Financial Reporting Balance Sheet

1
Competence Unit 4 / Training Unit 4 : Financial reporting
Professional / Competence Standard Training Standard / Curriculum
Activities Tasks Knowledge Skills Competences
Training
Objectives
Training
Contents
Activities and Minimum
Duration, in Hours
(Theory and Practice,
Physical and Online
Learning)
Training Methods,
Didactical Resources,
and Learning Media
Training
Target
Group
Financial
reporting within
business
administration
of cooperative
companies
Evaluation of
financial
technical
advices to the
board of
directors from
the manager
Evaluation of
financial formal
reporting tothe
board of
directors from
the manageron
financial
statements and
information
(information on
special
financing issues
and
circumstances,
statement of
financing
operations with
budget
comparisons,
balance sheet
with
comparisons to
one or more
previous years,
accounts
receivable
status that
Accounting standards,
and statutory and
regulatory obligations
according to domestic
and/or international
accounting standards, as
applicable per
cooperative business
model
Process of recording,
adjusting and
reconciling financial
transactions and events
according to accounting
standards
To review and evaluate the
financial technical advices
(about credit control, debt
load, cash-flow, and member
equity) and financial formal
reporting on financial
statements and information
(information on special
financing issues and
circumstances, statement of
financing operations with
budget comparisons, balance
sheet with comparisons to one
or more previous years,
accounts receivable status
that notes overdue accounts,
progress toward financial
objectives set as part of
planning, summary of
financing operations during
the most recent period, etc.)
from the manager
To manage the
financial
reporting
within
business
administration
of cooperative
companies
Acquisition of
the competence
“To manage the
financial
reporting within
business
administration
of cooperative
companies”
Accounting
standards, and
statutory and
regulatory
obligations according
to domestic and/or
international
accounting
standards, as
applicable per
cooperative business
model
Process of recording,
adjusting and
reconciling financial
transactions and
events according to
accounting standards
Methods, techniques
and tools for
reviewing and
evaluating the
financial technical
advices from the
manager
Theory: 10
(8 in classroom +2 online)
Practice: 2
(0 work-based +2 online)
Training methods:
Frontal / Instructor-Led
Training (in particular, lectures)
Interactive methods (in
particular, simulations, case
studies, group discussions,
quizzes)
Experiential / Hands-on
methods (in particular,
individual and collective drills)
Didactical resources:
Collective didactic equipments
(flip board / white-board and
markers, PC with overhead
projector, printer and
broadband internet access), and
individual didactic resources
(personal folders containing
notebooks, pens, pencils,
eraser, sharpeners, and
documentation of programme
material)
Learning media:
Printed and digital texts
Learning Management Systems
(e.g., discussion pages,
threaded discussions, chat
rooms, group pages, grade
book, etc.)
Social Media Applications and
Peer-to-Peer Platforms (e.g.,
Facebook, Edmodo, Classroom
2.0, Peer2Peer University, etc.)
Web Conference Software (e.g.,
Online Meeting/Conferencing
Applications, Two-Way Audio,
etc.)
Co-op
members
elected in
the Board
of
Directors

2
Activities Tasks Knowledge Skills Competences
Training
Objectives
Training
Contents
Activities and Minimum
Duration, in Hours
(Theory and Practice,
Physical and Online
Learning)
Training Methods,
Didactical Resources,
and Learning Media
Training
Target
Group
notes overdue
accounts,
progress
toward
financial
objectives set
as part of
planning,
summary of
financing
operations
during the most
recent period,
etc.)

3
Training Unit 4: Financial reporting
Learning Activities List
Activity 1: Approaching main financial statements within international financial reporting
standards applied in EU : balance sheet (90 min.)
standards applied in EU : income statement (90 min.)
standards applied in EU : equity statement (90 min.)
standards applied in EU : cash flow statement (90 min.)
standards applied in EU : management discussion and analysis - MD&A (90 min.)
Activity 6: Application to cooperatives in EU of international financial reporting standards : the
case of the IAS 32 (90 min.)
Activity 7: Approaching international financial reporting standards specific for agriculture applied
in EU : the IAS 41 Agriculture (90 min.)
Activity 8: Approaching financial statement analysis (90 min.)

