Certificate in Accounting and Financial Control

MASTER FINANCIAL CONTROLLER

Mike is a UK Chartered Accountant, US Certified Public Accountant and Certified Financial Analyst (CFA) and an expert facilitator specializing in IFRS, US GAAP and IPSAS. He has a long track record of delivering tailor made training solutions around the world with more than 20 years of experience spanning the Big 4 accounting firms as well as private and public entities. Mike is responsible for the design and development of various IFRS, IPSAS and US GAAP training courses around the world from fundamental to advanced stages and has delivered workshops in most continents and across a wide range of cultures.Mike was the co-founder, course designer, examiner and facilitator for the US GAAP Diploma for Chartered Accountants Ireland from 2008 to 2010. He co-authored a complete set of training materials in US GAAP. Delegates on this program were experience qualified accountants that attended 20 days of training to comprehensively cover US GAAP standards and pronouncements. Over the past four years, he has delivered more than 300 training days training for the Institute of Chartered Accountants of England and Wales (ICAEW) in Bangladesh (IFRS), Cambodia (IFRS & IPSAS), Ghana (IFRS), Korea (IFRS) Nigeria (IFRS), Myanmar (IFRS & IPSAS), Philippines

(US GAAP, IFRS and COSO control framework), Sri Lanka (IFRS), and Tanzania (IFRS & IPSAS). During a three year period, he personally provided 200 training days to the majority of NATO finance staff, developed key sections of the IPSAS (IFRS equivalent for the public sector) NATO specific accounting manual, and served as a technical advisor on NATO implementation issues.He has developed a 6 week IFRS training program in IFRS under a World Bank funded project for ICAEW for the Nigerian SEC in 2013. Each delegate received 30 days training over a 12 month period, and Mike personally developed the materials and questions for his training experience. He will provide a blend of technical knowledge and practical experience as he himself offers such a skill set combination that will be invaluable to the overall success of the program. He brings not only unparalleled technical expertise but also a unique ability to integrate technical financial accounting and management issues into the training environment through tailored, real-life exercises that underscore the practicalities of achieving agreed-upon learning objectives.

Mike Turner

Expert Trainer

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LEORON Professional Develop-ment Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing pro-fessional education on the Na-tional Registry of CPE Sponsors.

State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Com-plaints regarding registered sponsors may be submit-ted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

5 KEY TAKE AWAYS

1Attendees will learn what the major new changes to the International Financial Reporting Standards are and the way they will impact their organisation.

2They will become aware of the major changes that are taking place in corporate reporting which now addresses a number of issues, such as Corporate Social Responsibility.

3They will see the cyclical nature of merger activity and how the major players under-take mergers and why you should presume that any mergers will fail.

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They will learn about the business valuation process which is described as being more of an “art rather than a science”. This also considers the valuation of family owned/controlled businesses and the key issues associated with the conflicting objectives of family owned/controlled businesses.

5The capital investment decision is usually pre-mised on incorrect assumptions. Attendees will learn what are the alternative approaches to capital expenditure evaluation that will pro-vide the optimal solution

» Chief Accountants » Group Finance Directors » Heads of Finance » Finance Managers » Financial Controllers » Accountants » Management Accountants » Executive Directors of Finance » Heads of Accounting and Administration » Finance and Information Systems Managers » Financial Analysts » Auditors » Any staff member that aspires to the accounting or finance functions

WHO SHOULDATTEND?

BENEFITS OF ATTENDING

» Successful completion of this course makes you an MFC™ Master Financial Controller.

» You can use the designation MFC™ on your business card and resume.

» Up to 18 months membership to the IABFM professional body

» Completion of a program fully endorsed by a panel of industry Subject Matter Experts (SMEs)

» Access to the IABFM network and body of information online

» Preferred access to education centres in USA, UK, Europe, Asia, Middle East and Latin America

» Access to the IABFM journal published online. Gold Embossed Certificate with your name and designation as MIABFM (Member of the International Academy of Business and Financial Management

The International Academy of Busi-ness and Financial Management™ is one of the world’s

fastest growing professional associations with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designa-tions 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.

