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Overview of Balance Sheet Finalization Course

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Income Tax Act 1961 and Companies Act 2013 Law

• Overview of financial statements (balance sheet, income statement, cash flow statement) • Introduction to Accounting Standards (AS) or GAAP (Generally Accepted Accounting Principles) • Role of Accounting Standards in financial reporting'

• Components of a balance sheet: assets, liabilities, shareholders' equity • Current and non-current assets and liabilities • Presentation of balance sheet items as per AS or GAAP'

• Valuation methods for assets, including historical cost, fair value, and impairment considerations • Depreciation, amortization, and depletion under Accounting Standards'

• Classification of liabilities (current and non-current) • Components of shareholders' equity: share capital, retained earnings, other comprehensive income • Disclosure requirements for equity transactions'

• Understanding accruals and deferrals • Revenue recognition principles as per AS or GAAP'

• Identifying and correcting errors • Reconciling accounting records and balance sheet figures'

• Liquidity and solvency analysis • Ratios and financial indicators for assessing a company's financial health.'

• Compliance with AS or GAAP'

• Balance sheet format and structure in accordance with Accounting Standards • Preparation of notes to the financial statements • Specific disclosure requirements under AS or GAAP'

• Case studies and exercises involving company financial statements • Hands-on experience in preparing and finalizing balance sheets in compliance with Accounting Standards'

• Understanding the role of auditors in balance sheet verification • Internal and external audit considerations specific'

• Stay up-to-date with changes in Accounting Standards, regulatory updates, and industry-specific accounting guidelines'

• Excel and other financial modeling tools commonly used'

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