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Activity 1: Approaching main financial statements within international financial
reporting standards applied in EU : balance sheet
Duration: 90 min.
Short description: In this activity, the trainer introduces the learners to financial statements within
international financial reporting standards applied in the European Union, supporting them in a collective
formal and non-formal learning experience for the comprehension, review and evaluation of financial
reportsof the cooperative enterprise,startingfromthe balance sheetorstatementof financialposition.
The purpose is to develop the skills for reviewing and evaluating the financial statement reporting on the
cooperative’s assets, liabilities, and owners equity at a given point in time, i.e. the balance sheet, also
referredtoas a statementof financial position.
Specifictasksandexercisesof the learnersonfieldrelatedtopics,within:
 learningactivities:
- introduction to financial statement reporting, in particular for reviewing and evaluating the balance
sheet: the trainer explains to the group of learners the main features of the statement of financial
position (parts of a standard company balance sheet: assets, liabilities, and ownership equity;
relationship between the assets, liabilities, and owner's equity of a business: basic accounting
equation, or balance sheet equation, and double-entry bookkeeping system and process of
recording financial effects of transactions), and shows examples of its application in small and
largerbusinesses,particularlyincooperative enterprises;
- applying the accounting equation as a tool for detecting an error in the balance sheet: each learner
inserts the here below listed accounts in the fitting positions within the following small business
balance sheet sample, ensuring that sum of debits and sum of credits are equal in value, and that
owners'equityequalsassetsminus liabilities:
List of accounts:
a) Cash € 5,500
b) Accounts Receivable € 5,100
c) Notes Payable € 4,000
d) Tools and equipment € 22,000
e) Capital Stock € 6,000
f) Accounts Payable € 22,000
g) Retained Earnings € 600
Sample Small Business Balance Sheet
Assets (current) Liabilities and Owners' Equity
……… € … Liabilities
……… € … ……… € …
Assets (non-current) ……… € …
……… € … Total liabilities € …
Owners' equity
……… € …
……… € …
Total owners' equity € …

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Sample Small Business Balance Sheet
Assets (current) Liabilities and Owners' Equity
Total € … Total € …
 self-assessmentandpeer-evaluation:
- drafting the annual balance sheet of an agri-food cooperative: each learner, using the here below
annual balance sheet scheme, fills in with indicative debit and credit accounts of the own agri-food
cooperative, or of a hypothetical one, ensuring respect of balance sheet equation. Then the learner
presents to the other learners the results of the activity, also trying to give a personal evaluation on
the maturation of skills and knowledge for reviewing and evaluating the balance sheet that the
learningexperience hasresulted,receivingacollective feedbackfromthe otherlearners.
Annual balance sheet scheme for agri-food cooperatives
CURRENT ASSETS
Current Assets (Cash oritems expectedto beconverted intocash within 12months:cash, checking, liquidfunds) € …
Accounts Receivable (Amounts owedto theco-op frompatrons) € …
Inventories (Products on handavailablefor sale:batteries,fertilizer, tires, fuel, etc.) € …
OTHER ASSETS
Investments in Cooperatives (Investments oneco-ophas in another) € …
FIXED ASSETS
Land, Buildings & Equipment (Accounts thatincludeland,buildings,vehicles andotherequipment- Less Accumulated
Depreciation =Net Fixed Assets)
€ …
Total € …
LIABILITIES & MEMBER EQUITIES
Current Liabilities (What the co-op has to pay within12 months, i.e.in short-term: payments to suppliers, employees,
payments made morefrequently thenon anannualbasis; accounts payable,accrual taxes, accrualexpenses,
patronage refunds payable,loans payable, financial claims against theorganization)
€ …
Long-Term Liabilities (Amounts notduein thenext 12months: mortgageloans onbuilding &equipmentarelisted in
this section; long-term portion, i.e. what a co-op owes)
€ …
Total € …
MEMBERS’ EQUITY ACCOUNTS
Common Stock (Commonstock can bepurchased or earned through patronagerefund,i.e. right tovote) € …
Allocated Equity Credits (Yearlyadditions ofretainedpatronage refund / co-op members share that is reinvested
minus theamount ofdividend paid out)
€ …
Retained Earnings (Money from business donewithnon-members) € …
Total € …
This outline is based on the annual balance sheet scheme for agri-food cooperatives published on website of North Dakota Farmers Union
(http://www.ndfu.org/4866-2/understanding-a-co-op-financial-statement/)
Learningactivities,inparticularthose havingpractical character, will be supportedbythe utilization inthe
classroom,forabout30 minutes,of specifictargetedtrainingmaterial(cfr.PowerPointfilerelatingto
Training Unit 4 - Financialreporting, alsopreparedwithinthe ToTCoop+i project).
Material: collective didactic equipments (flip board / white-board and markers, PC with overhead
projector, printer and broadband internet access), and individual didactic resources (personal folders
containingnotebooks,pens,pencils,eraser,sharpeners,anddocumentationof programme material).
Methodological recommendation for implementation and evaluation: The trainer should support the
learners in the collective formal and non-formal learning experience about financial reports of the
cooperative enterprise and particularly about balance sheet, ensuring both the required scientific support

