Accounting for Lawyers with an Emphasis on Accounting for Business Combinations

Introduction

The training Course “ACCOUNTING FOR LAWYERS WITH EMPHASIS ON ACCOUNTING FOR BUSINESS COMBINATIONS” is structured into five self-contained Teaching/Thematic Units, lasting two months (Unit 1) and three months (Units 2, 3, 4 & 5). The Course offers a comprehensive approach to training legal professionals who wish to deepen their knowledge of accounting, as it covers a wide range of topics, including International Financial Reporting Standards, specific issues concerning public limited companies (sociétés anonymes), consolidated financial statements, and the procedures for share transfers, mergers and demergers of companies. An understanding of accounting and company law matters, such as share transfers and mergers, enables lawyers to provide comprehensive legal advice in business settings. At the same time, familiarity with International Financial Reporting Standards strengthens their ability to interpret financial data and to work effectively with professional accountants and economists. Through the individual units, participants acquire the knowledge and skills needed to analyse and apply accounting principles and procedures in the context of business combinations and to provide comprehensive legal solutions to their clients, since many legal cases involve financial matters and business structures.

Units

I. Accounting for Lawyers (Duration: 2 months / 24 hours / 0.92 ECTS)

Basic knowledge of accounting is now an essential tool for the modern lawyer. The aim of the Teaching Unit “Accounting for Lawyers” is for legal advisers to become familiar with the basic principles and framework of financial statements and with their interpretation from the perspective of the stakeholders who use them, as well as with the principles on which accountants prepare them. Particular emphasis is placed on the information that a legal adviser can draw from a company’s financial statements. The topics are analysed from a theoretical point of view, while real examples of Greek companies are examined at the same time.

II. Share Transfers and Business Mergers/Demergers (Duration: 3 months / 78 hours / 3 ECTS)

The aim of the Teaching Unit “Share Transfers and Business Mergers / Demergers” is for trainees to acquire comprehensive knowledge, thorough information and an understanding of all the individual features governing business combinations (acquisitions, mergers or demergers of companies). Through the wealth of examples, exercises and case studies based on real data included in the educational material, the topics analysed are expected to be approached in an easy and comprehensible way.

III. Special Topics in Public Limited Companies (Duration: 3 months / 79 hours / 3.04 ECTS)

The aim of the Teaching Unit “Special Topics in Public Limited Companies” is for trainees to acquire comprehensive knowledge, thorough information and an understanding of all the individual features governing sociétés anonymes (S.A.). Through the wealth of examples, exercises and case studies based on real data included in the educational material, the topics analysed are expected to be approached in an easy and comprehensible way.

IV. International Financial Reporting Standards (Duration: 3 months / 78 hours / 3 ECTS)

The aim of the Teaching Unit “International Financial Reporting Standards” is to provide an understanding of the institutional framework for the application of IFRS, so that upon its completion participants have an overall picture and knowledge of the main accounting issues covered by IFRS. They are expected to be able to choose between treatments that are acceptable under the standards, as well as to apply accounting treatments in practice for a range of basic and more specialised IFRS topics. The unit also aims to develop an understanding of the discretion that exists in the application of IFRS, as well as of the main challenges and difficulties in applying them in practice to a range of accounting issues.

V. Topics in Consolidated Financial Statements (Duration: 3 months / 78 hours / 3 ECTS)

The aim of the Teaching Unit “Topics in Consolidated Financial Statements” is for trainees to acquire comprehensive knowledge and thorough information on all the individual features governing the preparation of consolidated financial statements, as well as on the practical procedures followed in drawing them up. Through the wealth of examples, exercises and activities included in the educational material, the topics analysed are expected to be approached in an easy and comprehensible way.

Scientific Director

Emmanuel Tsiritakis,

Professor, Department of Banking and Financial Management, University of Piraeus

Target Audience

The course is aimed at:

Students and graduates of universities, technological institutes (TEI) and vocational training institutes (IEK)
Economists, accountants, employees of organisations, banks and audit firms, and business executives working in the wider financial sector
Anyone interested in broadening their knowledge of accounting as a useful tool for business activities
Lawyers who wish to learn the basic principles of accounting

Admission Requirements

Participants must have:

Basic computer skills
Internet access
A personal email account

Delivery Method

The Course is attended entirely online via simple educational software (an asynchronous e-learning platform), and digital educational material and continuous educational support are provided. Once an applicant is accepted onto the Course, a user account is created on the e-learning platform, giving access to the teaching unit of their choice. Within each teaching unit, the responsible instructor’s electronic educational material is posted on the e-learning platform on a weekly basis. The educational material includes electronic notes with theory and examples in PDF format, which can be saved and printed so that they can also be studied offline. Assignments or self-assessment tests may be set during the course. Trainees have access, at any time and from anywhere with an internet connection, to all the activities, information sources and announcements of each course, and are given the instructor’s contact details so that they can resolve any queries. Participants should:

study the material and the notes
use the links related to the course material
submit assignments, self-assessment tests and final examination answers

