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What is a profit and loss account? 7/8

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Bradgate House

Derby Road

EMA Training Ltd

Heanor

DE75 7QL

United Kingdom

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In this free course you will learn:

To describe the primary users of final accounts and their needs

  • Who are the primary users of final accounts

  • The reasons why final accounts are needed by these users

To Describe the accounting principles underlying the preparation of final accounts

  • Awareness of the existence of a framework with which accountants work

  • The underlying assumptions governing financial statements

  • The fundamental qualitative characteristics of useful financial information

  • The supporting qualitative characteristics

  • That financial statements should be free from material misstatement

  • Circumstances when a business is no longer a going concern and the effect on asset values

To describe the main sources of regulation governing company accounts

  • The importance of maintaining an up-to-date knowledge of relevant legislation and accounting standards

  • Which source provides the required formats for the statement of profit or loss and statement of financial performance for a company adopting IFRS

  • Which standards provide guidance for property, plant and equipment, and inventories where IFRS is adopted

To describe the more detailed reporting arising from these regulations

  • The requirement to prepare financial statements and file them publicly

  • Understanding of selection and application of accounting policies and the objectives when developing them

  • Why a limited company financial statement needs to follow statutory formats

  • Understanding of cost of sales and other expenses classification rules

  • Understanding of how taxation is charged for a company

  • Understanding of carrying value of non-current assets appears on the statement of financial position of a company

  • Understanding that notes must be provided as part of the financial statements of a company

If you would like more information on this course contact us on:

01773 710 310

Or email us: info@ematraining.co.uk


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Date and Time

Location

Bradgate House

Derby Road

EMA Training Ltd

Heanor

DE75 7QL

United Kingdom

View Map

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