IASCA Organizes a Training Project for Cadres of the National Oil Corporation - Libya


ISTANBUL - The International Arab Society of Certified Accountants (IASCA) organized a project for training and capacity building for cadres working at the Libyan National Oil Corporation, in Turkey - Istanbul.

The project will be implemented in two parts; the first is training and qualification which will be implemented in four stages. Those who pass each stage in the assessment exam can proceed to the next stage, if they wish to continue, then to the second part of the project.

The first stage includes providing a training course on the basics of practical financial accounting in accordance with the International Financial Reporting Standards (IFRS) with the aim of qualifying and enabling participants to acquire professional skills and experience at the required level. After completing the first stage of the project, the trainees will proceed to the second stage.

The second stage includes qualifying the participants for the exam of the IACPA (International Arab Certified Public Accountant), as they will be introduced to the curriculum of the IACPA which was developed in line with the international qualification curriculum in accounting and auditing to fulfill the requirements of the labor market’s need according to the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). The training course includes the following topics:

  1. Economics and Finance (introduction to economics, product behavior and market structures, macroeconomics...etc.)

  2. Accounting (presentation of financial statements, income items, statements of cash flows, leases, equity rights...etc.)

  3. Auditing (risk assessment and response, design and implementation of audit programs, evaluation of evidence, provision of review services...)

  4. Legislation (taxes, business, and commercial law, corporate governance...etc.)

The third stage of the project includes the introduction of a qualifying training course for the IACMA that aims at qualifying the participants for the highest levels of managerial accounting to enable them to analyze financial statements in accordance with the financial and risk management standards, and to add to their knowledge in several areas related to management, financial accounting, cost accounting, economics, and financing. The training course addresses the following topics:   

  1. Financial accounting and costs (financial accounting, IFRS, cost accounting...etc.).

  2. Managerial accounting and financial management (analysis of financial statements, financial management and investment decisions, decision analysis and risk management ... etc.)

The IACMA exam will be held upon completion of the training course.

Moreover, the fourth stage of the project introduces a training course for the IFRS Expert certificate. This certificate aims at building and developing the needed knowledge capabilities related to understanding the theoretical and conceptual aspects of IFRS. The certificate also aims at building the ability to apply the international standards in practical accounting in a professional manner, along with assisting in the provision of continuous professional development (CPD) regarding the standards, and the follow-up of their amendments and updates. The training course includes the following topics:

      1. The Preparation of Financial Reports and the Subsequent Events:

        IAS (1), IAS (7), IAS (8), IAS (10), IAS (34), IAS (37).

        Recognition and Measurement of Non-current Assets:

      2. IAS (16), IAS (23), IAS (36), IAS (38), IAS (40), IFRS (5)

        Consolidated and Separate Financial Statements and Associates:

      3. IFRS (3), IFRS (10), IAS (27), IAS (28), IAS (21)

        Financial Instruments:

      4. IAS (32), IFRS (9), IFRS (7)

        Segment Reporting:

      5. IAS (41), IFRS (4), IFRS (17), IFRS (6), IFRS (14)  

        Recognition and Measurement of the Items of the Financial Statements:

      6. IAS (2) , IFRS (15) , IFRS (16)  , IAS (19) ,  IAS (26) ,  IAS (20), IAS (29) ,  IAS (12) , IFRS (1), IFRS (2)

        Disclosure in Financial Statements:

IAS (24), IAS (33), IFRS (8), IFRS (11), IFRS (12), IFRS (13)

The second part of the project introduces the professional exams for the international certificates issued by IASCA, which will be held after the completion of each of the aforementioned stages.