Type of Certificate

Trainees who successfully complete all the Units of the Course are awarded a Training Certificate by KEDIVIM of the University of Piraeus. Participants who choose to attend only some of the thematic units are awarded a Training Certificate listing the Teaching/Thematic Units they have successfully completed. If successful completion of the Course is not possible due to discontinuation of studies or failure in the examinations, the trainee is awarded a Certificate of Attendance by KEDIVIM of the University.

See a sample of the certificates awarded, as applicable, here

Teaching/Thematic Units

1Teaching/Thematic Unit 1: Accounting for Lawyers

INTRODUCTORY CONCEPTS

- The Concept and Purpose of Accounting
- Purpose of economic units – businesses
- Related fields
- Groups of users and stakeholders of financial information
- Classification of economic units
- Categorisation of Accounting
- Procedure for setting up a sole proprietorship
- Procedure for setting up a partnership (GP or LP)
- Procedure for setting up a Ltd (EPE)
- Procedure for setting up an SA (AE)
- Financial year
- Stocktaking
- Valuation of inventory items
- Balance Sheet – Income Statement
- Auditing financial statements

FRAMEWORK FOR THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

- Purpose and Status – Scope
- Users and their Information Needs
- Purpose of financial statements
- Financial Position, Performance and Changes in Financial Position
- Basic assumptions
- The Realisation Principle in Accounting
- Going Concern
- Qualitative characteristics of financial statements
- Understandability, Relevance, Materiality, Reliability, Faithful Representation
- Substance over Form, Neutrality, Prudence, Completeness, Comparability, Constraints on Relevant and Reliable Information
- Timeliness
- Balance between Benefit and Cost
- Balance between Qualitative Characteristics
- True and Fair View/Fair Presentation

GENERALLY ACCEPTED ACCOUNTING CONCEPTS

- Differences between Cost, Expenditure and Expenses
- Classification of Expenses
- Classification of Income
- Classification of Costs
- Loss
- Provisions
- The Concept of Business Assets
- The Concept of Working Capital
- Cash – Cash Equivalents
- Cash flows
- Economic activities of the Business
INTERPRETATION OF THE LEGAL PROVISIONS ON FINANCIAL STATEMENTS
- Acts and Information Subject to Publication
- How Publication is Carried Out
- Publication of financial statements
- Legal consequences of breaching the provisions on financial statements

INTERPRETING THE BALANCE SHEET

- What are the conditions for classifying an item as an asset in the Balance Sheet
- Distinction between Fixed and Current Assets
- When Goodwill appears in the Balance Sheet
- The relationship between the Book Value and Market Value of Share Capital
- What are the conditions for classifying an item as a liability in the Balance Sheet
- Distinction between Equity and Borrowed Capital
- Categories of Reserves
- How Businesses Distribute their Profits
- Provisions for Contingent Risks and Expenses
- Pending and Other Contingent Liabilities

INTERPRETING THE OTHER ACCOUNTING STATEMENTS

- Interpreting the Income Statement
- Components of Cost
- Interpreting Cash Flows
- How the Notes help Interpret the Results for the Year
- Board of Directors' Remuneration
- Examples and Exercises

2Teaching/Thematic Unit 2: Share Transfers and Business Mergers/Demergers

Capital gains from the sale of shares and businesses
- Accounting for business goodwill
- Taxation of capital gains from the sale of businesses
- Taxation of share transfers
- Exercises on the transfer of unlisted shares
Business mergers
- Merger by acquisition
- Merger by absorption
- Merger through the formation of a new company
- Tax incentives (Legislative Decree 1297/1972, Law 2166/1993)
- Incentives for mergers of small and medium-sized enterprises
- Profit Distribution and filing the absorbed company's tax return
- Losses and transformations
Accounting and tax procedure for mergers by absorption under Legislative Decree 1297/1972 and Law 2166/1993
Demerger of a société anonyme
Exercises on transformations (to be solved)
Share exchange ratio
International Financial Reporting Standard (IFRS 3): Business Combinations

3Teaching/Thematic Unit 3: Special Topics in Public Limited Companies

Specific topics covered:

