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Exam Preparation

MFC
Masterclass in Financial Control
Certificate in Accounting and Financial Control

Rating:
4.8
English
Intermediate
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Course Overview

The MFC program is designed to extend the knowledge of people attending about recent developments in finance and accounting. Many organizations limited their finance reporting to the requirements of the IFRS standards, however, these corporate reporting requirements can be more broad and complete in order to deliver accurate and useful information for a wider range of stakeholders.

In this regard, MFC program looks to the best practices, both from the traditional and nontraditional approaches, that can be used to improve financial and cash flow analysis. Capital expenditure can result in a company thriving or surviving yet many organizations do not approach the capex decision in the most fundamental way.

This program looks at the discounted cash flows technique which is most fundamentally sound when companies wish to extend their business through the process of acquisition, so, we analyze the pitfalls that occur in the M & A scene and the likelihood that M & A will fail.

This program also considers some of the recent changes in financial accounting as a result of changes to the IFRS standards. It also looks at the standards which are due to be implemented in 2017 and the impact they will have on the reporting process.

Key Takeaways

1
Participants will learn that there are many new reporting initiatives being practiced that are not required by the International Accounting Standards Board
2
You will be aware of different approaches to the analysis of organisations to see how efficient they are
3
You will be aware of the pitfalls associated with mergers and acquisitions and why some M & A organisations are more successful than others
4
You will gain an understanding of the requirements of the new reporting standards due for implementation in 2017
5
You will appreciate that the new standards may have an impact on the financial performance of the organisation.

International Academy of Business and Financial Management
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The International Academy of Business and Financial Management™ is one of the world’s fastest growing professional association with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designations to candidates who meet the highest professional standards and assessment criteria. The IABFM is credited by the American National Standards Institute (ANSI) the International Standards setting authority.

Course Outline

Day 1
1. THE ROLE OF ACCOUNTING

»  Introduction and course overview
» Overview and objective of financial reporting, management accounting and tax accounting
» Background of IFRS
» IFRS global adoption
» Success factors for management accounting to be impactful
» Success factors for tax accounting

2. CREDIT ANALYSIS

» Gathering information
» Purpose, amount, repayment, terms and security
- Assets – key questions
- Liabilities – key questions
» Other key factors
- International competition / low cost imports
- Sensitivity to input prices
» Way out analysis
- Cash flow / liquidation of assets

Day 2
3. BUDGET AS A CORPORATE PLANNING TOOL

» Core concepts in the budgeting cycle
» Critical success factors – using them as a planning tool
» Framework of master budgets and detailed budgets
» Advantages of budgeting
» Drawbacks of the budgeting process
»  Identifying, implementing and monitoring corrective action

4. COSTING CONCEPTS

» Cost behavior - fixed, variable, stepped and semi-variable costs
» Full absorption vs. marginal costing – pros and cons
» Use of the overhead absorption rate
» Using fixed and flexible budgeting with standard costing

5. RELEVANT COSTING

» Fundamental concepts of relevant costs for  decision making
» How to tackle fixed and committed costs in decision making
» Controllable & uncontrollable Costs
» Opportunity costs and sunk costs

Day 3
6. PREPARING FUNCTIONAL BUDGETS / GATHERING INPUTS

» Approaches to fixed budget preparation – zero-based, incremental, top-down, bottom up
» Cost estimation techniques
» Checking, sensitizing and challenging budget assumptions
» Gathering cost inputs
- Staff & Overhead budgets
» Gathering revenue inputs
-Historical data & setting targets

7. VARIANCE ANALYSIS

» Calculating core variances
» Price and volume variances – what they mean
» How to interpret favorable and adverse variances
» Using variance analysis to optimize financial performance

8. ACTIVITY BASED COSTING & BUDGETING

» Activity based budgeting – core concepts, principles and application
» Analysis of variances in a manufacturing industry
» Analysis of variances in a service industry

9. TRANSFER PRICING

» Inter-department recharges and corporate overheads
- Transfer pricing options
-Impact of transfer pricing on management decisions

10. BEYOND BUDGETING

» Core principles and concepts of beyond budgeting
» Benefits and drawbacks of traditional budgeting
» Setting targets in a beyond budgeting environment
»  ‘KPI’ –improve business performance
» Benchmarking
» Core concepts and principles of target costing

11. THE BALANCED SCORECARD

»The meaning of ‘balanced scorecard’ and ‘KPI’ – and how they improve business performance
»Getting the mix right – balancing financial and non-financial measures
»KPIs relevant to delegates’
»Communicating and using the balanced scorecard within a business unit
» Getting colleagues to buy in to a remedial action plan when KPIs are off track
» Using influence and persuasion
» Different influencing strategies - and when to use them

 

 

Day 4
12. WORKING CAPITAL MANAGEMENT

» The working capital cycle
» Liquidity management
» Receivables management
- Cash vs credit options
- Credit policies
» Inventory management

13. CAPITAL BUDGETING DECISIONS

» Discounted cash flow techniques
- Net present value
- Internal rate of return
- Modified internal rate of return
» Core principles of WACC
» Adjusted present value and impact of debt on investment decisions

14. BUSINESS VALUATION

» Review of core concepts of cash flow appraisal techniques
» Free cash flow
» Principles of WACC and how it is calculated
» Asset beta and equity beta and how they are used
» Adjusted present value and impact of debt on investment decisions

Day 5
15. INTERNAL CONTROL FRAMEWORK

» Core concepts and practicalities of internal control
» A comprehensive approach addressing the design and  implementation of risk management systems
- Developing risk management strategies and policies
- Creating a corporate risk register
- Key risk indicators (KRIs)
- Embedding risk management processes
- Developing the internal audit function and sound internal controls
» The COSO framework - a detailed examination of the COSO framework, including
- Framework objectives – Operations; Reporting; Compliance
- Framework components
- Control environment
- Risk assessment
- Control activities
- Information and communication
- Monitoring
» Spreadsheet risk
- Benefits of a formalized process
- Methods for improving spreadsheet models

16. OTHER DEVELOPMENT IN FINANCIAL REPORTING

» The Global Reporting Initiative
» Triple bottom line reporting
- Social
- Environmental
- Financial

 

17. IFRS UPDATES

REVENUE RECOGNITION
»Detailed review of the new five step model
» Identification of the performance obligation
»Determining and allocation the transaction prices
» Implementation issues and challenges
LEASES
»Challenges with the current standard
»Revised single model
»US GAAP dual model approach and key differences
» Impact on financial statements and debt covenants
FINANCIAL INSTRUMENTS
»Challenges in distinguishing debt and equity
»Recent changes in the categories of financial instruments
» Incurred loss model compared to new expected loss model for bad and doubtful debts provisioning

18. COURSE HIGHLIGTS, WRAP UP AND CONCLUSION

Who Should Attend?

This highly practical and interactive course has been specifically designed for

•Chief Accountants

•Group Finance Directors

•Heads of Finance

•Finance Managers

•Financial Controllers

•Accountants

•Management Accountants

•Any staff member that aspires to the accounting or finance functions

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FAQ

What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.

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