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TRANSCRIPT
CALENDAR
2017TRAINING
As 2016 draws to a close we are expected toreflect on the efforts we made to achieve thegoals set in the beginning of the year andassess how much those goals have beenachieved. Most importantly, we are called toreconcile our unachieved goals with ourinadequacies so that we strive to overcomethem and perform better in the coming year.Even as we do this, we must note that theworld never waits for us, hence the need tokeep pace with it!
We are therefore pleased to walk and workwith your organization into and through2017, in delivering relevant and topicaltraining to your professional workforce intaxation, financial reporting and corporatefinance fundamentals.
The 2017 training program has beendesigned to address contemporary issues inthe field of accounting and taxation, toreflect the new national and globalregulatory direction.
OVERVIEW
We have also introduced various trainingtopics (in tax compliance principles, financialreporting and accounting, and corporatefinance fundamental) for in-house delivery atyour convenience. We understand that youmay require more specific tailor-madetraining topics to be delivered to your staff atyour office. The topics selected are those webelieve are very essential for the success ofyour company’s finance team. They can becombined in any form that best suites yourtechnical need. Training Fees are determinedafter the curriculum content have beenagreed. Options are also available to deliverthese trainings at our office.
As you assess your organization’s trainingneeds for the coming year, we hope that youwill seize the opportunity to review thetopics and nominate your relevant officersfor the various courses. It is also worth sayingthat all open-house courses are ICAN MCPEaccredited.
We look forward to seeing you in class, in2017!
We train Industry Leaders
By having one-on-one interactions, we feel the needs of our participants. Thus enabling us to provide the most appropriate response
Our breakout sessions with customised case studies make our trainings unique and highly impactful….
2017 COURSE OUTLINE
Early Bird Discount: A 10% discount will be applied to registrations for this courses thatare received 2 weeks before the date of training.
Topic
Transaction Taxes (VAT and WHT) Management: The Practical Perspective
Financial Instruments Accounting: Simplifying IFRS 9’s Principles
Taxation of Expatriates and Non-resident Companies
Income Tax Accounting: Navigating the Complexities
Transfer Pricing Risk Management: The New Era of BEPS
IFRS 15 Revenue Accounting: Practical Applications
Duration
1 Day
2 Days
1 Day
1 Day
2 Days
1 Day
Date
March 15, 2017
April 12-13, 2017
June 14, 2017
July 12, 2017
September 13-14, 2017
October 11, 2017
Part A: Open-House Courses
TRANSACTION TAXES (VAT AND WHT) MANAGEMENT: THE PRACTICAL PERSPECTIVES
Transaction taxes, particularly VAT and Withholding tax,have continued to generate lots of controversies andcomplexities. Globalisation, e-commerce, outsourcing,joint venture arrangements, aggressive revenue pursuitby governments etc. have added to the complexity oftransaction taxes in Nigeria.
Planning for VAT and WHT has become important forvirtually every transaction, including all investing andbuying decision-making scenarios. Quite a fewcompanies have lost substantial part of their profitsowing to poor judgment of the VAT & WHT implicationsof transaction at the time of conceiving the transaction.
Adequate and up-to-date knowledge of the principlesand practices of these taxes is therefore non-negotiablefor the modern businesses business entity, especially incontemporary times when regulatory compliance hastaken the front burner.
This course focuses on the fundamental principles of VATand WHT and the uniqueness in the practice of the taxesin Nigeria. Special attention would also be given tospecialised transactions such as reverse charge system,tripartite arrangements, sales in the ordinary course ofbusiness, the rules in cross border transactions, etc.
Overview and Learning Objectives Course Objectives
At the end of this session, participants would be able to:
• Understand the unique concepts of VAT and WHT in Nigeria
• Understand the legal basis for the charge and collection of the VAT & WHT
• Determine the VAT and WHT implication of specialised business transactions
• Attain optimum proficiency in the preparation of monthly VAT & WHT Returns
• Demonstrate understanding of the penalties for defaulting in VAT & WHT obligations
• Discuss contemporary issues with the Nigerian VAT & WHT systems
The target audience for the course includes tax managers,accountants, procurement specialists, auditors, financialaccountants, account receivable and payable officers,pension and asset managers, financial model and forecastanalysts, etc.