6
in financial statement reporting, and the non-formal learning facilitation (e.g., effective communication
with them, learner orientated and empathic approaches, consideration of to the individual experiences of
the learners, etc.). For evaluation of learning outcomes, self-assessment and collective peer evaluation are
suggested: each participant, in the presence of all participants serving as true partners in learning, tries to
give a personal evaluation on the learning outcomes that the experience has resulted, and on what was
good and what could be improved, then the learner receives feedback of the other participants about the
same issues, facilitating the participant's reflection on the learning experience through dialogue among the
involvedlearnersandthe trainer.
Documentation:
Consolidatedversionof International Financial ReportingStandardsasadoptedbythe EU
Conceptual FrameworkforFinancial Reporting2010, IFRS Foundation,2010
Exposure DraftConceptual FrameworkforFinancial Reporting,IFRSFoundation,2015
InterpretationandApplicationof International Financial ReportingStandards,BarryJ.Epstein,EvaK.
Jermakowicz,2007
Financial &Managerial Accounting,JanWilliams,Sue Haka,MarkS. Bettner,JosephV. Carcello,2008

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Activity 2:Approaching main financial statements within international financial
reporting standards applied in EU: income statement
Duration: 90 min.
reportsof the cooperative enterprise,focusingonthe income statementorprofitandlossaccount.
The purpose is to develop the skills for reviewing and evaluating the financial statement reporting on
cooperative’s income, expenses, and profits over a period of time, i.e. income statement or profit and loss
account, also referred to as profit and loss statement (P&L), statement of profit or loss, revenue statement,
statementof financial performance,earningsstatement,operatingstatement,statementof operations.
- introduction to financial statement reporting, in particular for reviewing and evaluating the income
statement: the trainer explains to the group of learners the main features of the profit and loss
account (parts of a standard company profit and loss statement: income or revenues, i.e. money
received from sale of products and services, interests payments, rents, and other forms of earnings
received in a given period of time before expenses are taken out, or more precisely increases in
economic benefits during accounting period in the form of inflows or enhancements of assets or
decreases of liabilities that result in increases in equity, other than those relating to contributions
from equity participants; expenses, i.e. outflows of cash or other valuable assets charged against
these revenues, including write-offs like depreciation and amortization of various assets, and taxes,
or more precisely decreases in economic benefits during accounting period in the form of outflows
or depletions of assets or incurrences of liabilities that result in decreases in equity, other than
those relating to distributions to equity participants; and profits, i.e. the result after all revenues
and expenses have been accounted for, coinciding with income distributed to owners, in co-op also
named net savings or net margins), and shows examples of its application in small and larger
businesses,particularlyincooperative enterprises;
- identifying the items of a profit and loss account: : each learner inserts the here below listed
accounts in the fitting positions within the following income statement brief example, ensuring the
correctnessof calculationsaccordingtoalreadyinserted items:
List of accounts (in millions):
a) Selling, general and administrative expenses € (4,142.1)
b) Revenue € 36,525.9
c) Interest income € 25.3
d) Depreciation € (602.4)
e) Profit (or loss) from associates, net of tax € (20.08)
f) Interest expense € (718.9)
g) Amortization € (209.9)
h) Profit (or loss) from non-controlling interest, net of tax € (5.1)
i) Income tax expense € (1,678.6)
j) Cost of sales € (18,545.8)
k) Profit (or loss) from discontinued operations, net of tax € (1,090.3)
l) Impairment loss € (17,997.1)
m) Profit (or loss) from continuing operations before tax, share of
profit (or loss) from associates and non-controlling interest € (5,665.0)

8
- drafting the income statement of an agri-food cooperative: each learner, using the here below
statement of operations scheme, fills in with indicative accounts of the own agri-food cooperative,
or of a hypothetical one, reporting the business results of the last year and trying to avoid loss in
net income. Then the learner presents to the other learners the results of the activity, also trying to
give a personal evaluation on the maturation of skills and knowledge for reviewing and evaluating
the income statement that the learning experience has resulted, receiving a collective feedback
fromthe otherlearners.
Statement of operations scheme for agri-food cooperatives
Agri-food European Cooperative Society
INCOME STATEMENT
(in millions)
Year Ended December 31, 2015
2015 2014
……… € … € 29,827.6
……… € … € (15,858.8)
Gross profit € 17,980.1 € 13,968.8
Operating Expenses:
……… € … € (3,732.3)
……… € … € (584.5)
……… € … € (141.9)
……… € … -
Total operating expenses € 22,951.5 € (4,458.7)
Operating profit (or loss) € 4,971.4 € 9,510.1
……… € … € 11.7
……… € … € (742.9)
……… € … € 8,778.9
……… € … € (3,510.5)
……… € … € 0.1
……… € … € (4.7)
Profit (or loss)from continuing operations € 7,369.5 € 5,263.8
……… € … € (802.4)
Profit (or loss)for theyear € 8,459.8 € 4,461.4
2015 2014
Sales (€ amount received for products sold by thecooperative) € … € …
Cost ofsales (€ amount thecooperative pays for products it sells: e.g., for paying fertilizer supplier) € … € …
Gross margins on sales (differencebetween “sales”and “cost ofsales”) € … € …
Other operating income (incomenotfrom selling products but fromproviding a service: e.g.,grain storage,
fertilizerservice, grinding,mixing, drying,finance charges)
€ … € …
Total gross margins (Sales +Serviceincome =Totalgross margin) € … € …
Operating Expenses (costofgoods and services used ina year of operation):
Salaries € … € …
Utilities € … € …
Taxes € … € …
Depreciation € … € …

