Understanding Financial Statements of Mining Companies

Understanding Financial Statements of Mining Companies

Areas of Study: Management

Qualifies for CMS

Qualifies for Certification

This course is aimed at helping those who wish to read and interpret the financial statements of mining companies. It assumes the reader has no formal training or background in accounting but does have a general interest in business with a leaning towards mining. Furthermore, this course assumes a managerial or investor approach rather than that of accountant or bookkeeper. We look at financial statements for their organization, information content and limitations. In short, you will not learn any bookkeeping or debits and credits but rather you will see numerical data and narrative-based descriptions prepared by mining companies.

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  • Audience Level:
  • Professional
  • Enrollment:
  • Required
  • Duration:
  • 7 hours

Course Summary

Introduction

This course is aimed at helping those who wish to read and interpret the financial statements of mining companies. It assumes the reader has no formal training or background in accounting but does have a general interest in business with a leaning towards mining. Furthermore, this course assumes a managerial or investor approach rather than that of accountant or bookkeeper. We look at financial statements for their organization, information content and limitations. In short, you will not learn any bookkeeping or debits and credits but rather you will see numerical data and narrative-based descriptions prepared by mining companies.

You will learn to use various analytical tools. Simplified fictional examples and actual published reports are used to illustrate various concepts. A brief glossary and a source of further information appear in an Appendix.

The course has six primary topics as follows, separated into three parts.

This course was formerly entitled Understanding Financial Statements of Mining Companies Under IASB and FASB Regulations.

Part 1

  • Introduction to Accounting and Financial Reports
  • The Statement of Financial Position

Part 2

  • The Statement of Income

Part 3

  • The Cash Flow Statement
  • The Statement of Changes in Equity
  • Notes and Analytical Tools

Accounting Standards

Financial reporting today is governed by essentially two sets of accounting regulations—those of the United States, through its Financial Accounting Standards Board (FASB), and those of the International Accounting Standards Board (IASB). In this course, both sets of regulations are treated as one agreed-upon set of concepts, principles and guidelines where appropriate. Differences are highlighted wherever they occur. Where there is agreement or the differences are minimal, the common term GAAP is used, which stands for Generally Accepted Accounting Principles.

Learning Content

The course comprises 10 viewing sessions of 30–60 minutes each, plus three reviews of multiple choice questions and supporting documents and appendices. Estimated course duration is equivalent to approximately 8 hours of learning content.

Learning Outcomes

  • Identify and interpret the financial statements of a mining company in terms of its organization, information content and limitations.
  • Recognize differences between the accounting regulations of the United States, through its Financial Accounting Standards Board, and those of the International Accounting Standards Board.

Recommended Background

  • A working knowledge of basic accounting principles and familiarity with the mining process.

Alain Duncan

Alain Duncan BA, MBA, CA is a Senior Lecturer on Financial and Managerial Accounting in the Executive MBA program at Simon Fraser University. Alain, a chartered accountant, is a two-time winner of the Canada Trust Distinguished Teaching Award and winner of the Simon Fraser University award for excellent teaching. Prior to joining the Simon Fraser University faculty, Alain was an economist for the Ontario government (editor of the Ontario economic review) and CFO for two Canadian corporations. He has acted as examiner for the Certified Management Accountants Society of BC, as well as instructing review courses for the CGA, CFA and CPA designations.