Target Audience
Venue: Civic Centre, Victoria Island, LagosPrice: N80,000 Date: March 15, 2017
Course Content
1. Value Added Tax Management
• Basic Principles of VAT• Supply of Goods and Services
i. Exemptii. Zero-Rated
• Recoverable Input VAT• Collection and Accounting• Source Deduction
i. Oil and Gasii. MDAsiii. Non-Resident
Companies• Contemporary Issues• Illustrations and Case Study
3. International Transactions, Value Added Tax and Withholding Tax Implications
• Definitionsi. Imported Goods and Servicesii. Exported Goods and Services
• Transaction Arrangementsi. Use of PEii. Direct Supplyiii. Subcontracting
• Tax Implicationsi. Local Laws: CITA, PITA, PPTAii. OECD and UN MTCsiii. Nigerian tax Treaties
• Key Features of Nigerian DTAsi. Articles 9, 10 and 11ii. Article 5
• Tax Implicationsi. Transactions through a PEii. Transactions through Associated
Enterprisesiii. Global Transactions of a Nigerian
Entity• Case Studies
2. Withholding Tax (WHT) Management
• Definition and Introduction• Features and Applicable Laws• Qualifying Transactions• WHT Rates• Administration and Operation
i. Registrationii. Filing of Returns and
Paymentiii. Credit Notes
Management• Contemporary Issues• Case Studies
FINANCIAL INSTRUMENTS ACCOUNTING: SIMPLIFYING IFRS 9 PRINCIPLES
IFRS 9 introduces a new Business model approach toclassification and measurement of financialinstruments. It further provides for impairmentmethods based on the Expected Loss model which is afar departure from the currently existing Incurred Lossmodel under IAS 39. New requirements on estimationof probability of default (PD) , expected credit losses(ECL) and Loss Given Default (LGD), have changed thefinancial reporting landscape for financial instruments.More so, these financial instruments constitute aprominent transaction in the books of banks, financecompanies and microfinance institutions, otherfinancial institutions, insurance companies, and otherrelated entities,. Hence, it is important that thosecharged with finance and accounting functions in theseorganisations apprise themselves with the fundamentalprinciples and practices of IFRS 9 knowing that thelatter would completely replace IAS 39 from January 1,2018.
This course would expose participants to the theories,principles, calculations and valuations relating tofinancial instruments under IFRS 9.
Course Objectives
At the end of the course, participants would be able to:• Define and Identify the various types of financial
instruments• Discuss the recognition and measurement requirements for
financial assets, financial liabilities and equity instruments.• Calculate the carrying amount of various financial
instruments (originated, purchased and impaired) in accordance with the provisions of the standard
• Demonstrate how to account for impairment of financial assets
• Discuss the disclosure requirements for various financial instruments
Course Content
1. Accounting for Financial Assets
• Introduction to Financial Instruments• Definitions, examples and types• Accounting Framework, Classifications, Recognition
and Measurement Basis for:i. Receivables ii. Equities and Sharesiii. Loans Advances Receivablesiv. Bond Investments (Straight, Callable,
Convertible, Zero-Coupon etc.) • Disclosure and Presentation Requirements• Illustrations and Case Study
2. Accounting For Financial Liabilities and Equity.
• Introduction to Financial Instruments• Definitions, examples and types• Accounting Framework, Classifications, Recognition
and Measurement Basis for:i. Payables ii. Loans Payablesiii. Bond Issued (Straight, Callable,
Convertible, Zero-Coupon etc.) • Disclosure and Presentation Requirements• Illustrations and Case Study
4. Accounting for Compound Financial Instruments.
• Definition and Introduction• Types and Features• Classification• Measurement and Recognition Criteria• Illustrations and Case Study
5. Hedge Accounting and Disclosure Requirements.
• Definition and Overview• Types and Features• Cashflow, Fair Value Hedge etc. • Classification• Measurement and Recognition under IAS 39 &IFRS 9• Disclosure and Presentation Requirements• Questions and Case Studies
This course is for Accountants, Chief Financial Officers, Chief Risk Officers, Compliance Officers, Financial Analysts , Internal Auditors and Professionals, Pension Fund Managers, Portfolio Managers, Regulators, Financial reporting and Management Accountants, bankers and treasurers, credit risk analysts, Investment analysts and as well as tax personnel involved in computing corporate tax liability and filing corporate tax returns.
Target Audience
Venue: Civic Centre, Victoria Island, LagosPrice: N100,000 Date: April 12-13, 2017
3. Impairment of Financial Assets
• Recognition and Measurement Criteria• Order of Impairment Testing• IFRS 9 Three Stage Impairment Model• Comparison between IAS 39 and IFRS 9• IFRS VS Regulatory Impairment Provision (Prudential
Guideline/BASEL II&III)• Disclosure and Presentation Requirements• Illustration and Case Studies
Overview and Learning Objectives
TAXATION OF EXPATRIATES AND NON RESIDENT COMPANIES:
The taxation of expatriate workers, non-residentpersons and companies in Nigeria continues toconfound a lot of people. This issue has even becomemore important since the world is now a global villageand people now work across borders and companiesnow operate in multi-national environments. Nigeria,despite the economic recession has seen increasingforeign direct investments and expatriates inflow inrecent months.
This course will delve into the international dimensionof Nigerian taxation, both from the perspective ofpersonal income tax and companies income tax. It ishighly recommended for organisations with expatriateemployees, Nigerian companies in multi-nationalenvironments, foreign companies with businesses andcompanies in Nigeria and generally, companies involvedin international contracting.