IN-HOUSE If interested to run this course in-house please contact Val Jusufi at +971 4 447 5711 or e-mail: in-house@leoron.com

DISTANCE LEARNING PROG. If interested to run this course with our distance learning program please contact Agron Kurtishi at +971 4 447 5711 or e-mail: agron.kurtishi@leoron.com

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June 17-20, 2019 | Accra, Ghana

COURSE OVERVIEWThe MFC program is designed to extend the knowledge of people attending about recent developments in finance and accounting. Many organisations limit their reporting to shareholders to the requirements of the IFRS standards. However, many organisations are extending their reporting to a far wider range of stakeholders. MNEs, in particular, are reporting to stakeholders using approaches suggested by organisations such as the Global Reporting Initiative. The MFC program looks at some of the approaches used. Reports are prepared to be analysed by users and some of the traditional and nontraditional approaches are considered. The program also considers some techniques and approaches that can be used to improve cash flow and considers the “cash as inventory” concept of approaching cash flow control. Capital expenditure can result in a company thriving or surviving yet many organisations do not approach the capex decision in the most fundamental way. The program looks at the DCF technique which is most fundamentally sound. Many organisations wish to extend their business through the process of acquisition. We analyse the pitfalls that occur in the M & A scene and the likelihood that M & A will fail. The 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.

LEARNING OUTCOMES

» Participants will learn that there are many new reporting initiatives being practiced that are not required by the International Accounting Standards Board

» You will be aware of different approaches to the analysis of organisations to see how efficient they are

» You will be aware of the pitfalls associated with mergers and acquisitions and why some M & A organisations are more successful than others

» You will gain an understanding of the requirements of the new reporting standards due for implementation in 2017

» You will appreciate that the new standards may have an impact on the financial performance of the organisation.

PROGRAM TIMINGS

Registration will begin at 08.00 on Day One.

The program will commence at 08.30 each day and continue until 16.30.

There will be two refreshment breaks and lunch at ap-propriate intervals.

Delivery Type Group Live

Pre-requisites None

Level Advanced Training

This Program is worth 28 NASBA CPE credits

Part 1 Session #1ROLE OF ACCOUNTING

» Introduction and course overview » Overview and objective of financial reporting, management accounting and tax accounting

» Background of IFRS » IFRS global adoption » IFRS principle based vs US GAAP rule based – impact on finan-cial reporting

» Success factors for management accounting to be impactful » Success factors for tax accounting

Case Study: Participants will work in groups analyzing a set of financial statements and supplemental data to discuss how dif-ferent analysis from financial, management, and tax accounting impact management decisions.

Session #2CREDIT ANALYSIS

» Gathering information » Purpose, amount, repayment, terms and security

» Key questions to ask » Risk identification » Non-financial evaluation

Case Study: Group discussion based on scenario as to how to tackle gathering inputs to assess credit worthiness.

Session #3RATIO ANALYSIS

» Ratios and how to use them - Profitability and return ratios - Long-term solvency and stability ratios - Short-term solvency and liquidity - Efficiency ratios - Shareholder’s and investment ratios - Information through comparison

Session #4PRACTICALITIES OF ASSESSING FINANCIAL STATEMENTS

» Key questions to ask when reviewing financial statements - Revenue – key questions - Expenses – key questions

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June 17-20, 2019 | Accra, Ghana

- 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

Case Study: Comprehensive case study analyzing ratios and matching them to company profiles. Review of a credit memo-randum to assess deficiencies and short comings.

Part 2 Session #1RECAP OF DAY ONECase Study

» Group recap and discussion on the ratios » Review of prior day / evening case study on ratios and handout of the solution

Session #2THE 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

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

Case Study: Participants will complete an exercise to reinforce differences between full absorption costing and marginal cost-ing following by a discussion of the different choices to tackle fixed and corporate overhead allocations.

Session #3RELEVANT 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

Case Study: Participants will complete an exercise to determine how to deal with relevant costs in the decision making process.

