Specializing in Financial and Accounting Management will allow you to properly manage your business accounts, achieving greater profitability"

Why Study at TECH?

TECHis the world's largest 100% online business school. It is an elite business school, with a model based on the highest academic standards. A world-class centre for intensive managerial skills training.   

TECHis a university at the forefront of technology, and puts all its resources at the student's disposal to help them achieve entrepreneurial success"

At TECH Global University

Innovation

The university offers an online learning model that combines the latest educational technology with the most rigorous teaching methods. A unique method with the highest international recognition that will provide students with the keys to develop in a rapidly-evolving world, where innovation must be every entrepreneur’s focus.

"Microsoft Europe Success Story", for integrating the innovative, interactive multi-video system. 

The Highest Standards

Admissions criteria at TECHare not economic. Students don't need to make a large investment to study at this university. However, in order to obtain a qualification from TECH, the student's intelligence and ability will be tested to their limits. The institution's academic standards are exceptionally high...  

95% of TECH students successfully complete their studies.

Networking

Professionals from countries all over the world attend TECH, allowing students to establish a large network of contacts that may prove useful to them in the future.  

100,000+ executives trained each year, 200+ different nationalities.

Empowerment

Students will grow hand in hand with the best companies and highly regarded and influential professionals. TECHhas developed strategic partnerships and a valuable network of contacts with major economic players in 7 continents.  

500+ collaborative agreements with leading companies 

Talent

This program is a unique initiative to allow students to showcase their talent in the business world. An opportunity that will allow them to voice their concerns and share their business vision. 

After completing this program, TECH helps students show the world their talent. 

Show the world your talent after completing this program. 

Multicultural Context

While studying at TECH, students will enjoy a unique experience. Study in a multicultural context. In a program with a global vision, through which students can learn about the operating methods in different parts of the world, and gather the latest information that best adapts to their business idea. 

TECH students represent more than 200 different nationalities. 

Learn with the best

In the classroom, TECH’s teaching staff discuss how they have achieved success in their companies, working in a real, lively, and dynamic context. Teachers who are fully committed to offering a quality specialization that will allow students to advance in their career and stand out in the business world. 

Teachers representing 20 different nationalities. 

TECH strives for excellence and, to this end, boasts a series of characteristics that make this university unique: 

Analysis

TECH explores the student’s critical side, their ability to question things, their problem-solving skills, as well as their interpersonal skills.  

Academic Excellence

TECHoffers students the best online learning methodology. The university combines the relearning method (a postgraduate learning methodology with the highest international rating) with the Case Study. A complex balance between tradition and state-of-the-art, within the context of the most demanding academic itinerary.  

Economy of Scale

TECH is the world’s largest online university. It currently boasts a portfolio of more than 10,000 university postgraduate programs. And in today's new economy, volume + technology = a ground-breaking price. This way, TECH ensures that studying is not as expensive for students as it would be at another university.   

At TECH, you will have access to the most rigorous and up-to-date case studies in the academic community”

This syllabus in Senior Financial Management, Expert Accountant has been designed with the educational needs of business professionals who wish to catch up on the major developments that have emerged in this field. A program that has been structured in such a way that the study can be done in a self-directed way, showing the latest knowledge in each learning area. An Advanced Master's Degree that is taught entirely online, making it easy for students to study and organize themselves.

The layout of this syllabus will make it easier to learn and empower you to succeed in the industry" 

Syllabus

The Advanced Master's Degree in Senior Financial Management, Expert Accountantoffered by TECH Global University is an intensive program that prepares students to face challenges and business decisions on a global scale. Its content is designed to promote the development of managerial skills, allowing for more rigorous decision-making in uncertain environments 

Throughout 3,000 hours of study, the student will analyze a multitude of practical cases through individual work, achieving high quality learning that can be applied to their daily practice. It is, therefore, an authentic immersion in real business situations  
This program deals in depth with the main areas of the company and is designed for managers to understand financial and accounting management from a strategic, international and innovative perspective 

A plan designed for students, focused on their professional development, which prepares them to achieve excellence in the field of management and business administration. A program that understands your needs and those of your company, through innovative content, based on the latest trends, and supported by the best educational methodology and an exceptional faculty, which will provide you with the competencies to solve critical situations in a creative and efficient way. 

This program takes place over 24 months and is divided into 28 modules: 

Module 1. Leadership, Ethics and CSR
Module 2. People and Talent Management
Module 3. Economic and Financial Management
Module 4. Operations and Logistics Management
Module 5. Information Systems Management
Module 6. Commercial Management and Corporate Communications
Module 7. Innovation and Project Management
Module 8. Strategic Management  
Module 9. Management and Leadership Skills  
Module 10. Marketing Management and Operations
Module 11. Strategic Planning and Management Control 
Module 12. Banking and Financial Markets   
Module 13. Financial Risk and Corporate Finance    
Module 14. Feasibility of Investment Projects        
Module 15. Ethical-Legal-Fiscal   
Module 16. Executive Accounting  
Module 17. Advanced Accounting I  
Module 18. Management Accounting for Decision-Making
Module 19. Advanced Accounting II   
Module 20. Accounting and Taxation   
Module 21. Analysis of Economic-Financial Statements  
Module 22. Analysis and Management of Financial Instruments   
Module 23. Business Combinations and Business Valuation   
Module 24. Consolidation of Financial Statements  
Module 25. Financial/Accounting Planning for Business Decision-Making  
Module 26. Startups Creation and Financing
Module 27. International Regulations   
Module 28. International Finance  

A unique, key, and decisive educational experience to boost your professional development and make the definitive leap"

Where, When and How is it Taught? 

TECH offers the possibility of taking this program completely online. During the 24 months of training, the students will be able to access all the contents of this program at any time, which will allow them to self-manage their study time

Module 1. Leadership, Ethics, and CSR.

1.1. Globalization and Governance  

1.1.1. Globalization and Trends: Internationalization of Markets
1.1.2. Economic Environment and Corporate Governance
1.1.3. Accountability

1.2. Leadership

1.2.1. Intercultural Environment
1.2.2. Leadership and Business Management
1.2.3. Management Roles and Responsibilities

1.3. Business Ethics   

1.3.1. Ethics and Integrity
1.3.2. Ethical Behavior in Companies
1.3.3. Deontology, Codes of Ethics and Codes of Conduct
1.3.4. Fraud and Corruption Prevention

1.4. Sustainability 

1.4.1. Business and Sustainable Development
1.4.2. Social, Environmental, and Economic Impact 
1.4.3. The 2030 Agenda and the SDGs

1.5. Corporate Social Responsibility 

1.5.1. Corporate Social Responsibility
1.5.2. Roles and Responsibilities
1.5.3. Implementing Corporate Social Responsibility

Module 2. People and Talent Management

2.1. Organizational Behavior

2.1.1. Organizational Theory
2.1.2. Key Factors for Change in Organizations
2.1.3. Corporate Strategies, Typologies and Knowledge Management

2.2. Strategic People Management

2.2.1. Job Design, Recruitment, and Selection
2.2.2. Human Resources Strategic Plan: Design and Implementation
2.2.3. Job Analysis; Design and Selection of People
2.2.4. Training and Professional Development

2.3. Management and Leadership Development

2.3.1. Management Skills: 21st Century Skills and Abilities
2.3.2. Non-Managerial Skills
2.3.3. Map of Skills and Abilities
2.3.4. Leadership and People Management

2.4. Change Management

2.4.1. Performance Analysis
2.4.2. Strategic Approach
2.4.3. Change Management: Key Factors, Process Design and Management
2.4.4. Continuous Improvement Approach

2.5. Negotiation and Conflict Management  

2.5.1. Negotiation Objectives: Differentiating Elements
2.5.2. Effective Negotiation Techniques
2.5.3. Conflicts: Factors and Types
2.5.4. Efficient Conflict Management: Negotiation and Communication

