Micro-credential in Introduction to Accounting with IRC

The methodology prioritises learning based on interactive exposition and demonstration with practical cases, discussion and formative feedback on Accounting with IRC, and qualitative assessment through the work developed throughout the course and class participation.

At the end of the training, the trainees should be able to:

• Identify the fundamental accounting concepts (assets, liabilities, equity, expenses, income, and results).

• Understand the logic of double-entry bookkeeping and make basic entries based on documents.

• Organize and classify accounting documents and recognize minimum support requirements.

• Record current operations (purchases, sales, receipts, payments, cash/bank, VAT in general terms, simple accruals and deferrals).

• Read trial balances and interpret basic financial statements (Balance Sheet and Income Statement).

• Explain the relationship between accounting and taxation in the calculation of Corporate Income Tax (accounting result vs. taxable profit).

• Introduce the main tax adjustments and reporting obligations related to Corporate Income Tax.

• Complete a mini practical case of the accounting cycle and a simplified Corporate Income Tax calculation.

· Framework and basic concepts

o Purpose of accounting and framework within the SNC (general overview)

o Equity and the fundamental equation; concepts of assets, liabilities and equity

o Expenses, income and profit/loss; accounting documents

· Accounting method and recording of transactions

o Double-entry bookkeeping: debit/credit and accounts (chart of accounts overview)

o Journals, ledger, trial balance and simple reconciliations

o Document processing and filing; basic internal control

· Current operations (practical exercises)

o Purchases and sales (cash and credit)

o Receipts and payments; cash and banks

o Discounts, returns and credit/debit notes (overview)

o Accruals and deferrals (introduction)

o Assets: acquisition and depreciation (overview)

o Inventories and cost of goods sold (overview)

· Basic financial statements

o Balance sheet: structure and interpretation

o Income statement: profit/loss formation

o Overview of closing entries and essential adjustments

· Introduction to IRC (link between accounting and taxation)

o Key concepts: taxable person, tax period, taxable base, tax rate

o Accounting profit vs. taxable profit: logic of tax adjustments

o Typical examples: non-deductible expenses/limits, depreciation vs. accepted amortisation, provisions (overview), autonomous taxation (overview)

o Payments on account and withholding tax (overview)

o Reporting obligations (general overview): Model 22 and IES/DA (overview)

· Integrated case study

o Recording a set of transactions → trial balance → simplified income statement/balance sheet

o Simplified calculation of taxable profit and tax

NAO