9
This outline is based on the statement of operations scheme for agri-food cooperatives published on website of North Dakota Farmers
Union (http://www.ndfu.org/4866-2/understanding-a-co-op-financial-statement/)
cooperative enterprise and particularly about income statement, ensuring both the required scientific
support in financial statement reporting, and the non-formal learning facilitation (e.g., effective
communication with them, learner orientated and empathic approaches, consideration of to the individual
experiences of the learners, etc.). For evaluation of learning outcomes, self-assessment and collective peer
evaluation are suggested: each participant, in the presence of all participants serving as true partners in
learning, tries to give a personal evaluation on the learning outcomes that the experience has resulted, and
on what was good and what could be improved, then the learner receives feedback of the other
participants about the same issues, facilitating the participant's reflection on the learning experience
throughdialogue amongthe involvedlearnersandthe trainer.
Documentation:
Consolidatedversionof International Financial ReportingStandards asadoptedbythe EU
Jermakowicz,2007
Insurance € … € …
Truck operating expense € … € …
Reservefor baddebts € … € …
Investments € … € …
………. € … € …
Total operating expenses € … € …
Net incomefrom operations (Gross margins –Total operating expenses =Net incomefrom operations) € … € …
Other Income:
Patronage refund(funds from one co-op toanother) € … € …
Net incomebeforetaxes (Net incomefrom operations +Otherincome =Net incomebeforetaxes) € … € …
Income tax € … € …
Net incomeafter incometax (Netincome beforeincometaxes –Incometax =Net incomeafterincome tax) € … € …

11
reporting standards applied in EU : equity statement
Duration: 90 min.
reports of the cooperative enterprise, focusing on the equity statement, also known as statement of
changesinequityorstatementof retainedearnings.
The purpose is to develop the skills for reviewing and evaluating the financial statement reporting on the
changesin equity (share capital, accumulated reserves and retained earnings) of the cooperative during the
reporting period, i.e. the equity statement, also referred to as statement of changes in equity or statement
of retainedearnings.
- introduction to financial statement reporting, in particular for reviewing and evaluating the equity
statement: the trainer explains to the group of learners the main features of the statement of
changesin equity (typical line items of a standard company equity statement: profits or losses from
operations, dividends paid, issue or redemption of shares, revaluation reserve and any other items
charged or credited to accumulated other comprehensive income, as well as non-controlling
interest attribuable to other individuals and organisations; way in which the equity statement
explain the owners’ equity shown on the balance sheet, breaking down changes in the owners’
interest in the organization, and in the application of retained profit or surplus from one accounting
period to the next), and shows examples of its application in small and larger businesses,
particularlyincooperative enterprises;
- identifying the sense of the items of an equity statement: each learner reads the here below listed
usual items within a company’s statement of changes in equity, trying to identify the correct
significance of eachitem withinthe listedrelatingmeanings :
ITEMS
MEANINGS
Share capital /
Capital stock
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash


12
Share premium
/ Capital
surplus
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash

Treasury share
/ Treasury stock
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash

Retained
earnings
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash

Revaluation of
fixed assets
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account
Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash


13

Other
comprehensive
income
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash

Minority
interest
Portion of a
subsidiary
corporation's
stock that is
not owned by
the parent
corporation

Estimate of
market value
of a property,
based on what
a willing,
knowledgeable
and
unpressured
buyer would
probably pay
to a willing,
knowledgeable
and
unpressured
seller in the
market

Difference
between net
income as in
the income
statement and
comprehensive
income (total
non-owner
change in
equity for a
reporting
period),
representing
certain gains
and losses not
recognized in
the income
statement
account

Accumulated
net income
retained by the
corporation
and
transferred, at
the end of
reporting
period, from
the income
statement to
the retained
earnings
account

Stock which is
also bought
back by the
issuing
company,
reducing the
amount of
outstanding
stock on the
open market
including
insiders'
holdings

Component of
shareholders'
equity,
representing
the amount the
corporation
raises on the
issue of shares
in excess of
their par value
(nominal value)
of shares
(common
stock)

Portion of a
corporation's
equity that has
been obtained
by the issue of
shares in the
corporation to
a shareholder,
usually for cash

