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The Fundamentals of Financial Accounting and Reporting Program

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Introducing the Program

The fundamentals of financial accounting and reporting program is one of the foundation phase programs for training bankruptcy practitioners, particularly lawyers who wish to work in the bankruptcy field or wish to license an officeholder. The program is a part of the professional training plan implemented by the Bankruptcy Commission under its jurisdiction, provided for in the Bankruptcy Law, issued by Royal Decree No. (M/50), dated 28/5/1439 A.H.

This program was prepared by the Bankruptcy Commission in collaboration with the Saudi Organization for Certified Public Accountants.



Themes of the Program

The program consists of five main themes:

The First Theme: Conceptual Framework for Financial Reporting

This theme seeks to help the trainee achieve the following objectives:

  1. General definition of accounting concepts.
  2. General definition of financial statements and their main elements.
  3. Principles and main elements of accounting equation.
The differences between types of assets.

The Second Theme: The Accounting Cycle

This theme seeks to help the trainee achieve the following objectives:
  1. Define the accounting cycle and its general stages.
  2. Analyze elements of financial statements and the impactful changes in these elements.
  3. Define the double-entry accounting system and its importance as well as learn how to report operations with double-entry system.
  4. Define the general ledger, how to balance it, and the effects of its increase and the decrease.
Common accounting errors and error-correcting mechanisms.

The Third Theme: Form and Content of Financial Statements

This theme seeks to help the trainee achieve the following objectives:
  1. Learn how to settle accounts to calculate the expenditures and revenues for a specified period.
  2. Introducing different financial statements and the objectives of each statement.
  3. How to add daily entries and its impact on the financial statements.
  4. How to set up financial statements.
General knowledge about the conceptual framework for international financial reporting standards (IFRS).

The Fourth Theme: Accounting Measurement of Asset, Liability and Equity Elements

This theme seeks to help the trainee achieve the following objectives:
  1. Accounting measurement of asset elements and the difference between assets.
  2. Accounting measurement of liability elements and the difference between them.
  3. Accounting measurement of equity elements.
Accounting treatment to liquidate companies of all kinds.

The Fifth Theme: Financial Analysis and the Role of External Auditors in Increasing Confidence in Financial Statements

​This theme seeks to help the trainee achieve the following objectives:
  1. The concept and tools of financial analysis.
  2. How to calculate different financial ratios and link them to financial analysis.
  3. Types of financial auditing and the role and responsibilities of financial auditors.

Target

  • Lawyers interested in licensing an officeholder. 
  • Practicing professionals and experts whose work is related to the bankruptcy field but have no accountancy qualifications.

Structure of the Test


Program Certification

  • Attendance Certificate: The trainee is granted an attendance certificate, on the condition that the trainee does not miss (75%) of the course.
  • Pass Certificate: The trainee is granted a pass certificate based on the following conditions:
  1. Attended at least (75%) of the course.
  2. Get a grade that is not under (60%) in the program exam.

     - Passing the program is one of qualification requirements for lawyers who want to license an officeholder.​

Program Duration

  • ​5 training days 5 hours a day.




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