The fundamentals of financial accounting and reporting exam is one of the professional qualification requirements for bankruptcy practitioners, particularly lawyers who wish to work in the bankruptcy field or wish to obtain an officeholder's license. (Click here to view the professional qualification requirements for bankruptcy practitioners)

The fundamentals of financial accounting and reporting exam aims to provide the participants with the basic knowledge and principles of financial accounting, and teach them how to prepare financial reports required for the officeholder to conduct their bankruptcy duties through achieving the following objectives:

1. Understand the concepts of the financial report and gaining the ability to read financial statements.
2. Learn how to prepare reports and financial statements.
3. Learn how to analyze financial statements and calculate financial ratios.
4. Learn how to evaluate all kinds of assets and liabilities.
5. Learn the principles of property rights.
   

Themes of the Exam:

The exam consists of five main themes:

The First Theme: Conceptual Framework for Financial Reporting (25%)

This theme teaches the trainee the following:

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

The Second Theme: The Accounting Cycle (25%)

This theme teaches the trainee the following:

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.

The Third Theme: Form and Content of Financial Statements (25%)

This theme teaches the trainee the following:

1. The different financial statements and the objectives of each statement.
2. How to prepare financial statements.
3. General knowledge about the conceptual framework for international financial reporting standards (IFRS).
4. Accounting measurement of liability elements and the difference between them.
5. Accounting treatment to liquidate companies.

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

This theme teaches the trainee the following:

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.

Preparing for the exam:

To help you study for the exam, you can go back to any training program or any approved resources in the fundamentals and principles of accounting, for example:

 Training programs available on the (doroob) the national e-training platform:

1. Principles of financial accounting (Part 1, Part 2, Part 3) From Socpa.
2. The fundamentals and principles of financial accounting (Part 1, Part 2) Ministry of Finance
3. Principles of financial accounting available on (Ethrai) included in the national distance training program of the Institute of Public Administration

You can also benefit from the approved resources of the fundamentals and principles of accounting:

1.     Financial Accounting

By Walter Harrison, Charles Horngren, William Thomas, Themin Suwardy. Translated by Socpa

2.     Fundamental Accounting Principles

By John Wild, Ken Shaw, Barbara Chiappetta, Winston Cook. Publisher: Saudi Accounting Association.

3.     Accounting Principles

By Kieso, Kimmel, Weygandt. Publisher: Dar Almareekh

4.     Basics of Accounting

By Dr. Wabil bin Ali Al-Wabil. Publisher: Dar Al-Wabil

5.     The Fundamentals of Financial Accounting and Reporting

By Dr. Walid Muhammed Al-Shabani. Publisher: Dar Al-Obekan

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

​

You can pass the fundamentals of financial accounting and reporting if you score at least (60%) in the exam.
​

• 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.​
   

• ​5 training days 5 hours a day.