- identifying the items of a an equity statement: each learner inserts the here below listed accounts
in the fitting positions within the following statement of changes in equity brief example,
completing it ensuring the correctness of calculations according to already inserted items. Then the
learner presents to the other learners the results of the activity, also trying to give a personal
evaluation on the maturation of skills and knowledge for reviewing and evaluating the equity
statement that the learning experience has resulted, receiving a collective feedback from the other
learners.
List of accounts (in thousands):
a) Purchase of own shares € (250)
b) Foreign exchange reserves € 40
c) Profit/(loss) for the year € 400
d) Pensions Reserve € 30
e) Dividends to Shareholders @50% € (200)
f) Revaluation Reserve € (10)

14
Statement ofChangesin Equity Sample
Asof 31 December 2015
(in thousands of €)
Share
Capital
Share
Premium
Treasury
Shares
Retained
Earnings
Accumulated Other Comprehensive
Income Total
shareholders
funds
Minority
interest
Total
………… ………… …………
At 1 January 2014 1,000 100 0 2,500 750 800 56 5,206 600 5,806
Profit/(loss) for the year 300 300 30 330
Other Comprehensive Income 10 35 45 90 9 99
Dividends to Shareholders
@50%
(150) (150) (15) (165)
…………………. …… - (250)
At 1 January 2015 1,000 100 (250) 2,650 760 835 101 5,196 624 5,820
…………………. …… 40 440
Other Comprehensive Income 60 6 66
…………………. …… (20) (220)
Issue of Shares 150 87 220 (50) 407 - 407
At 31 December 2015 1,150 187 (30) 2,800 800 865 91 5,863 650 6,513
cooperative enterprise and particularly about statement of changes in equity, ensuring both the required
scientific support in financial statement reporting, and the non-formal learning facilitation (e.g., effective
Documentation:
Interpretation andApplicationof International Financial ReportingStandards,BarryJ.Epstein,EvaK.
Jermakowicz,2007

15

16
reporting standards applied in EU : cashflow statement
Duration: 90 min.
reports of the cooperative enterprise, focusing on the cash flow statement, also known as statement of
cash flows.
The purpose is to develop the skills for reviewing and evaluating the financial statement reporting on
cooperative’s operating, investing and financing activities, i.e. the cash flow statement or statement of cash
flows.
- introduction to financial statement reporting, in particular for reviewing and evaluating the cash
flow statement: the trainer explains to the group of learners the main features of the statement of
cash flows (usefulness in order to determine the short-term viability of a company, particularly its
liquidity and ability to pay bills, showing how changes in balance sheet accounts and income affect
cash and cash equivalents, breaking the analysis down to operating, investing and financing
activities, capturing both the current operating results and the accompanying changes in the
balance sheet concerned with the flow of cash in and out of the business; main cash flow items
from operating activities: receipts for the sale of loans or debt or equity instruments in a trading
portfolio, interest received on loans, payments to suppliers for goods and services, payments to
employees or on behalf of employees, interest payments, buying merchandise, depreciation,
deferred tax, amortization, and dividends received; main cash flow items from investing activities:
purchase or sale of assets like land, building, equipment, marketable securities, etc., loans made to
suppliers or received from customers, and payments related to mergers and acquisition; main cash
flow items from financing activities: payments of dividends, payments for repurchase of company
shares, net borrowings, repayment of debt principal including capital leases, and for non-profit
organizations, receipts of donor-restricted cash that is limited to long-term purposes), and shows
examplesof its applicationinsmall andlargerbusinesses,particularlyincooperative enterprises;
- identifying the items of a cash flow statement: each learner inserts the here below listed accounts
in the fitting positions within the following statement of cash flows brief example, ensuring the
correctnessof calculationsaccordingtoalreadyinserteditems:
List of accounts:
a) Cash paid to suppliers and employees € (2,500)
b) Dividends paid € (2,000)
c) Interest paid € (1,600)
d) Cash receipts from customers € 8,500
e) Income taxes paid € (2,400)
f) Dividends received € 2,500
g) Cash and cash equivalents, beginning of year € 500
h) Proceeds from the sale of equipment € 7,000

17
Sample cash flow statement
Cash flows from (used in) operating activities
………………… € …
………………… € …
Cash generated from operations (sum) € 6,000
………………… € …
………………… € …
Net cash flows from operating activities € 2,000
Cash flows from (used in) investing activities
………………… € …
………………… € …
Net cash flows from investing activities € 10,000
Cash flows from (used in) financing activities
………………… € …
Net cash flows used in financing activities € (2,000)
Net increase in cash and cash equivalents € 10,000
………………… € …
Cash and cash equivalents, end of year € 10,500
- classifying the items of a cash flow statement: each learner reads the here below listed usual items
within a statement of cash flows, trying to classify them under operating, investing or financing
activities. Then the learner presents to the other learners the results of the activity, also trying to
give a personal evaluation on the maturation of skills and knowledge for reviewing and evaluating
the cash flow statement that the learning experience has resulted, receiving a collective feedback
CASH FLOW ITEMS TYPEOF ACTIVITY
Sale (repurchase) ofstock
 Operating Activities
 Investing Activities
 Financing Activities
Dividends received
Depreciation and amortization
Decrease(increase) in accounts receivable
Decrease(increase) in inventories
Proceeds fromthesale ofequipment
Dividends paid
Increase(decrease) in liabilities (A/P, taxes payable)
Increase(decrease) in debt