Session #4PREPARING FUNCTIONAL BUDGETS / GATHERING INPUTS

» Approaches to fixed budget preparation – zero-based, incre-mental, top-down, bottom up

» Cost estimation techniques » Checking, sensitizing and challenging budget assumptions

» Gathering cost inputs - Staff time budgets and costings - Overhead budgets

» Gathering revenue inputs - Analysis of historical data - Setting targets

Case Study: Participants will complete a case study on an out-sourcing firm for developing inputs in the budget process.

Part 3 Session #1 RECAP OF DAY TWOSTANDARD COSTING

» Core concepts and principles » How standards are determined » Standard costing as a control tool » Use of the overhead absorption rate » Using fixed and flexible budgeting with standard costing » Principles and concepts of activity based costing and how it should be applied

» Using prior year variances as a basis to build budgets and up-dating standards

Case Study: Participants will prepare standard costs, a fixed bud-get and a flexible budget.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

Case Study: Participants will produce a variance report and use it to suggest ways in which business performance might be improved

Session #2ACTIVITY 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

Session #3TRANSFER PRICING

» Inter-department recharges and corporate overheads - Transfer pricing options - Impact of transfer pricing on management decisions - How to use transfer prices to motivate and optimize corpo-

rate behaviorCase Study: Participants will complete a numerical exercise with transfer pricing alternative and make recommendations for the transfer pricing policy that is most beneficial to the entire or-ganization.

ECONOMIC VALUE ADDED » Core concepts and principles » Methodology and key calculations

Case Study: Discussion and analysis of real life case study of ap-plying economic value added to IBM with numerical background data for a great group discussion.

Session #4BEYOND BUDGETING

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

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’ organization – link to the strategic framework

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June 17-20, 2019 | Accra, Ghana

» 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

Case Study: Discussion and analysis of a real life case study of how an organization applied the balanced scorecard to improve the entity’s overall performance. PRIORE NIGHT READING REQUIRED

Part 4 Session #1WORKING CAPITAL MANAGEMENT

» The working capital cycle » Liquidity management » Receivables management

- Cash vs credit options - Credit policies

» Inventory managementCase Study: Mini case studies on working capital management.

Session #2CAPITAL 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

Case Study: Numerical case studies covering a number of invest-ment appraisal methods.

Session #3BUSINESS 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

Case Study: Participant group exercises on cost of capital calcu-lations, adjusted present value calculations. SESSION #4COMPREHENSIVE CASE STUDYCase Study: This session will focus on a Harvard University case study that will be handed for reading on one of the evenings prior to this session. This is a real life case study of the Camer-on – Chad pipeline, funded by the World Bank. This will require delegates to ready the case study on the prior evening and this session will focus on a number of areas in making investment decisions both from the perspective of debt and equity stake-holders. The case is extremely thought provoking and an excel-lent tool to learn from group discussion on the complexities in this decision making process.

Part 5 Session #1INTERNAL CONTROL FRAMEWORK

» Core concepts and practicalities of internal control » A comprehensive approach addressing the design and imple-mentation 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

Session #2INTERNAL CONTROL FRAMEWORK (CONTINUED)Case Study: Extremely educational and engaging video case study of a ferry disaster where delegates work in group to iden-tify control deficiencies in the control environment applying the COSO internal control framework.

Session #3OTHER DEVELOPMENT IN FINANCIAL REPORTING

» The Global Reporting Initiative » Triple bottom line reporting

- Social - Environmental - Financial

Case Study: Mini case study reviewing supplemental reports cov-ering a spectrum of topics other than pure financial performance.

IFRS UPDATE – 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

Case Study: Mini case studies on applying the new five step model.

Session #4IFRS UPDATE – LEASES

» Challenges with the current standard » Revised single model » US GAAP dual model approach and key differences » Impact on financial statements and debt covenants

Case Study: Numerical application and disclosure of the new leas-ing standard.

IFRS UPDATE – 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

Case Study: Short case study on debt versus equity classification and categories of financial instruments.

