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CONTENT
- Introduction to Accounting
- The nature and purpose of accounting
- Users of accounting information and their respective needs
- Accounting Standards and their purposes (IFRS, IASs, IPSAS)
- Regulatory framework (ICPAK, IASB, IAESB, IPSASB), the Companies Act
- Professional ethics
- Principles, concepts and conventions underlying the preparation of accounting statements
- Accounting Procedures and Techniques
- Accounting Cycle
- Double entry book-keeping
- Books of original entry (journals, ledgers, cashbooks)
- Balancing accounts and preparing the trial balance
- Depreciation of non-current assets including their disposal (by part exchange; ordinary sale; accident)
- Preparation of movement of property, plant equipment (as per International Financial Reporting Standards)
- Trade receivables, bad debts write-offs and provision for bad and doubtful debts
- Accruals, prepayments, reserves and provisions necessary adjustments in statements of financial performance
- Introduction to simple statements of financial performance
- Statements of financial position
- Final accounting statements of a sole trader
- Financial statements of a partnership business reflecting changes in partnerships such as admission, retirement and dissolution
- Introduction to Simple Company Accounts
- Company Formation – Documents
- Share capital and reserves
- Issue of shares at par; premium; discount
- Over and under subscriptions
- Allotment and calls on shares, forfeiture of shares
- Preparation of statements of financial performance and appropriation account and the statement of financial position
- Published accounts: Components of a complete set of published financial statements only
- Accounting for Non-Profit Making Organisations
- Features of Non-profit making organisations
- Types of funds and their accounting treatment
- Income and expenditure account
- Statement of financial position
- Public Sector Accounting and Financial System
- Features of public sector entities (as compared to private sector)
- Structure of the public sector (National and county governments, State Corporations, Departments and Agencies)
- Regulation and oversight [International Public Sector Accounting Standards Board, Director of Accounting Services, National Treasury, Parliamentary Committees, Accounting Officers at national and county levels, Current PFM Acts
- Objectives of public sector financial statements and Standards (IPSAS)
- Accounting techniques in public sector such as budgeting, cash, accrual, commitment and fund accounting) (Preparation of financial statements excluded)
- Introduction to Taxation
- History of taxation
- Types of taxation
- Principles of an optimal tax system
- Single versus multiple tax systems
- Classification of tax systems
- Tax shifting
- Factors that determine tax shifting
- Tax evasion and tax avoidance
- Taxable capacity
- Fiscal policies
- The Revenue Authority; history, structure and mandate
- Investment Allowances
- Rationale for investment allowances
- Investment allowance: Ordinary manufacturers
- Industrial building deductions
- Wear and tear allowances
- Farm works deductions
- Shipping investment deduction
- Other deductions
- Customs Taxes and Excise Taxes
- Customs procedure
- Import and export duties
- Prohibitions and restriction measures
- Transit goods and bond securities
- Purposes of customs and excise duties
- Goods subject to customs control
- Import declaration form, pre-shipment inspection, clean report of findings
- Excisable goods and services
- Application for excise duty (licensing)
- Use of excise stamps
- Offences and penalties
- Excisable goods management system