18
containingnotebooks,pens,pencils,eraser,sharpeners,anddocumentation of programme material).
cooperative enterprise and particularly about cash flow statement, ensuring both the required scientific
Documentation:
Jermakowicz,2007

19
reporting standards : management discussionandanalysis - MD&A
Duration: 90 min.
reportsof the cooperative enterprise,focusingonthe managementdiscussionandanalysisorMD&A.
The purpose is to develop the skills for reviewing and evaluating the financial statement providing the
narrative explanation by the management of how the cooperative has performed in the past, its financial
condition, and its future prospects, i.e. the management discussion and analysis or MD&A, which is an
integratedpartof a company'sannual financial statements.
- introduction to financial statement reporting, in particular for reviewing and evaluating the
management discussion and analysis: the trainer explains to the group of learners the main
features (description of the year gone by and some of the key factors that influenced the business
of the companyin that year, as well as a fair and unbiased overview of the company's past, present,
and future, with description of company's liquidity position, capital resources, results of its
operations, underlying causes of material changes in financial statement items, such as asset
impairment and restructuring charges, events of unusual or infrequent nature, such as mergers and
acquisitions or share buybacks, positive and negative trends, effects of inflation, domestic and
international market risks, and significant uncertainties, etc.), and elements (core businesses,
objectives and strategy, capability to deliver results - resources, relationships and risk, results and
outlook, external and internal key performance measures and indicators) of the MD&A disclosure
framework, also showing examples of its application in small and larger businesses, particularly in
cooperative enterprises;
- identifying MD&A single items within MD&A elements: each learner reads the here below listed
usual items within a company’s management discussion and analysis, trying to identify the MD&A
elementtowhicheachitemrelates:
MD&A ITEMS
MD&A ELEMENTS
Core businesses
Objectivesand
strategy
Capability to deliver
results -resources,
relationshipsand
risk
Terms ofand changes incredit facilities, debtcovenants and
debt repayments, including the effects ofany non-
compliance oranticipated non-compliancewith terms
 YES  NO  YES  NO  YES  NO
Significant long-termbusiness objectives, strategy,goals or
targets andshorter-term priorities for eachcorebusiness,
including eachsignificant segment,andfor thecompany, as
appropriate
Description ofthe company structure  YES  NO  YES  NO  YES  NO
Description ofeach corebusiness inwhich the company
operates, including the totalsizeofthebusiness,its growth,
and other relevant features
Description ofthose aspects ofeach corebusiness thatare
distinctive tothecompany, including principal products

20
produced and/or services rendered, principal markets
served and methods ofdistribution,market share, major
competitors andtheir market share, and appropriate
business segment information
Risks associated withfinancialinstruments and other
sources ofliquidity, including any terms thatcouldtrigger
an additional funding requirementor early payment to
counterparties; and circumstances that couldimpairthe
company’s ability toundertaketransactions considered
essentialto operations
Attitude toandtolerancefor risk  YES  NO  YES  NO  YES  NO
Extent to which each corebusiness is managed at the local
level or throughcentraloversight
Strategy for developing, maintaining or reducing productive
capacity
Financing strategy, including considerations in determining
the optimalcapitalstructure,targeted debt-to-equity ratios
and hedging strategies
Strategicdirectionandfinancing implications behind
acquisitions and dispositions
Outsourcing practices, strategic business relationships and
related financeimplications
Company’s focus regarding researchand new product
development
Marketing,distribution, pricing andcustomer credit
arrangements
Description ofeach corebusiness inwhich the company
operates, including the totalsizeofthebusiness,its growth,
and other relevant features
Trends andrisks thathave impacted the financial
statements, andtrends andrisks that arereasonably likely
to affect the financial statements inthefuture
Any legal restrictions ontheability ofsubsidiaries to
transferfunds to the company and the impact onthe
company tomeet obligations
Discussionaboutkey aspects ofthe legal,regulatory and
economicenvironment that affecthow the business
segment orcompany operates
Nature, magnitudeand reliability oftheextendedentity
relationships, including strategic, operational, and financing
relationships
Degree ofmanagement orboard ofdirector involvementin
the extended entity relationships
Relationships consideredto be“relatedparties”, andextent
of economicdependency ofthecompany onsuch
relationships
Information about the quality andpotentialvariability of
profit or loss and cashflow
- distinguishing among external and internal performance areas and measures identified and defined
within a MD&A: each learner reads the here below listed examples of performance areas and
measures usual within a MD&A, trying to classify them under external or internal performance
areas and measures. Then the learner presents to the other learners the results of the activity, also
trying to give a personal evaluation on the maturation of skills and knowledge for reviewing and
evaluating the management discussion and analysis that the learning experience has resulted,
receivingacollectivefeedbackfromthe otherlearners.
Examplesofperformance areasand measuresidentified and defined
within aMD&A
External performance
areasand measures
Internal performance
areasand measures
Sales pricing  YES  NO  YES  NO
Raw materialprices  YES  NO  YES  NO
Overheads  YES  NO  YES  NO
Working capital  YES  NO  YES  NO