2.6. Executive Communication

2.6.1. Performance Analysis
2.6.2. Leading Change. Resistance to Change
2.6.3. Managing Change Processes
2.6.4. Managing Multicultural Teams

2.7. Team Management and People Performance

2.7.1. Multicultural and Multidisciplinary Environment
2.7.2. Team and People Management
2.7.3. Coaching and People Performance
2.7.4. Executive Meetings: Planning and Time Management

2.8. Knowledge and Talent Management

2.8.1. Identifying Knowledge and Talent in Organizations   
2.8.2. Corporate Knowledge and Talent Management Models  
2.8.3. Creativity and Innovation

Module 3. Economic and Financial Management

3.1. Economic Environment

3.1.1. Organizational Theory  
3.1.2. Key Factors for Change in Organizations  
3.1.3. Corporate Strategies, Typologies and Knowledge Management

3.2. Budget and Management Control

3.2.1. Budgetary Planning  
3.2.2. Management Control: Design and Objectives  
3.2.3. Supervision and Reporting  

3.3. Corporate Tax Responsibility

3.3.1. Corporate Tax Responsibility
3.3.2. Tax Procedure: A Case-Country Approach

3.4. Corporate Control Systems

3.4.1. Types of Control  
3.4.2. Regulatory Compliance   
3.4.3. Internal Auditing  
3.4.4. External Auditing

3.5. Financial Management  

3.5.1. Introduction to Financial Management  
3.5.2. Financial Management and Corporate Strategy    
3.5.3. Chief Financial Officer (CFO): Executive Skills

3.6. Financial Planning

3.6.1. Business Models and Financing Needs
3.6.2. Financial Analysis Tools
3.6.3. Short-Term Financial Planning
3.6.4. Long-Term Financial Planning

3.7. Corporate Financial Strategy

3.7.1. Corporate Financial Investments
3.7.2. Strategic Growth: Types

3.8. Macroeconomic Context

3.8.1. Macroeconomic Analysis  
3.8.2. Economic Indicators  
3.8.3. Economic Cycle  

3.9. Strategic Financing 

3.9.1. The Banking Business: Current Environment  
3.9.2. Risk Analysis and Management

3.10. Money and Capital Markets 

3.10.1. Fixed Income Market  
3.10.2. Equity Market  
3.10.3. Valuation of Companies  

3.11. Analyzing and Solving Cases/Problems

3.11.1. Problem Solving Methodology
3.11.2. Case Method

Module 4. Operations and Logistics Management 

4.1. Operations Management

4.1.1. Define the Operations Strategy
4.1.2. Supply Chain Planning and Control
4.1.3. Indicator Systems

4.2. Purchasing Management 

4.2.1. Stock Management
4.2.2. Warehouse Management
4.2.3. Purchasing and Procurement Management

4.3. Supply Chain Management (1)

4.3.1. Costs and Efficiency of the Operations Chain
4.3.2. Change in Demand Patterns
4.3.3. Change in Operations Strategy

4.4. Supply chain Management (2). Implementation

4.4.1. Lean Manufacturing/Lean Thinking
4.4.2. Logistics Management
4.4.3. Purchasing

4.5. Logistical Processes

4.5.1. Organization and Management by Processes
4.5.2. Procurement, Production, Distribution
4.5.3. Quality, Quality Costs, and Tools
4.5.4. After-Sales Service

4.6. Logistics and Customers 

4.6.1. Demand Analysis and Forecasting
4.6.2. Sales Forecasting and Planning
4.6.3. Collaborative Planning, Forecasting, and Replacement

4.7. International Logistics

4.7.1. Customs, Export and Import Processes
4.7.2. Methods and Means of International Payment
4.7.3. International Logistics Platforms

4.8. Competing through Operations 

4.8.1. Innovation in Operations as a Competitive Advantage in the Company
4.8.2. Emerging Technologies and Sciences
4.8.3. Information Systems in Operations

Module 5. Information Systems Management 

5.1. Information Systems Management

5.1.1. Business Information Systems
5.1.2. Strategic Decisions
5.1.3. The Role of the CIO

5.2. Information Technology and Business Strategy 

5.2.1. Company and Industry Sector Analysis
5.2.2. Online Business Models
5.2.3. The Value of IT in a Company

5.3. IS Strategic Planning

5.3.1. The Process of Strategic Planning
5.3.2. Formulating the IS Strategy
5.3.3. Strategy Implementation Plan

5.4. Information Systems and Business Intelligence

5.4.1. CRM and Business Intelligence
5.4.2. Business Intelligence Project Management
5.4.3. Business Intelligence Architecture

5.5. New ICT-Based Business Models

5.5.1. Technology-Based Business Models
5.5.2. Innovation Abilities
5.5.3. Redesigning the Value Chain Processes

5.6. E-Commerce

5.6.1. E-Commerce Strategic Plan
5.6.2. Logistics Management and Customer Service in E-Commerce
5.6.3. E-Commerce as an Opportunity for Internationalization

5.7. E-Business Strategies

5.7.1. Social Media Strategies
5.7.2. Optimizing Service Channels and Customer Support
5.7.3. Digital Regulation

5.8. Digital Business

5.8.1. Mobile E-Commerce
5.8.2. Design and Usability
5.8.3. E-Commerce Operations

Module 6. Commercial Management and Corporate Communications  

6.1. Commercial Management 

6.1.1. Sales Management
6.1.2. Commercial Strategy
6.1.3. Sales and Negotiation Techniques
6.1.4. Management of Sales Teams

6.2. Sales and Communication Strategy

6.2.1. Positioning and Promotion  
6.2.2. Public Relations   
6.2.3. Sales and Communication Strategy

6.3. Corporate Communication

6.3.1. Internal and External Communication  
6.3.2. Communication Departments  
6.3.3. Communication Managers: Managerial Skills and Responsibilities

6.4. Corporate Communication Strategy

6.4.1. Corporate Communication Strategy    
6.4.2. Communication Plan  
6.4.3. Press Release/Clipping/Publicity Writing

Module 7. Innovation and Project Management

7.1. Innovation

7.1.1. Macro Concept of Innovation  
7.1.2. Types of Innovation  
7.1.3. Continuous and Discontinuous Innovation  
7.1.4. Training and Innovation  

7.2. Innovation Strategy

7.2.1. Innovation and Corporate Strategy  
7.2.2. Global Innovation Project: Design and Management   
7.2.3. Innovation Workshops  

7.3. Business Model Design and Validation

7.3.1. The Lean Start-up Methodology  
7.3.2. Innovative Business Initiative: Stages  
7.3.3. Financing Arrangements  
7.3.4. Model Tools: Empathy Map, Canvas Model and Metrics  
7.3.5. Growth and Loyalty  

7.4. Project Management

7.4.1. Innovation Opportunities   
7.4.2. Feasibility Study and Proposal Specification  
7.4.3. Project Definition and Design  
7.4.4. Project Execution  
7.4.5. Project Closure

Module 8. Strategic and Executive Management

8.1. Organisational Design

8.1.1. Organizational Culture
8.1.2. Designing Organizational Structure
8.1.3. Competitive Advantage in Organizations

8.2. Cross-Cultural Management

8.2.1. Cultural Dimension of International Management
8.2.2. Globalization in Business Management
8.2.2. Intercultural Leadership

8.3. General Management

8.3.1. Integrating Functional Strategies into the Global Business Strategies
8.3.2. Management Policy and Processes
8.3.3. Society and Enterprise

8.4. Strategic Management

8.4.1. Establish the Strategic Position: Mission, Vision and Values
8.4.2. Developing New Businesses
8.4.3. Growing and Consolidating Companies

