Lesson 1. Introduction to western accounting standards. Why and who needs GAAP and IAS in Latvia? International accounting methods and differences between them. International models of accounting. British-american model of accounting standards: US GAAP, IAS, IFRS, SSAP and FRS. Review of the main differences in Latvian and British-american models of accounting. Methods of transition from Latvian accounting to IAS. Lesson 2. Qualitative characteristics of accounting information. Systemized financial statements. Allowances in interpreting financial information. Basic forms of financial statements of common significance. Equalization of balance sheet. Classification of balance sheet’s items. Structure and forms of presentation of statement reflecting financial condition (Balance Sheet) in accordance with US GAAP, IAS, SSAP. Lesson 3. Accounting period. Special features of economic operations accounting. Plan of accounts: principles of building the plan of accounts in western companies, structure of plan of accounts, comparison with Russian plan of accounts. Stages of accounting period according to GAAP: analysis, first registration, posting in General Ledger, Trial Balance, adjusting entries, preparation of work sheet. Method of accruals and postponements in accounting of income and expenditure items. Special features of VAT accounting in prepayments. Adjusted Trial Balance, preparation of financial statements, closing of accounting period. Reversing entries. Interval financial statements (IAS 34). Working up the operations with income and expenditure accounts in western software systems, Platinum example. Practical comprehensive exercise reflecting all accounting period’s stages and preparation of financial statements. Working documentation. The use of it in preparation of financial statements. Lesson 4. Income Statement. Structure and forms of Income Statement in accordance with IAS and GAAP. IAS 1: operational and costs forms. Common characteristics of income and expenditure. Adjustment of income and expenditure. Ordinary activities and the results of extraordinary events. Ending activities. Interpretation of information. Accounting of sales revenue (IAS 18). Provisions costs. Costs calculation. Accounting of other income and expenditure items. Operational costs. Administration costs. Commercial costs. Share profit calculation (EPS), IAS 33, SFAS 128. Practical exercises. Lesson 5. Equity. Structure of shareholders equity. Accounting of shares issue. Accounting of own shares repurchase, SIC-16. Retained earnings. Dividends. Statements of changes in shareholders' equity: SFAS 129, SFAS 130, IAS 1. Practical exercises. Lesson 6. Cash Flow Statement. Aims, purposes and structure of Cash Flow Statement. Definition of cash flow and cash equivalents. Methods of its preparation: direct and indirect. Non-monetary operations. VAT accounting in cash flows. Information disclosure requirements in accordance with IAS 7, FASB 95, FRS 1. Practical exercises. Lesson 7. Current liquid assets. Debitors, trade discounts, discounts for long-term payments, methods of calculating provisions for doubtful debts, writing off the bad debts. Accounting of future periods expenses. Information disclosure. Lesson 8. Accounting of stock of goods Constant and periodic accounting systems of stock of goods. Methods of purchased products accounting. Determination of stock of goods amount and its influence on profit. Methods of stock of goods evaluation: overall identification, weighted average cost, FIFO, LIFO. Requirements to information about provisions disclosure in financial statements, according to IAS 2. Lesson 9. Fixed assets. Accounting of intangible assets (IAS 38). Adjustment criteria. Accounting of expenses after purchase. Determination of useful life of an asset. Depreciation. Patents. Royalty. Copyright. Trade marks. Licences. Business reputation. Information disclosure. Lesson 10. Accounting of fixed assets. Adjustment criteria. First evaluation. Following expenses. Subsequent evaluation. Revaluation. Depreciation. Determination asset’s useful life. Information disclosure according to IAS 16. Lesson 11. Lease. Classification of lease: operational and financial. Procedure of financial lease accounting according to IAS 17 and FASB 13. Lesson 12. Current and long-term liabilities. Definition, valuation and types of liabilities. Accounting of calculated expenses. Information disclosure, IAS 37. Lesson 13. Deferred profit taxes. Accounting of deferred profit taxes according to IAS 12 and SFAS 109. Lesson 14. Investments accounting. Classification of investments. Accounting of financial investments. Classification of financial investments. First adjustment. Valuation of financial investments. Transition of securities from one category to another. Information disclosure (IAS 39). Investment property, IAS 40. Lesson 15. Investments in shares. Classification of investments in shares. Method of accounting by cost. Method of accounting by share in capital, IAS 28. Consolidation of companies: accounting of purchase, calculation of business reputation and minority interest. Procedure of financial statements consolidation, IAS 27. Practical exercise on consolidation of statements. Lesson 16. Currency exchange operations accounting and translation of financial statements. Accounting of operations in foreign currency: IAS 21, SFAS 52. Accounting of exchange differences. Reflection of currency exchange operations in cash flow statement. Methods of currency in financial statements translation. Practical exercise on currency in financial statements translation.