21
Foreign exchangerates  YES  NO  YES  NO
Research anddevelopmentandnewproduct development  YES  NO  YES  NO
Supply chain management  YES  NO  YES  NO
Market share  YES  NO  YES  NO
Cost containment and operating efficiency  YES  NO  YES  NO
Workforce — retentionandturnover  YES  NO  YES  NO
Customersatisfaction  YES  NO  YES  NO
Leadershipandgovernance  YES  NO  YES  NO
Capacity and utilization  YES  NO  YES  NO
Interest rates  YES  NO  YES  NO
Innovation  YES  NO  YES  NO
Technology  YES  NO  YES  NO
Reputationand brand equity  YES  NO  YES  NO
Financing  YES  NO  YES  NO
Safety  YES  NO  YES  NO
Key performancemetrics on environmental, economicand social issues  YES  NO  YES  NO
cooperative enterprise and particularly about management discussion and analysis – MD&A, ensuring both
the required scientific support in financial statement reporting, and the non-formal learning facilitation
(e.g., effective communication with them, learner orientated and empathic approaches, consideration of to
the individual experiences of the learners, etc.). For evaluation of learning outcomes, self-assessment and
collective peer evaluation are suggested: each participant, in the presence of all participants serving as true
partners in learning, tries to give a personal evaluation on the learning outcomes that the experience has
resulted, and on what was good and what could be improved, then the learner receives feedback of the
other participants about the same issues, facilitating the participant's reflection on the learning experience
Documentation:
Jermakowicz,2007

22
Management’sDiscussionandAnalysis - Guidance onpreparationanddisclosure, CharteredProfessional
Accountantsof Canada, 2014

23
Activity 6: Application to cooperatives in EU of international financial reporting
standards : the case of the IAS 32
Duration: 90 min.
formal and non-formal learning experience about the specificities of cooperatives to be considered in the
process of definition and application of international accounting standards, focusing on the case of the
International AccountingStandard IAS32.
The purpose is to develop the skills for understanding and evaluating the relation among international
accounting standards and cooperative enterprise specificities - especially in relation to equity classification -
and the negative impact on cooperatives - particularly in terms of securing financing- that the application of
international accountingstandardsnotconsideringthese specificities mayproduce.
- introduction to the case of the International Accounting Standard IAS 32: the trainer introduces the
group of learners to the concern of the 2002-2004 amendment process of the accounting standard
IAS 32 “Financial instruments: disclosure and presentation,” focusing on its iconicity about
relevance in international financial reporting standards of cooperatives business model differences
compared to investor-oriented incorporations, especially in relation to equity classification (main
characteristics and contents of the process, from 2002 initial terms of the IAS 32 amendment
proposal, accordingly to which - paragraph 22B - shares in cooperatives would not be treated as
part of the cooperative’s equity but rather as debt, till final terms adopted in 2004 - IFRIC D8
“Members’ shares in cooperative entities” - establishing that members’ shares in cooperatives can
be treated as capital under certain conditions, included the contextualisation of this process within
the wider revision process of the existing IFRS Conceptual Framework, and the related proposals
from cooperative movement for ensuring that international financial reporting standards respect
the characteristicsof cooperatives);
- identifying the conditions allowing, within current international financial reporting standards, to
treat members’ shares in cooperatives as capital: each learners tries to identify the correct IFRS
conditions (cfr., IFRIC D8 “Members’ shares in cooperative entities”) allowing that shares in a
cooperative are accounted as part of the cooperative’s capital instead of as part of its debts, filling
inthe followingscheme:
Conditions
Included or not inIFRS conditionsfor treating members’ sharesin
cooperativesascapital
Cooperative’s members’ shares arecoveredby a financial
guarantee
 YES  NO
Cooperative’s constitution, or law,specifies the levelbelow
which capitalcannotfall, and this minimum amountwill be
considered as capital
 YES  NO
The cooperativehas theunconditional obligation torefuse
redemptionofmembers’ shares
 YES  NO
The cooperativehas theunconditional rightto refuse
redemptionofmembers’ shares
 YES  NO