8.5. Competitive Strategy

8.5.1. Market Analysis
8.5.2. Sustainable Competitive Advantage
8.5.3. Return on Investment

8.6. Corporate Strategy

8.6.1. Driving Corporate Strategy
8.6.2. Pacing Corporate Strategy
8.6.3. Framing Corporate Strategy

8.7. Planning and Strategy 

8.7.1. The Relevance of Strategic Direction in the Management Control Process
8.7.2. Analysis of the Environment and the Organization
8.7.3. Lean Management

8.8. Strategy Implementation

8.8.1. Indicator Systems and Process Approach
8.8.2. Strategic Map
8.8.3. Differentiation and Alignment

Module 9. Management and Leadership Skills

9.1. People in Organizations 

9.1.1. Quality of Work Life and Psychological Well-Being
9.1.2. Work Teams and Meeting Management
9.1.3. Coaching and Team Management
9.1.4. Managing Equality and Diversity

9.2. Talent Management

9.2.1. Managing Human Capital
9.2.2. Environment, Strategy, and Metrics
9.2.3. Innovation in People Management

9.3. Management and Leadership Development 

9.3.1. Leadership and Leadership Styles
9.3.2. Motivation
9.3.3. Emotional Intelligence
9.3.4. Skills and Abilities of the Leader 2.0
9.3.5. Efficient Meetings

9.4. Change Management 

9.4.1. Performance Analysis
9.4.2. Leading Change Resistance to Change
9.4.3. Managing Change Processes
9.4.4. Managing Multicultural Teams

9.5. Strategic Communication 

9.5.1. Interpersonal Communication
9.5.2. Communication Skills and Influence
9.5.3. Internal Communication and Comprehensive Communication Plan
9.5.4. Barriers to Business Communication

9.6. Negotiation and Conflict Management

9.6.1. Effective Negotiation Techniques
9.6.2. Interpersonal Conflicts
9.6.3. Intercultural Negotiation

Module 10. Marketing Management and Operations

10.1. Marketing Management 

10.1.1. The Customer Relationship Cycle
10.1.2. Individualization vs. Standardization
10.1.3. CRM Applications and Data Mining

10.2. Strategy and Marketing Plan

10.2.1. Management
10.2.2. Digital Marketing and Integrated Communications
10.2.3. Mobile Marketing

10.3. Customer Relationship Management 

10.3.1. Market Selection Target and Product Positioning
10.3.2. Marketing Plan Creation
10.3.3. Distribution Chain Design and Management

10.4. Internationalization Strategies and Global Marketing 

10.4.1. The Customer Relationship Cycle
10.4.2. Individualization vs. Standardization
10.4.3. CRM Applications and Data Mining

10.5. Commercial and Sales Management

10.5.1. Sales Campaign Planning
10.5.2. Commercial and Sales Team Organization
10.5.3. Salesperson Recruitment and Training Policies

10.6. Supply Chain Management

10.6.1. Costs and Efficiency of the Operations Chain
10.6.2. Change in Demand Patterns
10.6.3. Change in Operations Strategy
10.6.4. Logistical Processes

10.7. Competing through Operations 

10.7.1. Innovation in Operations as a Competitive Advantage in the Company
10.7.2. Emerging Technologies and Sciences
10.7.3. Information Systems in Operations

10.8. Business Information Systems

10.8.1. Project Management
10.8.2. Social Media Management and Digital Business
10.8.3. Business Intelligence

Module 11. Strategic Planning and Management Control

11.1. Management Control

11.1.1. Financial Policy and Growth
11.1.2. Information as a Management Control Tool
11.1.3. Management Control as a Planning and Management System
11.1.4. Functions of the Controller
11.1.5. Scope of Management Control

11.2. Financial Information and Management Decisions

11.2.1. Financial or Legal Accounting
11.2.2. Analytical or Cost Accounting
11.2.3. Control Accounting

11.3. Treasury Management

11.3.1. Accounting Working Capital and Working Capital Requirement
11.3.2. Calculation of Operating Cash Requirements
11.3.3. Credit Management
11.3.4. Management of Funds, Wealth and Family Offices

11.4. Cash Management

11.4.1. Bank Financing of Working Capital
11.4.2. Treasury Department Organization
11.4.3. Centralized Treasury Management

11.5. Planning and Control of Responsibility Centers

11.5.1. Design of a Management Control System
11.5.2. Management Control Deviations

11.6. The Process of Strategic Formulation and Planning

11.6.1. Formulation and Content of the Strategic Plan
11.6.2. Balanced Scorecard
11.6.3. Terminology and Basic Concepts

11.7. Organizational Planning

11.7.1. Business Units and Transfer Pricing
11.7.2. Manufacturing, Production, Support and Sales Centers
11.7.3. Roles and Responsibilities of Financial Management

11.8. Indicators as a Control Tool

11.8.1. Control Panels
11.8.2. Number and Format of Indicators
11.8.3. Strategic Planning

Module 12. Banking and Financial Markets

12.1. The Economic Environment and Financial Markets

12.1.1. Measuring Financial Activity
12.1.2. Main Financial Aggregates
12.1.3. Markets and the Control of Financial Flows
12.1.4. The Current Financial Crisis

12.2. Banking Management

12.2.1. Securitizations
12.2.2. Derivatives and Structured Products
12.2.3. Syndicated Financing
12.2.4. Study of the Profitability Obtained

12.3. Financial Instruments and Markets

12.3.1. Fixed Income Valuation and Pricing
12.3.2. Equities
12.3.3. Derivatives
12.3.4. Investment Funds

12.4. Financial Analysis and Planning

12.4.1. Analysis of the Balance Sheet
12.4.2. Analysis of the Income Statement
12.4.3. Profitability Analysis

12.5. Financial Products

12.5.1. Public and Mixed Fixed Income Assets
12.5.2. Variable Income Assets
12.5.3. Derivative Financial Products
12.5.4. Structured Financial Products

12.6. Collective Investment

12.6.1. Collective Investment Financial Products
12.6.2. National Collective Investment Institutions
12.6.3. International Collective Investment

12.7. Portfolio Management

12.7.1. Portfolio Theory
12.7.2. Fixed Income and Equity Management Styles
12.7.3. Mixed Portfolio Management Styles
12.7.4. Asset Allocation Techniques

12.8. Private Banking

12.8.1. Private Banking or Wealth Management
12.8.2. Retail and Institutional Investment
12.8.3. Differential Assets and Structur

Module 13. Financial Risk and Corporate Finance

13.1. Financial Management and Corporate Finance 

13.1.1. Business Management and Value Creation
13.1.2. Capital Structure and Financial Leverage
13.1.3. Weighted Average Cost of Capital
13.1.4. Capital Asset Pricing Model and Other Models

13.2. Company Valuation Methods

13.2.1. Dividend Discount
13.2.2. Flow Discounting
13.2.3. Comparable Multiples

13.3. Corporate Operations

13.3.1. Mergers
13.3.2. Acquisition
13.3.3. Mergers and Acquisitions
13.3.4. Tax Regime for Restructuring Operations

13.4. Studying Other Types of Companies

13.4.1. Unlisted Companies
13.4.2. SMEs
13.4.3. Family Businesses
13.4.4. Foundations and Non-Profit Organizations
13.4.5. Social Economy Enterprise

13.5. Strategy and Risk Control 

13.5.1. Management Control Systems
13.5.2. Risks and Internal Control
13.5.3. Review and Audit of the Control System
13.5.4. Financial Risk Management

13.6. Risk, Profitability and Indebtedness

13.6.1. Economic Profitability and Financial Profitability
13.6.2. Financial Profitability and Indebtedness
13.6.3. Risk and Profitability