Course Objectives
At the end of this session, participants would be able to:• Demonstrate a clear understanding of important concepts
used in international taxation• Discuss and explain principles involved in taxing non-
resident entities in Nigeria• Determine the income tax payable by expatriates resident
in Nigeria, based on given data• Identify and discuss the tax implications of emoluments,
benefits and payments made to expatriates in Nigeria• Quantify the VAT and WHT due on cross-border
transactions
Course Content
This course is for CFOs, HR managers, accountants, account payables officers, payroll officers, procurements specialists, individual expatriates, private equity investors, cross-border investors, and Finance professionals etc.
Target Audience
Venue: Civic Centre, Victoria Island, LagosPrice: N80,000 Date: June 14, 2017
Overview and Learning Objectives
1. Global Perspectives to Taxation of Non-residents
• Overview of OECD & UN Model Tax Conventions relating to taxation of non-residents
• Basis for cross-border taxationi. Taxing Rights of countries for individuals
and corporate entitiesii. Concepts of Source and Residenceiii. Dual residency and tie-breakers
• Basic concepts of double taxation
• Concept of Permanent Establishments and implications for cross-border transactions
2. Taxation of Expatriates & Non-resident individuals under PITA
• Overview of Employment arrangements• Types of Employment• Expatriate vs non-resident• Concepts of Residency under PITA• Chargeable Employment Income• Concepts and Valuation of Benefits in Kind for
Personal Income Tax determination• Taxability of Employment Income• Deemed Income, Presumptive Taxes and Best of
Judgement• Withholding tax and non-residents• Nigeria Double Tax Treaties and non-residents• Relevant documentation procedures for in-bound
and out-bound expatriates for Nigerian taxation• Illustrations and Case Studies
Course Content Cont’d.
3. Taxation of Non-resident Companies
• Types of Companies recognised under CITA• Basis of taxation of companies in Nigeria• Incomes subject to Tax in Nigeria• Deductibility of expenses incurred outside Nigeria• Treatment of recharges and head office expenses• Basis for taxation of Non residents
i. CITA provisionsii. DTA provisions
• Transaction Arrangementsi. Use of PEii. Direct Supplyiii. Subcontracting
• Tax Implicationsi. Local Laws: CITA, PITA, PPTAii. OECD and UN MTCsiii. Nigerian tax Treaties
• Some transaction structures and tax implications in Nigeria
i. Permanent Establishmentii. Direct Saleiii. Subcontractingiv. Use of free trade zones/export processing
zones v. Withholding tax deductions for non-
resident companiesvi. Key Features of Nigerian DTAsvii. Articles 9, 10 and 11viii. Article 5
• Case Studies
TAXATION OF EXPATRIATES AND NON RESIDENT COMPANIES:
Overview and Learning Objectives
INCOME TAX ACCOUNTING UNDER IFRS: NAVIGATING THE COMPLEXITIES
The adoption of International Financial ReportingStandards (IFRS) in Nigeria has imposed additionalrequirements on preparers of financial statementsconcerning the recognition and measurement of IncomeTaxes in the financial statements of corporate entities inNigeria. The requirements are further made dynamic asthe provisions of the standard require a thoroughunderstanding of the provisions of the NigerianCompanies Income Act and other related regulationsand laws. Deferred tax calculation and accounting,reconciliation of income tax expense to profit andpresentation and disclosure requirements all make theknowledge of IAS 12 an important tool for a finance andaccounting professional.
Compliance with IFRS requires complete andunequivocal statement of compliance with all IFRSsincluding IAS 12. Hence it is important that preparers offinancial statements acquaint themselves with theprovisions of IAS 12 on Accounting for Income Taxes.
The course would take participants through theserequirements and provisions.
Course Objectives
At the end of the training, participants would be able to:
• Discuss the general provisions of IAS 12• Account for current taxes and its components• Determine and account for deferred tax liability and
assets and reconcile tax expense to profit.• Appropriately make income tax presentations and
disclosures in line with requirements of IAS 12
Course Content
1. Accounting for Current taxes
• Definition• Impact of corporate tax, technology, education
and withholding taxes on current tax expense• Recognition and Measurement• Presentation and Disclosure• Disclosures & Illustrations
2. Deferred Tax Liability Accounting
• Definition and overview• Deferred Tax Principles• Source of deferred tax liability• Recognition and measurement• Presentation and Disclosure• Questions and Case Studies
3. Accounting for Deferred Tax Assets
• Definition and overview• Sources of deferred tax assets• Impact of tax losses, unused WHT credits and
Deductible taxable differences• Recognition and measurement• Presentation and Disclosures• Questions and Case Studies
4. Presentation and Disclosure Requirements for Income Taxes
• Presentation requirements• Disclosure requirements• Case Studies
The course is targeted at Chief Financial Officers, Tax and Financial Accounting Managers, Financial Reporting Officers, financial and forecast analyst and others charged with responsibility for accuracy of the financial statements.
Target Audience
Venue: Civic Centre, Victoria Island, LagosPrice: N80,000 Date: July 12, 2017
Overview and Learning Objectives
TRANSFER PRICING RISK MANAGEMENT: THE NEW ERA OF BEPS
The transfer pricing terrain in Nigeria requires adetailed understanding of the regulatory requirementsof the local regulation as well as total interpretation ofprobable risk. Thus an entity that would successfullynavigate this terrain must understand the various typesof risks that could arise in related party transactions aswell as the measures to take towards mitigating theserisks. This is importantly more so, with the renewedeffort of the Federal Inland Revenue Service on transferpricing audit and review.