IFRS UPDATE – OTHER EMERGING ISSUES » Overview of current projects » Direction of where IFRS is heading

COURSE WRAP UP AND CONCLUSION

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June 17-20, 2019 | Accra, Ghana

COURSE FEE: US$ 3090SAVINGS & DISCOUNTS

GET US$ 200 DISCOUNTif you register 1 months before the course

GROUP DISCOUNTS*

3+ Delegates 15%

*please note that all group discounts are given on the original course fee** all prices are VAT-exclusive.

TERMS & CONDITIONS

1. Payment Terms for LEORON Professional Development Institute (hereafter LEORON PDI)a. 100% payment of the amount in maximum 15 days upon the receipt of the invoice. b. The payment shall be conducted either in cash, credit/debit card, cheque or bank transfer. c. The stated amount is exclusive of Withholding Tax and other duties, taxes and transfer related charges which if

applicable are payable by the client in addition to the stated amount.2. Cancelation and Postponement Policy

a. All cancelations and postponements shall be done in written form.b. In case of client cancelation:

i. No cancelation fee if the cancelation takes place not less than 14 days prior to the beginning of the course,ii. 50% cancelation fee if the cancelation takes place between 7 days and 14 days prior to the beginning of the course,iii. 100% cancelation fee if the cancelation takes place less than 7 days prior to the beginning of the course,

c. In case of client postponement, i. LEORON PDI issues a credit note which states that the paid amount can be used for participation in any of the

company’s courses which are scheduled in a period of 12 months from the date of the credit note.ii. A 25% postponement fee if the postponement takes place less than 10 days prior to the beginning of the course

d. In case of LEORON PDI cancelation:i. A 100% refund shall be applicable if LEORON PDI decides to cancel the event - the client has an option to receive

a credit note which can be used for any course for a period of 12 months.ii. In case of LEORON PDI postponement - the client may choose to participate on the same course at the later date or

to be issued a credit note which states that the paid amount can be used for participation of any of the company’s courses which are scheduled in a period of 12 months from the date of the credit note.

3. Selection of Trainer and LocationSelection of the trainer and training location shall be at the discretion of LEORON PDI. Every effort shall be made to maintain continuity, but, if necessary, LEORON PDI can change the trainer and training location any time prior to commencement of the course.

4. Intellectual PropertyThe copyright, intellectual property and design rights of the learning materials are property of LEORON PDI and its expert trainers. It cannot be copied, shared or reproduced without prior written consent of LEORON PDI.

5. Health and SafetyThe clients must conform to and comply with the Health and Safety Policy and Procedures as laid down by LEORON PDI or its partner organizations when the course is delivered in leased premises. Breaches of these policies and procedures may result with the client being suspended or excluded from the course and premises.

6. Complaints and Refunds Procedurea. LEORON PDI shall deem relevant the following types of complaints:

i. If the contents of a course or the training materials are incorrect or inappropriate.ii. If the duration of the course is significantly different to that invoiced.iii. If the conduct or actions by the LEORON PDI trainer are inappropriate or offensive.iv. If the training delivery is not on a satisfactory level

b. Enquiries and complaints shall be made in written form and have to contain sufficient detail to allow LEORON PDI to compile an official written response.

c. All official enquiries and complaints shall be submitted electronically to Val Jusufi, Managing Director of LEORON PDI, at val@leoron.com

d. LEORON PDI shall officially respond to the complaint no later than 7 days from the date of its reception.7. Force Majeure

LEORON PDI shall not be liable to the clients or be deemed to be in breach of any agreement it has concluded with them for any delay in performing or failure to perform any of the LEORON PDI’s obligations in respect of the services if the delay or failure was due to any cause such as war, warlike activities, fire, storm, explosion, national emergency, labor dispute, strike, lock-out, civil disturbance, actual or threatened violence by any terrorist group, newly enacted law or regulation or any other cause not within the control of LEORON PDI.

8. Governing LawThis contract shall be governed by and construed in accordance with the Laws and Regulations of the DMC-CA Authority in Dubai, UAE.

I have read and agreed to the following terms and conditions!

COURSE DETAILSMASTER FINANCIAL CONTROLLER - CERTIFICATE IN ACCOUNTING AND FINANCIAL CONTROL

Date: June 17-20, 2019 Location: Accra, Ghana

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