13.7. Sources of Financing

13.7.1. Bank Financing
13.7.2. Issuance of Obligations and Securitization of Assets
13.7.3. Private Equity y Venture Capital
13.7.4. Subsidies and Fiscal Support

13.8. Corporate Transactions and Bankruptcy

13.8.1. Declaration of Bankruptcy and its Effects
13.8.2. Settlement and Liquidation Phases
13.8.3. International Tender
13.8.4. Scoring the Tender
13.8.5. Conclusion and Reopening of the Tender

Module 14. Feasibility of Investment Projects

14.1. Investments in a Company

14.1.1. Concept and Classification
14.1.2. Stages in Investment Project Analysis
14.1.3. Investment as a Financial Operation

14.2. Economic Valuation Methods

14.2.1. Recovery Period
14.2.2. Total and Average Cash Flow per Committed Monetary Unit
14.2.3. Net Present Value and Internal Rate of Return
14.2.4. Discounted Recovery Period and Rate of Return
14.2.5. Expected NPV Return

14.3. Cost of Capital

14.3.1. Cost of Borrowed Resources
14.3.2. Cost of Preferred Stock
14.3.3. Cost of Equity Calculation
14.3.4. Calculation of the Total Cost of Capital

14.4. Diagnosis, Planning and and Control of Investments

14.4.1. Financial Planning
14.4.2. Real Estate Planning
14.4.3. Tax Planning

14.5. Technical Analysis and Fundamental Analysis 

14.5.1. Definition and Scope of Application
14.5.2. Study of Graphs and Trends
14.5.3. Sector and Stock Market Research in Fundamental Analysis
14.5.4. Ratios and Fundamental Analysis

14.6. Investment Analysis in a Risky Environment

14.6.1. Discount Rate Adjustment
14.6.2. Reduction of Cash Flows to Certainty Conditions
14.6.3. Scenario Simulation

14.7. Cash Flows in Investment Projects

14.7.1. Financial Modeling
14.7.2. Discounted Cash Flows
14.7.3. Analysis of Working Capital Cash Flows
14.7.4. Taxes and Inflation

14.8. Stock Markets

14.8.1. Companies' Access to the Stock Exchange
14.8.2. International Stock Exchanges Operation
14.8.3. Stock Market Indexes

Module 15. Ethical-Legal-Fiscal

15.1. Corporate Practice

15.1.1. Structural Corporate Modifications
15.1.2. Dissolution, Liquidation and Insolvency Proceedings
15.1.3. General Meeting and Board of Directors

15.2. Tax Practice

15.2.1. Analysis of Corporate Tax Obligations
15.2.2. General Tax Legal Framework
15.2.3. Reports on the Review of Administrative Acts

15.3. Responsible Finance and Investment

15.3.1. Financial Inclusion
15.3.2. Sustainability and Responsibility of the Financial Manager
15.3.3. Transparency in Information
15.3.4. Responsible Financing and Investment
15.3.5. Social Economy, Cooperativity and Corporate Social Responsibility

15.4. Business Ethics

15.4.1. Ethical Behavior in Companies
15.4.2. Deontology and Ethical Codes
15.4.3. Fraud and Conflicts of Interest

15.5. Legal Environment and Corporate Governance 

15.5.1. International Rules on Importation and Exportation
15.5.2. Intellectual and Industrial Property
15.5.3. International Labor Law

Module 16. Executive Accounting

16.1. Fundamentals of Management Accounting

16.1.1. Management Accounting Objectives
16.1.2. Qualitative Characteristics of Accounting Information
16.1.3. Management Accounting Evolution

16.2. Management Accounting to Cost Accounting 

16.2.1. Elements of Cost Calculation
16.2.2. Stock in General Accounting and Cost Accounting
16.2.3. Expense in General Accounting and Cost Accounting
16.2.4. Costs Classification

16.3. Cost-Volume of Operations-Benefit Analysis

16.3.1. Characteristics and Assumptions of the Cost-Volume-Profit Method
16.3.2. Break-Even Point
16.3.3. Safety Margin
16.3.4. Uncertainty Situations in the Cost-Volume-Profit Analysis

16.4. Information Systems and Business Intelligence 

16.4.1. Fundamentals and Classification
16.4.2. Cost Allocation Phases and Methods
16.4.3. Choice of Cost Center and Impact

16.5. Direct Costing

16.5.1. Analytical Results of Direct Costing as a Management Tool
16.5.2. Fixed and Variable Costs: Classification
16.5.3. Semi-Gross Margin for Productivity Study
16.5.4. Analytical Balance Sheet Study

16.6. Budget Control

16.6.1. Budget Planning and Control
16.6.2. Operational Budgets
16.6.3. Budgeting Methods
16.6.4. Budget Control and Deviations

16.7. Standard Costs

16.7.1. Definition and Types of Standard Costs
16.7.2. Flexible Budgeting of Indirect Costs
16.7.3. Total Cost Center and Full Costs Model
16.7.4. Variances in Standard Costs Approach

16.8. Decision-Making in Management Accounting   

16.8.1. Production and Costs Organization for Decision-Making
16.8.2. Analysis of Economic-Financial Statements and their Impact on Corporate Decisions
16.8.3. Financial Information for Decision-Making in the Short and Long Term
16.8.4. Dealing with Uncertainty in Decision-Making
16.8.5. Planning and Cost Analysis for Competitive Advantage

Module 17. Advanced Accounting I

17.1. Incorporation of Companies

17.1.1. Introduction to Cost Accounting
17.1.2. Social Capital

17.1.2.1. Monetary Contributions
17.1.2.2. Non-Monetary Contributions

17.1.3. Incorporation of Corporations

17.1.3.1. Incorporation by Simultaneous Foundation or by Agreement
17.1.3.2.  Successive Foundation or by Public Subscription

17.2. Treasury Stock

17.2.1. Concept of Treasury Stock
17.2.2. Forms of Acquisition of Own Shares
17.2.3. Disposal of Treasury Stock
17.2.4. Amortization of Treasury Stock

17.3. Tangible Fixed Assets

17.3.1. Introduction to Tangible Fixed Assets
17.3.2. Initial Valuation of Tangible Fixed Assets

17.3.2.1. Acquisition Price
17.3.2.2. Production Costs
17.3.2.3. Swaps
17.3.2.4. Non-Monetary Contributions

17.3.3. Posterior Valuation of Tangible Fixed Assets

17.3.3.1. Amortization
17.3.3.2. Impairment

17.3.4. Disposal of Tangible Fixed Assets

17.4. Corporate Income Tax–CIT (I)

17.4.1. Corporate Income Tax and its Accounts
17.4.2. Current Tax Assets and Liabilities
17.4.3. Deferred Tax Assets and Liabilities
17.4.4. Valuation of Current and Deferred Tax Assets and Liabilities

17.5. Corporate Income Tax–CIT (II)

17.5.1. Negative Taxable Income
17.5.2. Corporate Income Tax Adjustments

17.5.2.1. Permanent Differences
17.5.2.2. Temporary Differences

17.6. Financing I

17.6.1. Introduction to Corporate Finance
17.6.2. Capital Subsidies in SMEs

17.7. Financing II

17.7.1. Provisions
17.7.2. Long-Term Debt

17.7.2.1. Long-Term Debt with Special Characteristics
17.7.2.2. Long-Term Debt with Related Parties
17.7.2.3. Long-Term Debt from Loans Received, Borrowings and Other Items

17.8. Financial Accounts I

17.8.1. Short-Term Borrowings, Special Feature Borrowings and Other Short-Term Similar Issues
17.8.2. Short-Term Debt with Related Parties
17.8.3. Short-Term Debt from Loans Received, Borrowings and Other Items
17.8.4. Short-Term Financial Investments with Related Parties

