Understanding Accounts is "finance for non-financial" training on
multimedia CD-ROM or as
Ufi Learn Direct to help you read and
understand a company Annual Report and Accounts, including the Balance
Sheet, Income Statement / Profit and Loss Account and Cash Flow
It also explains the
financial concepts of Assets and Liabilities, Liquidity, Depreciation,
Equity and Loan Capital and Gearing, and shows how to use Accounting
Ratios to identify trends in a company's financial performance. It is a
complete Finance for Non-Financial Managers course, based on a training
course run by Nick Rints for a major bank and a leading business school.
is Understanding Accounts for?
Managers and anyone
without formal accountancy training who needs to be able to read a
set of annual company report and accounts in order to make business
or credit decisions
Anyone running a
business (or looking to invest in a business) who needs to be able
to see how well that business is doing
As pre-course work
for finance for non-financial courses
As an interactive
visual aid for finance for non-financial courses
students needing to understand the concepts of the balance sheet,
profit and loss account, cash flow, depreciation, gearing,
How does it do it?
Accounts multimedia takes a fresh approach finance for non-financial
managers training by explaining what can seem obscure concepts such as
liquidity, gearing, retained profits, working capital, depreciation,
creditors, debtors, assets, liabilities and why a balance sheet has to
balance, by basing this learning material on two fictional video case
histories and providing a variety of interactive exercises.
Is it right for me?
Understanding Accounts does what it says on the tin. It helps you
understand the annual company accounts drawn up by your accountant.
Finance for non financial managers courses cover much the same ground.
In fact, co-author Nick Rints has many years' experience running finance
for non financial management courses for
colleges, business schools and
companies. The advantage of this interactive CD-ROM is that it is
available when you need it. It's also a fraction of the cost of a
conventional course. When you
need to learn how a balance sheet works, how to read a profit and loss
account, understand cash flow, gearing, liquidity, or apply accounting
ratios, get out the Understanding Accounts CD. The "revisit" menu allows
you to jump straight to the section you need.
What about the Balance Sheet?
The balance sheet can be a mystery when it comes to understanding
company annual accounts. How does a balance sheet balance? Why do we
need a balance sheet, when a profit and loss account shows quite clearly
whether a business has made a profit and whether that profit was more or
less than last year – and most people can understand it?
layout of the modern balance sheet can add to the confusion. The
original format, with assets on one side, balanced by liabilities on the
other, does make sense visually. But in company annual accounts, the
balance sheet now normally appears in a vertical format, which is not
nearly so intuitive.
For that reason,
Understanding Accounts takes you step by step through the balance sheets
of two imaginary businesses. We start by showing you how the assets and
liabilities would look in the old-style side-by-side format, and then
show how this converts into a vertical balance sheet.
You also do a variety of
interactive exercises, including one where you get to make a balance
Does Understanding Accounts cover the International Financial Reporting
Standards (IFRS) ?
Yes. These are standards for the preparation and layout of company
annual accounts and the terminology used in them. The benefit is that,
if you are reading the accounts of multinational companies or companies
from other countries, you know that you are comparing like with like.
International Accounting Standards Board (IASB) adopted them in 2001 to
replace the earlier International Accounting Standards (IAS) set by the
International Accounting Standards Committee. Their idea is that
financial statements should provide information about the financial
position, performance and changes in the financial position of a company
in such a way that this is meaningful. The aim is that annual accounts
should be understandable, relevant, reliable and comparable. A revision
to the standards, IAS1 Presentation of Financial Statements, was issued
in 2007 to be effective from 2009.
publicly listed companies in the European Union (ie those with shares
listed on the stock market) have been required to use the International
Financial Reporting Standards since 2005. On the other hand, many
privately owned companies still use the earlier format for their annual
some of the underlying financial principles have changed, the basics are
the same and the most obvious difference, at least in terms of UK
companies' annual accounts, is in the terminology used.
In a set of accounts you will still find a Balance Sheet, but in future
it is more likely to be called a "Statement of Financial Position".
The Profit and Loss Account is still there, but may be called an "Income
Statement" or a "Statement of Comprehensive Income" or a "Statement of
Income and Expense" or a "Statement of Changes in Equity" (which is what
the Profit & Loss Account is intended to show us in the first place - ie
how much more (or less) the company is worth after a year's trading and
how it got there.)
The Cash Flow Statement becomes a "Statement of Cash Flows"
Stock = "Inventory", Debtors = "Receivables", Creditors = "Payables"
Assets, Liabilities, Equity, Income and Expenses are as before but have
been carefully defined.
Accounts refers both to the new International Financial Reporting
Standards and to the earlier standards. The basic principles remain and
many smaller companies still use the earlier terms, such as Profit and
Loss Account, Debtors, Creditors, etc., so we aim to give you a basic
understanding so that you can interpret accounts produced to either
How can trainers use
in a learning
resource centre as a standalone package for individual study
as pre-course work
for a business course that requires participants to have a basic
understanding of balance sheets, profit and loss accounts, cash
flow, depreciation, gearing, etc.
as an interactive
visual aid to illustrate an actual course
as a handout which
participants can use to refer back to the key financial and
accounting concepts after the course
We are very happy to offer a disk on
14-day free trial
to training managers at recognised UK company addresses, interested
in buying a multi-user licence.
Do you offer a student discount?
Yes, 50% off the standard single user cost. Use
the drop down menu above the "buy now" button to buy at the student
price. Our multi-user
training licence, aimed at training departments and business schools, is
also very competitive.
What does it cost?
Single User: £29.95
Student: £14.95 +
£295.00 + VAT
Training Licence +
20 CDs: £395.00 + VAT
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