  

• Accounting: Information for Decision Making
• Conceptual framework
• Financial reporting environment
• Basic financial statements
• Income statement and related information
• Cash and receivables
• Valuation of inventory: A cost – based approach
• Tangible and intangible non-current assets
• Current liabilities and contingencies
• Long term liabilities
• Stockholders’ equity
• Financial statements – Additional reporting requirements

Section II: Managerial Accounting  

• Managerial accounting: a business partnership with management
• Basic cost management concepts
• Costing techniques
• Activity analysis, cost behaviour and cost estimation
• Cost – Volume – Profit Analysis
• Introduction to budgets and preparing the master budget
• Flexible budgets and variable analysis
• Decision making: Relevant costs and benefits

Section III: An overview of Cyprus VAT legislation

• The scope of value added tax (VAT)
• The VAT registration requirements
• The computation of VAT liability
• The reverse charge mechanism
• Compliance
• Penalties

Section IV: The Cyprus taxation system  

• The Cyprus Taxation System and Its Administration
• Income Tax Liability
• Corporation tax liabilities
• Special contribution for the defence
• Capital gains tax
• Social insurance contributions

Section V: Financial Analysis & Decision Making  

• Using ratios to benchmark performance
• Financial management function
• Working capital management
• Investment appraisal
• Business finance

Course closing (3 hours)

• Revision
• Q&A
• Test
• Feedback

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

CPD Recognition

This programme may be approved for up to 60 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.

Who Should Attend?

The programme is ideal for individuals engaging in accounting and finance at any level that are engaged in business decision making or engage in any way to the financial of the organization and would like to acquire a thorough overview of the topic.