Module 18. Management Accounting for Decision-Making

18.1. Conceptual Foundations

18.1.1. Analytical Accounting: Concept, Evolution and Scope of Study
18.1.2. Objectives and Users
18.1.3. Relationships and Differences between Analytical Accounting and Financial Accounting

18.2. Cost: Basic Concepts

18.2.1. Cost Concept and Magnitudes that Comprise It
18.2.2. Relativity of Cost Figures
18.2.3. Cost Accounting Itinerary: The Costs-Assets-Results Connection
18.2.4. The Concept of Expenditure and its Relationship with the Cost 

18.3. Basic Accumulation Model of Costs and Results

18.3.1. The Accounting Flow of Costs: Identification, Accrual, Classification and Localization of Components
18.3.2. Activity Analysis as a Cost-Generating Basis
18.3.4. The Cost-Activity-Production Relationship. The Problem of Indirect Costs
18.3.5. Structure of the Basic Accumulation Model: the Analysis by Functions
18.3.6. Concept and Objectives of Functional Cost Classification

18.3.6.1. Main Functions that Integrate the Company's Operating Activity and Criteria for the Delimitation and Allocation of its Costs
18.3.6.2. Allocation of Costs to Industrial Full Cost

18.3.7. Functional Income Statement: Concept and Structure

18.4. Warehouse Valuation

18.4.1. Stocks
18.4.2. Valuation Methods

18.5. Ongoing and Lost Production

18.5.1. Valuation of Final Stocks of Production in Progress
18.5.2. Valuation of Initial Stocks of Production in Progress
18.5.3. Valuation of Lost Production

18.6. Multiphase Production System

18.6.1. Introduction
18.6.2. Semi-Finished Products
18.6.3. Multiphase Production Models
18.6.4. Multiphase Serial Production
18.6.5. Multiphase Parallel Production

18.7. Variable Cost Model

18.7.1. Conceptual Foundations
18.7.2. Cost Accruals and Income Statement Structure 
18.7.3. Contribution Margin as an Instrument for Profitability Analysis and Decision-Making
18.7.4. Localization and Analysis of Costs by Centers in the Variable Cost Model Framework
18.7.5. Direct Costing and Cost-Volume-Benefit Analysis: Basic Cost-Volume-Benefit Analysis model
18.7.6. Determination of the Profitability Threshold
18.7.7. Limitations of the Variable Cost Model

18.8. Decision-Making Under Variable Costs

18.8.1. Activity and Capacity Basic Concepts for Management Analysis and Control
18.8.2. Cost Behavior and Activity Level Variations: Fixed and Variable Costs
18.8.3. Applications of Direct Costing to Pricing and Product Decisions
18.8.4. Leveraging Installed Capacity as a Framework for Business Decisions: Decision Criteria in Low Occupancy and Full Occupancy Situations
18.8.5. Decisions to Manufacture, Subcontract or Buy
18.8.6. Decisions to Continue Processing the Product or Sell it at a Lower Degree of Elaboration
18.8.7. Decisions on Acceptance or Rejection of Special Orders

18.9. Standards Cost Model

18.9.1. Deviations

18.9.1.1. Direct Costs Deviations
18.9.1.2. Indirect Costs Deviations

18.10. Cost Model Based on Rational Allocation

18.10.1. Installed Capacity Utilization as an Efficiency Factor: Capacity Utilization and Idle Capacity: its Impact on Costs
18.10.2. Underactivity Costs
18.10.3. The Rational Allocation Method of Cost Allocation

18.10.3.1. Conceptual Foundations
18.10.3.2. Cost Allocation
18.10.3.3. Structure of the Income Statement

18.10.4. Contributions of the Method to Management Analysis and Control

Module 19. Advanced Accounting II

19.1. Financial Accounts II

19.1.1. Other Temporary Financial Investments
19.1.2. Other Non-Bank Accounts
19.1.3. Short-Term Bonds and Deposits Received and Pledged and Accruals and Deferrals Adjustments
19.1.4. Treasury
19.1.5. Non-Current Assets Held for Sale and Associated Assets and Liabilities
19.1.6. Impairment of Short-Term Financial Investments

19.2. Business Combination (I)

19.2.1. Introduction to Business Combination
19.2.2. Classification of Business Combinations
19.2.3. The Acquisition Method

19.2.3.1. Determination of the Acquiring Company
19.2.3.2. Acquisition Dates Identification
19.2.3.3. Costs of Business Combinations
19.2.3.4. Recognition of Goodwill or Negative Goodwill Difference

19.2.4. Provisional Accounting
19.2.5. Business Combinations Performed by Stages

19.3. Business Combination (II)

19.3.1. Concept of the Merger of Companies and its Types
19.3.2. The Merger Project
19.3.3. The Merger Balance Sheet
19.3.4. Approval of the Merger
19.3.5. Formalization and Registration of the Merger Agreement
19.3.6. Effects of the Merger
19.3.7. Merger Classes

19.3.7.1. Direct Merger
19.3.7.2. Indirect Merger
19.3.7.3. Merger by Stages
19.3.7.4. Twins Merger
19.3.7.5. Reverse Merger

19.4. Business Combination (III)

19.4.1. Concept of the Spin-Off of Companies
19.4.2. Legal Regime of the Spin-Off
19.4.3. Effects of the Spin-Off
19.4.4. Types of Spin-Off

19.4.4.1. Total Spin-Off
19.4.4.2. Partial Spin-Off

19.5. Business Combination (IV)

19.5.1. Concept of the Spin-Off of Companies
19.5.2. Partial Segregation

19.6. Insolvency Proceedings

19.6.1. Concept of Insolvency Proceedings
19.6.2. Types of Insolvency Proceedings
19.6.3. The Bankruptcy Administration
19.6.4. Consequences of the Declaration of Bankruptcy
19.6.5. Accounting Scheme

19.7. Introduction to the Review of Annual Reports

19.7.1. Annual Reports
19.7.2. Audit Concept
19.7.3. Objectives of the Review of Annual Reports

19.8. Parties Involved in the Review of Annual Reports

19.8.1. Entities Obliged to Submit Annual Accounts Audits
19.8.2. Auditors of Accounts

19.8.2.1. Requirements for the Exercise of the Audit
19.8.2.2. Auditors' Responsibility
19.8.2.3. Auditors' Duty

19.8.2.3.1. Duty of Independence
19.8.2.3.2. Duty of Conservation and Custody
19.8.2.3.3. Duty of Secrecy
19.8.2.3.4. Duty of Skepticism and Professional Judgment

19.9. Report of Audit of Annual Reports

19.9.1. Structure of the Audit Report

19.10.1.1. Basic Elements of the Report of the Annual Accounts Audit

19.9.2. Other Aspects
19.9.3. Audit Report Models

Module 20. Accounting and Taxation

20.1. Accounting Treatment of Stock Sales and Purchases

20.1.1. Standards for Recording and Valuation of Inventories
20.1.2. Stock Value Allocation Methods
20.1.3. Inventory-Related Income and Expense Accounts
20.1.4. Valuation of Stocks and Valuation Adjustments

20.2. Accounting Treatment of Accounts Payable and Receivable for Commercial Transactions

20.2.1. Standards for Recording and Valuation of Financial Instruments
20.2.2. Personnel Costs
20.2.3. Commercial Transactions with Interest for Deferral Factoring
20.2.4. Foreign Currency Transactions
20.2.5. Personnel and Public Administration Accounts
20.2.6. Accruals and Deferrals
20.2.7. Valuation Adjustments

20.3. Accounting Treatment of Non-Financial Fixed Assets

20.3.1. Standards for Recording and Valuation of Non-Financial Fixed Assets
20.3.2. Fixed Assets in Progress
20.3.3. Real Estate Investments
20.3.4. Intangible Fixed Assets
20.3.5. Valuation Adjustments
20.3.6. Assets Held for Sale
20.3.7. Finance Lease