This course has therefore been designed to equipparticipants with the necessary skills to enable themcarry out a proper risk assessment of theirorganization’s transfer pricing activities and theidentification of the best strategies for dealing withsuch risks.
Course Objectives
At the end of this course participants would be able to:
• Demonstrate understanding of taxpayer’s
responsibilities under the Nigerian Transfer Pricing
regulations
• Identify, assess and document TP risks effectively.
• Ccorrectly determine and quantify risks associated with
transfer pricing non compliance
• Compile the required documentation for transfer pricing
as required by the provisions of the Nigerian Transfer
Pricing Regulations.
• Document and complete a risk assessment review on
entities’ intercompany transactions
• Understanding of BEPS
Course Content
1. Introduction to Transfer Pricing Risk Assessment and BEPS
• Definition of transfer pricing risk management• Sources and Identification of TP Risks• Approaches to mitigating TP Risks• The role of TP Documentations• The role of Advance Pricing Agreements• Base Erosion and Profit Shifting
• Overview and Historical Perspectives• Action Points Details• Guidelines on Action Points 8-13• Compliance Methodology
• Case study/Illustration
2. Comparability Analysis
• Comparability Factors• Identifying the Search Criteria• Carrying out a comparability Analysis• Characterisation of intercompany arrangement• Sources of Information for Comparability Study• Illustrations and Case Studies
The course is targeted at Chief Financial Officers,Finance Managers, Country Controllers, Tax Managersand related personnel of group, companies withNigerian and overseas related companies andcompanies with substantial intercompany transactions.It also focuses on those intending to go into groupstructure business relationship in Nigeria.
3. Transfer Pricing Documentation and Review Risk
• Transaction Documentationi. Nigerian TP Regulationsii. OECD TP Guideline- the New Chapter Viii. UN TP Manual
• Contemporaneous Requirementi. Entity Relatedii. Price Relatediii. Transaction Related
• Review and Control• Illustrations
Target Audience
Venue: Civic Centre, Victoria Island, Lagos Price: N100,000 Date: September 13-14, 2017
Course Content Cont’d.
4. Intra-group Services Risk Assessment
• Introduction to Intra-group Services• Types of Intra-group services and arrangements
i. Shareholders services and other services
ii. Identifying acceptable allocation keysiii. Cost Contribution Arrangement
• Risk Assessment and Test (Transaction)i. Need Testii. Evidence Testiii. Benefit Test
• Risk Assessment and Test (Pricing)i. Pricing Methodii. Characterisation of Parties
• Funding of activities and services at arm’s lengthi. Direct chargeii. Indirect charge
• Transfer Pricing Methodi. Service Charge Computationii. Documentation
• Case Study/Illustrations
5. Transfer Pricing Audit and Review Management
• Definition and Overview• Statutory basis• TP Audit, Review and Investigation• Statutory and Practice Procedures and Process
i. Pre Auditii. Field Auditiii. Post Audit
• Reconciliation Meetings• Resolving Tax Audit Disputes
I. Dispute Resolution PanelII. Tax Appeal Tribunal
• Objection and Appeal
6. Intra-group Finance Risk Assessment
• Importance of Intra-group financing transactions• Types of Intra-group finance transactions
I. Loans and AdvancesII. Overdue Intercompany trade receivableIII. Guarantees
• Transfer Pricing Risk Assessment re Loan Financing Arrangements
i. Commercial Substance/Realityii. Appropriateness of Prices Charged
• Case Study/Illustrations
TRANSFER PRICING RISK MANAGEMENT: THE NEW ERA OF BEPS
Overview and Learning Objectives
REVENUE ACCOUNTING - IFRS 15 PRACTICAL APPLICATION
This topic constitutes one of the most important offinancial reporting, since the correct preparation of thefinancial statement is premised on the properunderstanding of the revenue impact and reportingrequirement of various business arrangements. Thiscourse is therefore geared towards helping participantsunderstand the principles and practice of revenuerecognition under the IFRS and to apply these principlesin the business decision making processes.
Course Objectives
At the end of the course, participants would be able to:
• Understand the concept of Revenue under IFRS 15• Discuss recognition and measurement criteria
relating to various types of revenue• Identify issues relating to revenue recognition in
various business arrangements • Evaluate and advice on revenue impact of Asset
transfer by customer• Highlight the requirements of the standard relating
to Construction Contracts and Costs• Explain presentation and disclosure requirements of
IFRS 15
The course is for Chief Financial Officers, Financial andManagement Accountants, Tax Accountants, FinancialManagers and officers, Auditors and Consultants etc.