Profit Distribution
Interim Dividend
Accounting and Tax Losses
Distribution of Shares to Staff
Share Capital Increases
Share Capital Reduction
Amortisation of Share Capital
Conversion, Merger, Demerger of Public Limited Companies
Remuneration and Contracts of Board Members of SAs and Ltds
Contracts with Board Members and Intra-Group Transactions
Leasing Issues
Sale of Property to a Leasing Company and Subsequent Leaseback to the Seller
Financial Statements, Board of Directors' Report, Publication

4Teaching/Thematic Unit 4: International Financial Reporting Standards

1. Institutional Framework of International Financial Reporting Standards (IFRS)

2. Inventories (IAS 2)/ Agriculture (IAS 41)

3. Property, Plant and Equipment (IAS 16)/ Borrowing Costs (IAS 23)/ Government Grants (IAS 20)

4. Investment Property (IAS 40)

5. Impairment (IAS 36)/ Exploration for and Evaluation of Mineral Resources (IFRS 6)

6. Intangible Assets (IAS 38)

7. Provisions and Contingent Liabilities (IAS 37)

8. Financial Instruments (IFRS 9)/ Financial Instruments: Presentation (IAS 32)

9. Financial Instruments (IFRS 9) / Investments in Associates (IAS 28) and Subsidiaries (IFRS 10) / Leases (IFRS 16)

10. Earnings per Share (IAS 33)

11. Revenue from Contracts with Customers (IFRS 15)

12. IAS 8, IAS 24, IAS 10, IFRS 8, IAS 34

5Teaching/Thematic Unit 5: Topics in Consolidated Financial Statements

Specific topics covered:

The Concept of Participations and Securities – Valuation of Participations and Securities
The Concept of a Group – Purpose of Consolidated Financial Statements – Principles of Preparation
Accounting for Consolidated Financial Statements
Establishment of Subsidiaries – Acquisition of Subsidiaries
Conditions for Preparing Consolidated Accounts
The Concept of Associates – Establishment and Acquisition of Associates
Intra-Group Profits and Losses
Intra-Group Income and Expenses
Intra-Group Dividends
Intra-Group Receivables and Payables
Consolidation of Vertical and Horizontal Groups of Companies
Revision Study Topics

Learning Outcomes

Upon successful completion of the Course, trainees will:

Understand why groups are formed and the rationale of consolidation

Understand the concept and treatment of the consideration paid for acquiring an interest

Are able to apply the provisions of the laws on business combinations

Use various modes of thinking

Are able to develop various problem-solving strategies

Understand the business process of mergers and demergers

Are able to apply valuation methods to the companies involved

Understand acquisition motives and tactics

Assess issues concerning the transfer of securities

Are able to search for, analyse and synthesise financial data and information

Critically assess scientific issues related to the course content and make relevant decisions

Have developed analytical and synthetic thinking

Are able to work in an international environment

Understand differences in applying accounting rules in an international environment

Assessment

The examination process takes place remotely via the e-learning platform, with the final examination questions and exercises posted in the form of an assignment with a deadline for submitting answers. Late participation in the final examination may be arranged in consultation with the trainee, provided that no more than one year has passed since their registration in the relevant teaching unit.

Discount Policy

The following discount categories apply:

GROUP A: Unemployed persons, members of large families and families with three children, persons with disabilities, graduates and students of the University of Piraeus, employees of the University of Piraeus (permanent or under contract), municipal employees
GROUP B: Undergraduate students of universities/technological institutes (AEI/TEI) or persons up to 30 years of age holding a European Youth Card, participants of previous cycles, registration for at least two courses in the same period

Please note that:

Discounts are not cumulative.
Each trainee may benefit from only one discount category.
Participants entitled to a discount must submit the supporting documents that will be requested.

Course Fee after discount

	GROUP A	GROUP B	NO DISCOUNT
Total Course Fee	1.170€	1.400€	1.640€
Fee for Thematic Unit 1	170€	200€	240€
Fee for Thematic Unit 2	250€	300€	350€
Fee for Thematic Unit 3	250€	300€	350€
Fee for Thematic Unit 4	250€	300€	350€
Fee for Thematic Unit 5	250€	300€	350€

Payment of Fees

Fees are payable in a single payment or in equal monthly instalments, the number of which corresponds to the duration of the Teaching Unit in months, provided that the fees are paid in full 2 weeks before the end of the Teaching Unit. Failure to pay any instalment will result in the automatic exclusion of the candidate from the remainder of the Course, the examinations and the award of the certificate.

1.640,00 €

Duration:	14 Months / 337 Hours
ECTS:	13
Field of Study:	Accounting
Language:	Greek
Scientific Director:	Emmanouil Tsiritakis

Educational Material

Electronic Notes

ENROL