20.4. Accounting Treatment of Financial Instruments

20.4.1. Standards for Recording and Valuation of Financial Instruments
20.4.2. Classification of Financial Instruments

20.4.2.1. Held-to-Maturity Investments
20.4.2.2. Financial Assets Held for Trading
20.4.2.3. Available-for-Sale Financial Assets
20.4.2.4. Equity Investments in Group, Multigroup and Associated Companies
20.4.2.5. Non-commercial Loans
20.4.2.6. Credits, Loans and Other Debits
20.4.2.7. Borrowings and Other Similar Issues
20.4.2.8. Financial Liabilities Held for Trading

20.4.3. Bonds, Deposits and Other Non-Bank Accounts
20.4.4. Accruals and Deferrals

20.5. Accounting Treatment of Shareholders' Equity, Subsidies and Provisions

20.5.1. Own Financing Sources
20.5.2. Equity Instruments
20.5.3. Grants, Donations and Legacies
20.5.4. Provisions and Payments Based on Equity Instruments

20.6. Accounting Treatment of Expenses and Revenues and Transactions Arising from Fiscal Year End

20.6.1. Accounting Treatment of Expenses

20.6.1.1. Purchases of Stocks
20.6.1.2. External Services
20.6.1.3. Taxes
20.6.1.4. Personnel Expenses
20.6.1.5. Other Management Expenses
20.6.1.6. Financial Expenses
20.6.1.7. Losses from Non-Current Assets and Exceptional Expenses

20.6.2. Accounting Treatment of Revenues

20.6.2.1. Sales of Stocks
20.6.2.2. Work Performed for the Company
20.6.2.3. Grants, Donations and Legacies
20.6.2.4. Other Management Revenues
20.6.2.5. Financial Revenue
20.6.2.6. Benefits from Non-Current Assets and Revenues

20.6.3. Transactions Resulting from the End of the Fiscal Year

20.6.3.1. Variation in Inventories
20.6.3.2. Amortization
20.6.3.3. Impairment Losses and Other Provisions
20.6.3.4. Reversal of Impairment and Excess Provisions

20.7. Corporate Income Tax

20.7.1. Applicable Regulations
20.7.2. Differences Between Accounting and Tax Results

20.7.2.1. Amortization
20.7.2.2. Finance Lease
20.7.2.3. Valuation Adjustments for Impairment and Provisions
20.7.2.4. Non-Deductible Expenses

20.7.3. Tax Debt. Deductions and Allowances
20.7.4. Withholdings and Payments on Account
20.7.5. Small Tax Incentives

20.8. Personal Income Tax of Individuals

20.8.1. Applicable Regulations
20.8.2. General Concepts

20.8.2.1. Types of Income
20.8.2.2. Non-Subject and Exempt Income

20.8.3. Types of Income

20.8.3.1. Income from Work
20.8.3.2. Income from Real Estate Capital
20.8.3.3. Income from Movable Capital
20.8.3.4. Performance on Economic Activities
20.8.3.5. Capital Gains and Losses
20.8.3.6. Income Allocation
20.8.3.7. Tax Liquidation

20.8.3.7.1. Payment Basis
20.8.3.7.2. Personal and Family Minimum
20.8.3.7.3. Full Quota
20.8.3.7.4. Liquid Quota
20.8.3.7.5. Quota Difference

Module 21. Analysis of Economic-Financial Statements

21.1. Accounting Information Contained in the Financial Statements

21.1.1. General Objectives of Accounting Information
21.1.2. The Balance Sheet: Nature, Meaning and Components
21.1.3. The Income Statement: Nature, Significance and Components
21.1.4. The Net Worth Statement: Meaning and Components
21.1.5. The Statement of Cash Flows: Meaning and Components 

21.2. Economic-Financial Analysis Techniques

21.2.1. Objectives of the Economic-Financial Analysis
21.2.2. Methods of Analysis
21.2.3. Economic and Financial Analysis
21.2.4. Balance Sheet Financial Classification
21.2.5. Economic Structure of the Income Statement

21.3. Analysis of Short-Term Financial Position (I)

21.3.1. Short-Term Equilibrium
21.3.2. Working Capital
21.3.3. The Average Maturity Period or the Operating Cycle
21.3.4. Necessary Working Capital

21.4. Analysis of Short-Term Financial Position (II)

21.4.1. Ratios: Concept and Meaning
21.4.2. Main Ratios Used in the Analysis of Financial Statements: Solvency and Liquidity
21.4.3. Revolving Ratios of the Components of Working Capital

21.5. Analysis of Long-Term Financial Position (I)

21.5.1. Economic and Financial Structure: Assets, Liabilities and Net Worth
21.5.2. Ratio of Liabilities to Net Assets
21.5.3. Collateral and Indebtedness
21.5.4. The Leverage Effect

21.6. Analysis of Long-Term Financial Position (II)

21.6.1. Profit Generation Analysis
21.6.2. Fund Generation Analysis

21.7. Analysis of the Economic Situation: Profitability

21.7.1. Return on Investment (ROI) and its Components
21.7.2. Financial Return on Equity (ROE)
21.7.3. Shareholder Return

21.8. Application of the ROA and ROE Concepts: the Weighted Average Cost of Capital

21.8.1. Weighted Average Cost of Capital
21.8.2. Factors that Determine the Cost of Capital 
21.8.3. Cost of Capital Calculation
21.8.4. Determination of the Cost of each Financial Source

21.9. Quantifying the Financial and Economic Effects of Investment and Financing Decisions

21.9.1. Statement of the Question through an Example 
21.9.2. Financial Leverage
21.9.3. Financial Structure

21.10. Global Analysis of Financial Statements: Practical Case Study

Module 22. Analysis and Management of Financial Instruments

22.1. Introduction to the Financial System and Institutions

22.1.1. General Issues
22.1.2. Organization of the Financial System
22.1.3. Financial Institutions
22.1.4. Financial Markets
22.1.5. Financial Assets

22.2. Short-Term Public Debt

22.2.1. Introduction
22.2.2. Treasury Bills: Definition and Characteristics
22.2.3. Treasury Bills: Form of Issuance
22.2.4. Secondary Market for Treasury Bills

22.3. Long-Term Public Debt

22.3.1. Introduction
22.3.2. Bonds and Debentures: Form of Issuance

22.4. Short-Term Corporate Debt

22.4.1. Introduction
22.4.2. Promissory Notes and Other Short-Term Corporate Assets: Definition and Characteristics
22.4.3. Corporate Promissory Notes: Form of Issuance
22.4.4. Secondary Markets for Corporate Promissory Notes

22.5. Long-Term Corporate Debt

22.5.1. Introduction
22.5.2. Corporate Bonds and Debentures: Definition and Characteristics
22.5.3. Corporate Bonds and Debentures: Form of Issuance
22.5.4. Secondary Markets for Corporate Debt

22.6. Variable Income: Shares

22.6.1. Introduction
22.6.2. What are Shares?
22.6.3. Options Valuation
22.6.4. Official Market Surveillance and Supervision
22.6.5. Investment Services Companies
22.6.6. Public Offerings with Shares: Takeover Bid, Public Employment Offer (OEP), Public Subscription Offer (OPS), Initial Public Offering (IPO)
22.6.7. Market Credit Operations

22.7. Foreign Exchange

22.7.1. Introduction to Foreign Exchange
22.7.2. The Exchange Rate
22.7.3. Factors Affecting the Exchange Rate
22.7.4. Foreign Exchange Transactions
22.7.5. Characteristics of the Foreign Exchange Market