Course Content
1. Accounting for Revenue under IFRS 15
• Definitions and types• Distinction between revenue and other types of
income• Recognition and Measurement Basis• The five steps approach to Revenue Recognition• Measurement basis for types of revenue • Presentation and Disclosure requirements• Illustrations and case studies
2. Accounting for Construction Contract
• Definition and Overview• Types of Construction Contracts• Revenue Recognition and Measurements• Cost Recognition and measurements• Disclosure Requirements• Provision of IFRIC 15 on Construction of real Estate• Illustration and Case Studies
3. Accounting for Revenue: Special Considerations
• Review of General Principles of Revenue Recognition
• Special Consideration and Application to the following:i. Sales with right of returnii. Extended Warrantyiii. Licensingiv. Repurchase Agreementsv. Consignment arrangementsvi. Bill and Hold Arrangementsvii. Customer Acceptanceviii. Non-refundable upfront feesix. Sales of non-financial assetsx. Onerous Contractxi. Customers unexercised Rights and Optionsxii. Customers Loyalty Rightxiii. Transfer of Assets from Customersxiv. Agreement for construction of Real Estatesxv. Barter Transaction Sales
Target Audience
Venue: Civic Centre, Victoria Island, Lagos Price: N80,000 Date: October 11, 2017
We engage with our participants, giving practical and actionable solutions . We make our trainings interactive as much as possible…..
Tax Compliance
Taxation of Employment Income2 hrs
Personal Income Taxes: Basic Compliance Principles
3 hrs
Management of Statutory Deductions
2 hrs
PAYE Tax Audit Management2 hrs
Companies Income Taxes: BasicPrinciples and Practices
2.5 hrs
Corporate Tax Audit Management2 hrs
Value Added Tax Management2 hrs
Withholding Tax Management2 hrs
Capital Allowances: Principles, Practice and Planning
2 hrs
Transfer Pricing Compliance Management
4 hrs
Financial Reporting and Accounting
New Lease Accounting Under IFRS 16
2.5 hrs
Income Tax Accounting under IAS 12
2.5 hrs
Accounting for Properties, Plants and Equipment
3 hrs
Revenue Accounting under IAS 183 hrs
Accounting for Employee Benefits and Compensation
3.5 hrs
Financial Assets Accounting under IFRS 95 hrs
Accounting for Business Combination and Restructuring
3.5 hrs
Basic Accounting Principles and Processes
2.5 hrs
Corporate Finance Fundamentals
Analysis of Financial Statements and Performance
3 hrs
Budgeting and Forecasting in Finance and Treasury
Management3.5 hrs
Capital Budgeting and Investment Appraisals
4 hrs
Capital Structure and Value Maximisation
2.5 hrs
Cashflow Management Techniques
2.5 hrs
Introduction to Corporate Finance2 hrs
Business Valuation Principles3hrs
2017 COURSE OUTLINE
Part B: In-House Courses
TAXATION OF EMPLOYMENT INCOME
• Overview and Definition of Employment• Differentiating between:
i. Contract of Service and Contract for Serviceii. Nigerian Employment and Foreign Employment
• Determination of Employment Income under section 3 of PITA
• Valuation of Benefits-in-Kind• Taxability and Exemptions of Employment Income • Reliefs , Allowances and Conditions of Claim• Impact of Off Payroll Payments:
i. Quarterly Allowancesii. Upfront Allowancesiii. Performance Bonusesiv. Leave Allowancev. 13th Month Allowance
• Other Issuesi. Payroll Structuringii. Collection and Remittanceiii. Employers Obligationiv. Offences and Penalty
• Case Study
TAX COMPLIANCE PRINCIPLES
PERSONAL INCOME TAXES: BASIC COMPLIANCE PRINCIPLES
• Overview and Statutory Framework for Personal Income Taxes
• Income Chargeable to Personal Income Taxes• Administration of Personal Income Taxes
i. State Board of Internal Revenueii. Joint Tax Boardiii. Federal Inland Revenue Serviceiv. FCT Internal Revenue Service
• Basis Period of Assessment under PITi. Employment Incomeii. Trade/Business/Professional Incomeiii. Investment Incomeiv. Other types of Income
• Compliance Issuesi. Annual Assessmentsii. Returns Filingiii. Collection and Remittanceiv. Tax Clearance Processingv. Administrative Procedures of various Statesvi. Tax Audit
• Computation of Taxable Income from Trade/Businessi. Computation of Adjustment Profitsii. Computation of Capital Allowancesiii. Determination of Taxable Income
• Computation of Tax Liability for a year of assessmenti. Ascertainment of Sources of Incomeii. Computation of Tax liabilities iii. Remittance and Filing of Annual Returns under
section 41
MANAGEMENT OF STATUTORY DEDUCTIONS
• Introduction and overview• Types and Components• Pension Management
i. Overviewii. Obligations of Employer and Employeeiii. Computation, Deduction and Remittanceiv. Penalties and Finesv. Effective Management Practice
• Industrial Training Fund Levyi. Introductionii. Administration and Filing of Returnsiii. Rate, Liability and Computationiv. Penalties
• Employee Compensation Acti. Introductionii. Administration and Filing of Returnsiii. Rate, Liability and Computationiv. Penalties
• Case Studies
PAYE TAX AUDIT MANAGEMENT
• Definition and Overview• Statutory basis for PAYE Tax Audit • Differentiating Tax Audit from Investigation• Statutory and Practice Procedures and Process
i. Pre Auditii. Field Auditiii. Post Auditiv. States Internal Revenue Service Procedures
• Reconciliation Meetings• Resolving Tax Audit Disputes
i. Compromiseii. Negotiation
• Other Issuesi. Assessments, Objection and Appeal ii. Tax Appeal Procedures and Processesiii. Contemporary Issues and Bottlenecks
COMPANIES INCOME TAXES: BASIC PRINCIPLES AND PRACTICES
• Definition and Statutory Framework• Types of Companies• Income Chargeable to Tax• Income Exempted• Administration of Companies Income Tax• Assessment of Companies Income Tax • Registration and Filing of Annual Returns• Tax Clearance Certificate Processing• Determination of Taxable Profits
i. Definitions of Assessable and Total Profitii. Basis period for assessment
a. General Ruleb. Exception to general rule
iii. Allowable Deductionsa. General Rulesb. Deductibility of Bad and Doubtful
Debtsc. Definition of Wholly, Reasonably,
Exclusively and Necessarily• Non-taxable Income• Tax Rates Applicable• Requirements and Procedure for Computation• Computation of Companies Income Tax Liability• Illustration.
