Conference on Fundamentals of Transformation from the Monetary System to the Computerized Accrual System

Overview:

Introduction:

This conference focuses on the fundamental concepts and practical approaches to transitioning from a traditional monetary system to a computerized accrual accounting system. It empowers participants with the knowledge and skills to effectively manage and implement this transformation within their organizations, ensuring improved financial management and reporting accuracy.

Program Objectives:

By the end of this conference, participants will be able to:

• Understand the key differences between monetary and accrual systems.

• Implement computerized accrual accounting processes.

• Manage the transition to a computerized accrual system effectively.

• Ensure accurate financial reporting and compliance with accrual standards.

• Leverage technology to streamline financial operations.

Target Audience:

• Financial Managers and Accountants.

• CFOs and Finance Executives.

• IT Managers involved in financial systems.

• Public Sector and Government Accountants.

• Professionals responsible for financial system transformations.

Conference Outline:

Unit 1:

Introduction to Monetary and Accrual Accounting Systems:

• Key principles of the monetary system.

• Overview of accrual accounting and its advantages.

• Comparing cash-based and accrual-based accounting.

• The importance of transitioning to accrual accounting for modern financial reporting.

• Aligning organizational goals with the accrual transformation process.

Unit 2:

Planning the Transition to a Computerized Accrual System:

• Steps to initiate the transformation process.

• Identifying key stakeholders and roles in the transition.

• Developing a transition roadmap for moving to accrual accounting.

• Understanding the technical and operational requirements of a computerized system.

• Managing risks and challenges during the transformation.

Unit 3:

Implementing the Computerized Accrual System:

• Setting up a computerized system for accrual accounting.

• Integrating existing financial data into the accrual framework.

• Automating financial transactions and processes.

• Ensuring compliance with international accounting standards (IPSAS, IFRS).

Unit 4:

Financial Reporting and Compliance in an Accrual System:

• Preparing financial statements in an accrual accounting system.

• Understanding key accrual reports: income statement, balance sheet, and cash flow.

• Ensuring accuracy and completeness in accrual-based reporting.

• Compliance with regulatory standards and best practices in financial reporting.

• Case study: Successful transformation from a monetary to an accrual system.

Unit 5:

Monitoring, Evaluation, and Continuous Improvement:

• Assessing the performance of the computerized accrual system.

• Continuous monitoring and auditing of financial data.

• Making adjustments and updates to the system for optimal performance.

• Leveraging data analytics to improve financial decision-making.

• Importance of Promoting a culture of continuous improvement in financial management.