22.8. Derivative Instruments: Forwards and Futures

22.8.1. Introduction to Derivatives
22.8.2. Forwards. Definition and Strategies
22.8.3. Futures. Definition and Strategies
22.8.4. Examples of Forwards and Futures 

22.9. Derivative Instruments: Options

22.9.1. Introduction to Options
22.9.2. Basic Option Positions
22.9.3. Intrinsic Value and Time Value in Options
22.9.4. Examples of Options Transactions

22.10. Derivative Instruments: SWAPS

22.10.1.Introduction to Financial Swaps or SWAPS
22.10.2. Characteristics of Swap Transactions
22.10.3. Types of SWAPS
22.10.4. Examples of SWAPS Transactions

Module 23. Business Combinations and Business Valuation

23.1. Strategic Rationale for the Acquisition and Valuation of a Company

23.1.1. Reasons to Value a Company: The Sale and Purchase Process as a Tool for Growth
23.1.2. Leveraged Financing. Capital Risk. (Venture Capital, Private Equity, Family Offices)
23.1.3. Types of Operations, Buy Out: lbo, Mbo. Mbi y Bimbo
23.1.4. Key Aspects in Mergers and Acquisitions Processes
23.1.5. New Forms of Private Equity Investments, Crowdfunding

23.2. Market Valuation Methodologies

23.2.1. Valuation by Multiples of Listed Companies
23.2.2. Valuation by Multiples of Private Transactions Versus Listed Markets: the Illiquidity Premium
23.2.3. Analytical Formulas of Multiples
23.2.4. Practical Case Studies

23.3. Discounted Cash Flow (DCF) Methodology

23.3.1. Discounted Free Cash Flow Method
23.3.2. Free Cash Flows
23.3.3. Net Investment Rate (NIR)
23.3.4. Residual Value
23.3.5. Discount Rate, Weighted Average Cost of Capital or WACC
23.3.6. The Value of the Company
23.3.7. Calculation of Net Financial Debt, Contingent Liabilities and the Value of Shares
23.3.8. Practical Case Studies

23.4. A Deeper Vision: Company Modeling to Value

23.4.1. Analysis of Accounting Information, Calculation of Trends. Tac's and Averages: Identification of Value Drivers
23.4.2. Projected Revenues by Business Line, Direct and Indirect Costs
23.4.3. Ebitda Projections, Based on History, Market Trends and Company's Strategic Plan
23.4.4. Amortization and Investment Needs Assumptions
23.4.5. Calculation of the Historical Average Maturity Period
23.4.6. Necessary Calculation of Capital
23.4.7. Free Cash Flow, Debt Cash Flow and Shareholder's Cash Flow
23.4.8. Balance Sheet Projections

23.5. Risk Analysis and Inclusion in a Sale and Purchase

23.5.1. A More Comprehensive View of the Weighted Average Cost of Capital
23.5.2. Cost of Borrowed Resources
23.5.3. The Cost of Equity, Dividend Methodology
23.5.4. The Capital Assessment Pricing Model (CAPM) for Calculating the Cost of Capital of Listed Companies
23.5.5. Calculation of Beta for Unlisted Companies from Listed Company Data
23.5.6. The CAPM for Unlisted Companies: Size Premiums and Illiquidity Premiums
23.5.7. Practical Case Studies

23.6. Uncertainty and Risk, the Inclusion of Randomness

23.6.1. Creating Scenarios, Calculating and Using Volatility to Create Value Intervals
23.6.2. Monte Carlo Simulation
23.6.3. Sensitivity Analysis
23.6.4. Price vs. Value: The Value of Synergies. Reducing Risk through the Form of Payment
23.6.5. Practical Case Studies

23.7. Solution of Two Integrated Case Studies

23.7.1. Valuation of a Service Sector Company
23.7.2. Valuation of a Production Company

23.8. Other Valuation Methodologies

23.8.1. Equity Methodology
23.8.2. Economic Value Added (EVA) Methodology

23.9. Business Combinations in Financial Statements

23.9.1. IFRS 3, IFRS 13, NIC 38
23.9.2. Money Market Fund
23.9.3. Recognition of Other Intangible Assets

23.10. Valuation of Intangibles

23.10.1. The Brand as a Leading Intangible Asset, Rest of Intangibles that Make Up the Value of a Company: The Multi-Period Excess Profit Method
23.10.2. Methods to Calculate Brand Value:

23.10.2.1. Royalty Method
23.10.2.2. Interbrand Method

Module 24. Consolidation of Financial Statements

24.1. Accounting Consolidation. Introduction

24.1.1. Introduction

24.1.1.1. Concept of Consolidation
24.1.1.2. Standards for the Preparation of the Consolidated Annual Accounts

24.1.2. Subjects of Consolidation
24.1.3. Obligation to Consolidate
24.1.4. Consolidation Methods

24.2. Global Integration Method. Part I

24.2.1. Introduction
24.2.2. Homogenizations
24.2.3. Aggregations and Method of Acquisition
24.2.4. Eliminations

24.3. Global Integration Method. Part II

24.3.1. Introduction
24.3.2. Scenario 1: Variation of the Investment without Modification of the Participation Percentage. Changes in the Participation

24.3.2.1. Scenario 2: Variation in the Percentage of Ownership without Assuming Loss of Control
24.3.2.2. Increase in the Percentage of Ownership without a Loss of Control
24.3.2.3. Decrease in Percentage of Ownership without Loss of Control

24.3.3. Scenario 3: Decrease in the Percentage of Ownership that entails Loss of Control
24.3.4. Special Cases and Exceptions to the Acquisition Method

24.4. Global Integration Method. Part III

24.4.1. Introduction
24.4.2. Individual Cases

24.4.2.1. Indirect Participation
24.4.2.2. Reverse Acquisitions
24.4.2.3. Other Acquisitions

24.5. Global Integration Method. Part IV

24.5.1. Introduction
24.5.2. Elimination of Intra-Group and Income Statement Items
24.5.3. Non-Financial Intragroup Transactions

24.6. Global Integration Method. Part V

24.6.1. Introduction
24.6.2. Non-Asset Eliminations
24.6.3. Financial Intragroup Transactions

24.7. Equity Method

24.7.1. Introduction. Description of the Procedure
24.7.2. Valuation by the Equity Method in Subsequent Years
24.7.3. Intragroup Transactions between Companies Accounted by the Equity Method and Group Companies
24.7.4. Modification of the Participation
24.7.5. Impairment Losses and Loss of Associated Multigroup Status

24.8. Proportional Integration Method

24.8.1   Definition and Applicable Criteria
24.8.2. Non-Monetary Contributions
24.8.3. Joint Ventures Held for Sale
24.8.4. Others
24.8.5. Investments and Divestment in Jointly Controlled Entities
24.8.6. Holdings Prior to being Considered a Multigroup Entity
24.8.7. Loss of Multigroup Status
24.8.8. Termination of the Joint Control Relationship

24.9. Other Rules Applicable to Consolidation

24.9.1. Introduction
24.9.2. Other Rules Applicable to Consolidation

24.10. Consolidated Annual Accounts

24.10.1. Introduction
24.10.2. General Rules for Consolidated Financial Statements
24.10.3. The Consolidated Balance Sheet
24.10.4. Consolidated P&L Account
24.10.5. Consolidated Statement of Changes in Shareholders' Equity
24.10.6. Consolidated Statement of Cash Flows
24.10.7. The Consolidated Report

Module 25. Financial-Accounting Planning for Business Decision-Making

25.1. Economic-Financial Planning in the Company

25.1.1. The Importance of Economic-Financial Planning
25.1.2. General Considerations on Business Strategy
25.1.3. The Role of Budgets in Planning
25.1.4. Company Control Centers and Areas of Responsibility