CAPITAL ALLOWANCES: PRINCIPLES, PRACTICE AND PLANNING
• Definition and Introductioni. Capital Allowance (CA)ii. Qualifying Capital Expenditures (QCE)
• Types and Featuresi. Initial Allowanceii. Annual Allowanceiii. Investment Allowanceiv. Rural Investment Allowance etc.
• Conditions for granting CA• Types of QCE• Rates of CA• Basis Period
i. General Ruleii. Exception
• Disposal and Balancing Adjustments• Tax Planning and Capital Allowances• Illustrations
WHT TAX MANAGEMENT
• Definition and Introduction• Features and Applicable Laws• Qualifying Transactions• WHT Rates• Administration and Operation
i. Registrationii. Filing of Returns and Paymentiii. Credit Notes Management
• Contemporary Issues• International transactions and WHT
i. Import and Export Transactionsii. Transaction in and with Free Trade Zonesiii. Impact of sections 13, 77, 78, 79, 80 of CITAiv. Impact of Articles 5 and 7 of Double Tax Treatiesv. Impact of Articles 9, 10 and 11 of Double tax
Treaties• Case Studies
CORPORATE TAX AUDIT MANAGEMENT
• Definition and Overview• Statutory basis for Corporate Tax Audit • Differentiating Tax Audit from Investigation• Statutory and Practice Procedures and Process
i. Pre Auditii. Field Auditiii. Post Auditiv. New Procedures of FIRS
• Reconciliation Meetings• Resolving Tax Audit Disputes
i. Compromiseii. Negotiation
• Other Issuesi. Assessments, Objection and Appeal ii. Tax Appeal Procedures and Processesiii. Contemporary Issues and Bottlenecks
TAX COMPLIANCE PRINCIPLES
TRANSFER PRICING COMPLIANCE PRINCIPLES
• Overview of transfer pricing globally• Statutory Framework for transfer pricing• Nigerian transfer pricing Regulations 2012• Article 9 of OECD and UN Manual• Sections 22,15 and 17 of CITA, PITA and PPTA• Entities and Transactions covered• Transfer Pricing Compliance Process and Cycle• Transfer Pricing methods Overview• Benchmarking and Comparability Analysis• Transfer Pricing Risk Management Techniques• Intragroup Services and Cost Contribution Arrangements• Contemporary Issues in Transfer Pricing
• Action Points 8-13 of BEPS• Revised Chapter V of OECD Transfer Pricing Guidelines• Safe Harbour Provisions for Intragroup Services• New Filing Requirement of FIRS
VALUE ADDED TAX MANAGEMENT
• Basic Principles of VAT• Supply of Goods and Services
i. Exemptii. Zero-Rated
• Recoverable Input VAT• Collection and Accounting• Source Deduction
i. Oil and Gasii. MDAsiii. Non-Resident Companies
• International transactions and WHTi. Impact of Destination Principlesii. Impact of Section 10 of VAT Actiii. Impact of recent Court Judgements
• Contemporary Issues• Illustrations and Case Study
TAX COMPLIANCE PRINCIPLES
FINANCIAL ASSETS ACCOUNTING UNDER IFRS 9
• Overview of IFRS 9i. Definitions and Scope
• Differentiating financial assets, financial liabilities and equity instruments.
