COURSE OVERVIEW

What is the difference between tax accounting and financial accounting? While accounting contains all financial transactions to some degree, tax accounting focuses solely on those transactions that affect an entity’s tax burden, and how those items relate to proper tax calculation and tax document preparation.

The preparation of financial statements in conformity with legal regulations and standards gives a fair and reliable view of the business organization’s financial position and its performance, as well as an accurate assessment of its cash flow from its core activities.

On the other hand, the outcomes and results show that the business organizations are also oriented towards meeting fiscal requirements by making appropriate adjustments or disclosures of financial statements for fiscal requirements whenever necessary.

This is also the factor that influenced the presentation of the accounting-taxation relationship as a dependent relationship. The orientation of the business organizations by the accounting regulation when preparing the financial statements is a positive indicator because they consider accounting information as a very important and influential element in making decisions by the executives of the business organizations and all internal and external users of that information.

What is taxation in accounting? Tax accounting states the rules and guidelines used to generate tax assets and liabilities in the accounting records of a business or individual. Tax accounting is resulting from the Internal Revenue Code (IRC), rather than one of the accounting frameworks and bases, such as GAAP or IFRS.

This Zoe Course will empower participants in gaining an overview of taxation, fundamentals and principles of accounting and its various brackets.

Course Objectives

On successful completion of Financial Accounting & Taxation Course, participants shall be able to:

• Gather the vast knowledge of accounting for solving intricate and complex problems through financial statements
• Get to recognise the detailed structure of accounting management in a business organization
• Work in capacities surrounding taxation, accounting, finance, marketing and much more
• Have the ability to analyse data, calculation and basic understanding of different types of taxation and the latest taxation laws

TRAINING METHODOLOGY

This collaborative Financial Accounting & Taxation Course, will comprise the following training methods:

• Lectures
• Seminars & Presentations
• Group Discussions
• Assignments
• Case Studies & Functional Exercises

Zoe Talent Solutions follows the ‘Do-Review-Learn-Apply’ model.

Organisational Benefits

On successful completion of the Financial Accounting & Taxation Course, participants shall be able to benefit their organization in the following ways:

• Track earnings and expenditures
• Ensure statutory compliance
• Offer management and investors with measurable financial information
• Simplify business decisions

Personal Benefits

Successful completion of Financial Accounting & Taxation Course, shall benefit participants in the following ways:

• Practical accounting training with modern accounting software
• Get trained by Industry Experts
• Professional Certificate to authenticate your Skills
• Industry Oriented Course Curriculum

WHO SHOULD ATTEND?

• Finance Managers
• Tax Consultant
• Accounting Manager
• Financial Controllers
• Financial Advisors
• Directors (Finance)
• Certified Public Accountant
• Certified Industrial Accountant
• Chief Financial Officer
• Chartered Management Accountant
• Company Secretary

COURSE OUTLINE

Module 1: FINANCIAL ACCOUNTING

• Accounting Conventions
• Accounting Policies
• Revenue Recognition
• Worldcom / Enron Scandals
• International Accounting Standards (IAS)
• International Financial Reporting Standards (IFRS)

Module 2: FINANCIAL REPORTING

• Components of Financial Reports
• Balance Sheet
• Profit & Loss Statement
• Statement of Cash Flow
• Statement of Changes in Equity
• Accompanying Notes to the Accounts
• Ratio Analysis
• Vertical Balance Sheet & P&L Statement
• Horizontal Balance Sheet & P&L Statement
• DuPont Model

Module 3: TAXATION

• Income v/s Taxable Income
• Income Tax
• Corporation Tax
• Value Added Tax
• Customs & Excise Duty
• Timing Difference & Deferred Tax

Module 4: WORKING CAPITAL CONTROL

• Inventory Control
• Accounts Receivable
• Accounts Payable
• Reconciliation of Sub-ledgers
• Other Current Assets & Current Liabilities

Module 5: ENTERPRISE RESOURCE PLANNING (ERP)

• Sales
• Bill of material
• Material Management
• Procurement
• Production
• Finance

Module 6: CAPITAL EXPENDITURE

• Capital Investment Appraisal
• Return on Investment
• Payback period
• Net Present Value
• Internal Rate of Return
• Lease or Buy Decisions
• Tax Implications thereof

Module 7: BUDGET PROCESS AND MANAGEMENT

• Preparation of Master Budget
• Fixed v/s Flexible Budgets
• Quarterly Reviews
• Forward Planning
• Budget/ Actual Comparison
• Zero Based Budgets

Module 8: CASE STUDY

• Financial Statements of a Manufacturing Company