25.2. Budget Structure and Process

25.2.1. The Company's Master Budget

25.2.1.1. Operational Budgets
25.2.1.2. Investment/Divestment Budget

25.2.2. Treasury Budget
25.2.3. Classification and Budgeting Techniques

25.2.3.1. Zero-Based Budgeting
25.2.3.2. Activity-Based Budgeting 
25.2.3.3. Flexible Budget

25.2.4. Mistakes to Avoid in the Budget Process

25.3. Steps for the Preparation of an Operating Budget I

25.3.1. Revenue Budget
25.3.2. Production Budget

25.3.2.1. Stock Determination
25.3.2.2. Purchasing Budget
25.3.2.3. MOD

25.4. Steps for the Preparation of an Operating Budget II

25.4.1   Distribution Budgets
25.4.2. Commercial Budget
25.4.3. General Expense Budgets

25.5. The Capital Budget

25.5.1. Capital Budgeting from Accounting Perspective
25.5.2. The Jobs
25.5.3. Investment Expenses
25.5.4. Net Current Capital Needs
25.5.5. Financial Amortizations
25.5.6. Financial Resources
25.5.7. Self-Financing
25.5.8. External Financing
25.5.9. Extraordinary Resources

25.6. Treasury Budget

25.6.1. Statement of Cash Flows from Operations
25.6.2. Statement of Cash Flows from Investments/Divestment
25.6.3. Statement of Cash Flows Provided by Financing Activities

25.7. Preparation of Interim Financial Statements

25.7.1. The Interim Profit and Loss Statement
25.7.2. Pension Balance Sheet
25.7.3. Treasury Statement

25.8. Instruments and Tools of Analysis in Operational Budgetary Control

25.8.1. The Use of Flexible Budgeting for Variance Calculation
25.8.2. Calculation of Variations for Volume, Price and Line Item Efficiency
25.8.3. Standard Costing and Budgeting Rates

25.9. Operating Budgetary Control through Practical Cases

25.9.1. Sales Budget Deviations
25.9.2. Direct Costs Deviations
25.9.3. Indirect Costs Budget Deviations
25.9.4. Deviation in the Budget Fixed Indirect Costs
25.9.5. Interpretation of Variations

25.10. The Company's Budget and the Balanced Scorecard 

25.10.1. General Considerations on Business Strategy
25.10.2. What is the Balanced Scorecard
25.10.3. Elaboration of the BSC and Main Indicators

Module 26. Startups Creation and Financing

26.1.  Creation of a Startup

26.1.1. From the Idea to the Business Model
26.1.2. Partnership
26.1.3. Legal Considerations
26.1.4. Organization and Culture
26.1.5. Venture Capital and Entrepreneurial Management

26.2. Startup Financial Management and Administration

26.2.1. Introduction to Financial Management in Startup Companies
26.2.2. Financial Metrics for Startups
26.2.3. Financial Planning: Projection Models and their Interpretation
26.2.4. Assessment Methods
26.2.5. Legal Aspects

26.3. The Business Plan

26.3.1. Contents
26.3.2. Introduction
26.3.3. SWOT
26.3.4. The Canvas Model

26.4. Growth Phases in Startup Companies

26.4.1. Seed Phase
26.4.2. Startup Phase
26.4.3. Growth Phase
26.4.4. Consolidation Phase

26.5. Financing Startups

26.5.1. Bank Financing
26.5.2. Subsidies
26.5.3. Seed Capital and Accelerators. Business Angels
26.5.4. Venture Capital. IPO
26.5.5. Public to Private Partnership

Module 27. International Regulations

27.1. International Accounting Architecture. Conceptual framework

27.1.1. General Characteristics
27.1.2. Objective of General Purpose Financial Information
27.1.3. Qualitative Characteristics of Useful Financial Information
27.1.4. Components of Financial Statements

27.2. Presentation of Financial Statements (IAS 1, IFRS 1)

27.2.1. Introduction: Objective, Scope
27.2.2. Definitions
27.2.3. Financial Statements
27.2.4. Structure and Content

27.3. Statement of Cash Flows from Operations (IAS 7)

27.3.1. Introduction: Objective, Scope
27.3.2. Presentation of a Statement of Cash Flows
27.3.3. Cash Flow Information from Operating Activities
27.3.4. Cash Flow Information from Investment and Financing Activities

27.4. Inventories (IAS 2)

27.4.1. Introduction: Objective, Scope
27.4.2. Definitions
27.4.3. Inventory Measurement
27.4.4. Recognition as an Expense

27.5. Property, Plant and Equipment (IAS 16)

27.5.1. Objective
27.5.2. Scope
27.5.3. Definitions
27.5.4. Assessment
27.5.5. Measurement at Recognition
27.5.6. Subsequent Measurement of Recognition
27.5.7. Account Deregistration

27.6. Investment Properties (IAS 40)

27.6.1. Classification of Properties as Investment Properties
27.6.2. Measurement at Recognition
27.6.3. Subsequent Measurement of Recognition
27.6.4. Account Deregistration

27.7. Intangible Assets (IAS 38)

27.7.1. Recognition as Expense
27.7.2. Subsequent Measurement of Recognition
27.7.3. Useful Life
27.7.4. Intangible Assets with Finite Useful Lives
27.7.5. Intangible Assets with Indefinite Useful Lives

27.8. Borrowing Costs (INTEREST) (IAS 23)

27.8.1. Costs for Loans Susceptible of Capitalization 
27.8.2. Start of Capitalization
27.8.3. Suspension of Capitalization

27.9. Impairment of Assets, (IAS 36)

27.9.1. Identification of an Asset that May be Impaired
27.9.2. Measurement of Recoverable Amount
27.9.3. Impairment Loss Recognition and Measurement
27.9.4. Cash Generating Units
27.9.5. Reversal of Impairment Losses 

27.10. Operating Segments (IFRS 8)

27.10.1. Basic Principles
27.10.2. Scope
27.10.3. Operating Segments
27.10.4. Reportable Segments

Module 28. International Finance

28.1. Business & International Strategy 

28.1.1. Internationalisation.
28.1.2. Globalization
28.1.3. Growth & Development in Emerging Markets
28.1.4. International Monetary System

28.2. Foreign Exchange Market

28.2.1. Foreign Exchange Transactions
28.2.2. The Forward Foreign Exchange Market
28.2.3. Derivative Instruments for Hedging Exchange Rate and Interest Rate Risks
28.2.4. Currency Appreciation and Depreciation

28.3. International Payment and Collection Methods

28.3.1. Bills, Personal Check and Bank Check
28.3.2. Transfer, Payment Order and Remittance
28.3.3. Documentary Clauses and Credits
28.3.4. Factoring, International Swap and Other Means

28.4. Financing Operations in International Markets

28.4.1. Incoterms
28.4.2. Derivative Instruments to Hedge Possible Fluctuations in the Price of Raw Materials
28.4.3. Export Credits with Official Support
28.4.4. Hedging with SWAP Contracts
28.4.5. The OECD Consens

28.5. International Financial Institutions

28.5.1. The Internationalization Fund of the Company
28.5.2. The World Bank Group
28.5.3. The Inter-American Development Bank
28.5.4. Caribbean Development Bank

28.6. Formation of Exchange Rates

28.6.1. Interest Rate Parity Theory
28.6.2. Theory of Exchange Rate Expectations
28.6.3. Purchasing Power Parity (PPP) Theory
28.6.4. Capital Market Balance

28.7. Debt Conversion Programs

28.7.1. Legal Framework
28.7.2. Operation
28.7.3. Conversion of Debt into Public Investments
28.7.4. Conversion of Debt into Private Investments

28.8. International Stock Market

28.8.1. Wall Street Market (New York)
28.8.2. Gold Market
28.8.3. World External Debt
28.8.4. Paris Club
28.8.5. ADR and GDR Securities Marke

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