• Classification and Measurement of financial assets • Applying the Contractual cash flow and business
model tests to financial assets.• Valuation of financial assets measured at amortised
costs.i. Loans and Advancesii. Trade Receivables iii. Treasury Bills iv. FG and State Bondsv. Bond Investments (Straight, Callable,
Convertible, Zero-Coupon etc.) • Impairment of Financial Assets• Order of Impairment Testing• IFRS 9 Three Stage Impairment Model• Comparison between IAS 39 and IFRS 9• IFRS VS Regulatory Impairment Provision
(Prudential Guideline/BASEL II&III)• Disclosure and Presentation Requirements• Illustration and Case Studies
INCOME TAX ACCOUNTING UNDER IAS 12
• Overview of IAS 12i. Definitions and Scope
• Differentiating current and deferred taxes• Components, recognition and measurements of
current taxes• Impact of corporate tax, technology, education and
withholding taxes on current tax expense• Presentation and Disclosure• Explanations of Deferred Tax Principles• Sources of Deferred Tax Asset and Liability• Differentiating between taxable and deductible
temporary differences• Impact of unused tax losses, WHT credit Notes and
deductible temporary differences on deferred tax asset calculation
• Income Tax Expense Reconciliation, presentation and disclosures
ACCOUNTING FOR PROPERTIES, PLANT AND EQUIPMENT
• Overview and scope of IAS 16 and IAS 40• Recognition and Measurement
i. Purchased Assetsii. Self constructed Assetsiii. Outsourced Constructioniv. Assets Acquired under Finance Leasev. Acquisition with Government Grant
• Impact of Borrowing Cost on PPE• Subsequent Improvement and Overhauling• Depreciation and Componentization
i. Methods and computationii. Useful lives and Residual Values
• De-recognition of PPEi. Disposalii. Retirement
• Impairment of PPEi. Indicatorsii. Recognition and Measurements
• Service Concession Arrangementsi. Identification of Phases and Stages ii. Accounting for Revenue and Costsiii. Accounting for Financial Assets and/or
Intangible• Presentation and Disclosure
REVENUE ACCOUNTING
• Overview and scope of IAS 18• Types of Revenue• Distinction between revenue and other types of
income• Recognition and Measurement Basis under IAS 18
i. Sales of Goodsii. Rendering of Servicesiii. Use of Assets to yield Interest, Dividend and
Royalty• Revenue Measurement under IAS 17
i. Finance Lease Revenuea. Interest Incomeb. Profit from Outright Sales
ii. Operating Lease Revenuea. Lease Rental Income
iii. Sales and Leaseback Arrangementa. Gains on Disposal/Saleb. Leaseback Revenue
• Revenue measurement under IAS 20 i. Capital Grant Incomeii. Revenue Grant Income
• Presentation and Disclosure
FINANCIAL REPORTING AND ACCOUNTING
ACCOUNTING FOR EMPLOYEE BENEFITS AND COMPENSATION
• Overview and Scope of IAS 19• Definition and Types of Employee Benefits• Recognition, Measurements and Accounting• Post Employment Benefits
i. Definition and Typesii. Recognition and measurementiii. Accounting, Presentation and Disclosure
• Share Based Compensation (IFRS 2)i. Definition and Types
a. Equity-Settled SHCb. Cash-Settled SHC
ii. Types in Practicea. Employee Stock Option Planb. Employee Stock Purchase Planc. Employee Stock Appreciation Rights
iii. Recognition and measurement• Presentation and Disclosure
NEW LEASE ACCOUNTING UNDER IFRS 16
• Overview and Scope of IFRS 16• Definition and Types of lease• Recognition and Measurement Basis• Concept of Right of Use• Distinguishing Lease from Rent• Operating Lease Accounting
i. Assets in the books of Lessor and Lesseeii. Income in the books of Lessoriii. Expenses in the books of Lessee
• Finance Lease Accountingi. Assets in the books of Lessor and Lesseeii. Income in the books of Lessoriii. Expenses in the books of Lessee
• Disclosure Requirements
ACCOUNTING FOR BUSINESS COMBINATION AND RESTRUCTURING
• Overview and scope of IFRS 3• Definition of Business Combination• Differentiating Business Combination and Restructuring• Business Combination Process
i. Types and Rationaleii. Acquisition Date Determinationiii. Ascertaining Total Purchase Considerationiv. Fair Values of Assets and Liabilities Taken Overv. Goodwill Determinationvi. Combination of entities under common control
• Business/Capital Restructuring Processi. Types and Rationale in line CAMA ii. Capital Reduction and Restructuringiii. Court Ordered meetingiv. Determination of share exchangev. Post restructuring Balance Sheet
• Accounting, Presentation and Disclosure
REVENUE ACCOUNTING
• Overview and scope of IAS 18• Types of Revenue• Distinction between revenue and other types of
income• Recognition and Measurement Basis under IAS 18
i. Sales of Goodsii. Rendering of Servicesiii. Use of Assets to yield Interest, Dividend and
Royalty• Revenue Measurement under IAS 17
i. Finance Lease Revenueii. Interest Incomeiii. Profit from Outright Salesiv. Operating Lease Revenuev. Lease Rental Incomevi. Sales and Leaseback Arrangementvii. Gains on Disposal/Saleviii. Leaseback Revenue
• Revenue measurement under IAS 20 i. Capital Grant Incomeii. Revenue Grant Income
• Presentation and Disclosure
FINANCIAL REPORTING AND ACCOUNTING
BASIC ACCOUNTING PRINCIPLES AND PROCESSES
• Definition and Scope of Accounting• Purpose and Users of Financial Information• Basic Accounting Concepts and Principles• Accounting Equation and Double Entry Principle• Overview of Accounting Cycle • source documents, Types and Purposes• Books of Original Entries
i. Sales/Purchases Journalsii. General Journals iii. Returns Inward/Outward Journals iv. The Cash Book
• Books of Accounts and Ledgers• Trial Balance Extraction and Preparation
BASIC ACCOUNTING PRINCIPLES AND PROCESSES (CONT’D)
• Basic Financial Statements and its Preparation• Definition and components of a financial statements• Assets and Liabilities: Types, Definition, brief
overview of recognition and measurements• Equity and Other Capital including discussion on
Other reserves• Contents, Use and preparation of Basic Financial
Statements• Role of Accounting Software in Financial Reporting
Process
FINANCIAL REPORTING AND ACCOUNTING
CORPORATE FINANCE FUNDAMENTALS
ANALYSIS OF FINANCIAL STATEMENTS AND PERFORMANCE
• Definition and Purpose of Financial Analysis• Users of Financial Statements and Needs of Users• Approaches and Methods to Financial Analysis• Rationale and Considerations for Financial Analysis
i. Performance Evaluationii. Investment Decisioniii. Regulatory Purposeiv. Credit Ratings
• Uses and Types of Financial Ratios i. Financial Ratios,ii. Activity and Efficiency Ratios, iii. Cash flow Ratios and iv. Investment and Market Ratios.
• Financial analysis of Companies using CAMEL Modeli. Capital Adequacy ii. Asset Qualityiii. Management Efficiency iv. Earnings Performance/Profitability and v. Liquidity Assessment vi. Sensitivity Analysis.
• Interpretation and Analysis of Ratios i. Trend analysisii. Industry comparisoniii. Comparative Analysis
• Avoiding Ratio Analysis Booby Traps: Limitations and Constraints
• Case studies
BUDGETING AND FORECASTING IN FINANCE AND TREASURY MANAGEMENT
• Introduction and Overview of Budgeting i. Roles, Importance and limitationii. Budget process and principlesiii. Budgeting Techniques such as
a. Zero-based budgeting, b. Incremental budgeting,c. Rolling budget
• Types of and Purposes of Budgetsi. Master Budgets
a. Statements of Financial Positionsb. Statement of Profit or Lossc. Statement of Cashflow
ii. Subsidiary Budgetsa. Capital Expenditure Budgetb. Cash Budgetc. Operational Budgets
Materials Budgets Labour Budgets Overheads Budgets
• Measuring Performance and Evaluationi. Analysis of variances
• Limitation of Budgeting
CAPITAL BUDGETING AND INVESTMENTS APPRAISAL
• Definition and Purpose of Capital Budgeting• Approaches and Methods to Capital Budgeting
i. Traditional Methodsa. Accounting Rate of Returnb. Payback Period
ii. Discounted Cashflow Methoda. Net Present Valueb. Internal Rate of Returnc. Profitability Index
• Other ConsiderationsI. Risk and Uncertainty in Capital BudgetingII. Impact of Capital RationingIII. Impact of Inflation and Taxes
• Case Studies
CAPITAL STRUCTURE AND VALUE MAXIMISATION
• Sources of Financing for Companiesi. Short Termii. Medium termiii. Long Term
• Types and Features of Long term Financesi. Equityii. Preferred Stocksiii. Loans and Bonds
• Theories of Capital Structurei. Net Income Approachii. Net Operating Income Approachiii. Modigliani and Miller’s Theoryiv. Pecking Order Theory
• Capital Structure and Valuei. Impact on Leverageii. Impact on Cost of Capitaliii. Impact on Share Price/Business Valueiv. Impact on Dividend
• Case Studies
CASHFLOW MANAGEMENT TECHNIQUES
• Definition and overview of Cash and cash equivalent
• Business Cashflow Typesi. Operating CFii. Investing CF and iii. Financing CF
• Sources of Cash Inflows and Outflows for each business activity category
• Cashflow Optimisationi. Operating Cycle Managementii. Working Capital Management
a. Inventory Managementb. Receivables Managementc. Supplier Management
• Case Studies
INTRODUCTION TO CORPORATE FINANCE
• Definition, Roles and Scope of Corporate Finance• Business Structure and Organisation• Goals of Corporate Finance• Corporate Finance Decisions• Roles of the Financial Manager• Macro-economic Impact
i. Financial Markets and Intermediationa. Capital Marketb. Money Market
• Sources and Types of Financei. Short Termii. Medium Term andiii. Long Term
• Case Studies
BUSINESS VALUATION CONCEPT
• Definition and Purpose of Business Valuation• Approaches and Methods to BV
i. Income Approachii. Market Approach• Asset Approach
• Issues for Consideration in Business Valuation• Preparing the Business Valuation Report• Case Studies
CORPORATE FINANCE FUNDAMENTALS
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