24
- identifying the main targets of cooperative movement for ensuring that the process of definition
and application of international financial reporting standards respect the characteristics of
cooperatives enterprises: each learner reads the here below listed targets for ensuring that
international financial reporting standards respect the characteristics of cooperatives enterprises,
trying to identify those actually recommended by Cooperatives Europe withinits 2013 “Contribution to
IASB consultation on Conceptual Framework for Financial Reporting”. Then the learner presents to the
other learners the results of the activity, also trying to give a personal evaluation on the maturation
of skills and knowledge - for understanding and evaluating the relation among international
accounting standards and cooperative enterprise specificities and the negative impact on
cooperatives that the application of international accounting standards not considering these
specificities may produce - that the learning experience has resulted, receiving a collective feedback
Targets for ensuring that international financial reporting standardsrespect the
characteristicsofcooperativesenterprises
Actually recommended by European
cooperative movement
To establish relevant accounting characteristics matters ofcooperative entities ona
firm basis within the revisedConceptual Framework
 YES  NO
To considera revisionofthe equitydefinition inIAS 32  YES  NO
To grandfather reliable practises ofequity classification for cooperatives following
current requirements in IFRIC 2
 YES  NO
cooperative enterprise and particularly about specificities of cooperatives to be considered in the process
of definition and application of international accounting standards, ensuring both the required scientific
throughdialogue amongthe involvedlearnersand the trainer.
Documentation:
CooperativesandInternationalAccountingStandards:The case of IAS32, Jean-Claude Detilleux and
Caroline Naett,Recma- Revue Internationalede l’Economie Sociale,no.295,February2005

25
ContributiontoIASBconsultationonConceptual FrameworkforFinancialReporting,CooperativesEurope,2013
Consolidatedversionof International Financial Reporting Standardsasadoptedbythe EU

26
Activity 7: Approaching international financial reporting standards specific for
agriculture applied in EU : the IAS 41 Agriculture
Duration: 90 min.
formal and non-formal learning experience about those specific for agriculture, focusing on the
International AccountingStandardIAS 41 Agriculture.
The purpose is to develop the skills for reviewing and evaluating the accounting treatment and disclosures
relatedtoagricultural activityof the cooperative enterprise.
- introduction to the International Accounting Standard IAS 41 Agriculture: the trainer introduces the
group of learners to the main features of the international financial reporting standard IAS 41
Agriculture prescribing the accounting treatment and disclosures related to agricultural activity
(definition of agricultural activity and produce; accounting treatment for biological assets during
the period of growth, degeneration, production, and procreation, and for the initial measurement -
at fair value less costs to sell - of agricultural produce at the point of harvest; etc.), also showing
examples of its application in small and larger businesses in agriculture sector, particularly in
cooperative enterprises;
- applying IAS 41 Agriculture to accounting treatment and disclosures related to agricultural activity:
each learners tries to identify the correct answers to questions relating to the application field and
modalitiesof IAS41 Agriculture,fillinginthe followingscheme:
IAS 41 Agriculture application field and modalities
Questions Possible answers
The IAS 41 Agriculture deals with the whole
processing ofagriculturalproduce,included
after harvest (for example, theprocessing of
grapes into wineby a vintner whohas grown
the grapes).
 Yes, it deals with processing ofagriculturalproduce both before andafter harvest
 No, it deals only withprocessing ofagriculturalproducebefore harvest
When measuring biological assets at fair value
costs to sell, these latter include commissions
to brokers anddealers, levies by regulatory
agencies andcommodity exchanges,transfer
taxes and duties,transportandothercosts
necessary toget assets toa market.
 Yes, according to IAS 41Agriculture all thesekindofcosts areto beconsidered
 No, according toIAS 41 Agriculture transportandothercosts necessary to get
assets to a market areexcluded,and deducted in determining fair value
The IAS 41 Agriculture establishes new
principles for land related toagricultural
activity.
 Yes
 No
The IAS 41 Agriculture requires thatan
unconditional governmentgrant relatedto a
biologicalasset measured at its fair valueless
costs to sellto berecognisedin profitor loss.
 Yes, in any case
 Yes, when, andonly when, thegovernment grantbecomes receivable
 No
This outline is based on the contents of the “Technical Summary” of the IAS 41 “Agriculture” issued in 2014 by IFRS Foundation
(http://www.ifrs.org/IFRSs/Documents/Technical-summaries-2014/IAS%2041.pdf)

27
- evaluating accounting treatment and disclosures related to government grant in agricultural
activity: each learners tries to identify the correct answers to questions relating to unconditional
and conditional government grants according to IAS 41 Agriculture, filling in the following scheme.
Then the learner presents to the other learners the results of the activity, also trying to give a
personal evaluation on the maturation of skills and knowledge for reviewing and evaluating the
management discussion and analysis that the learning experience has resulted, receiving a
collective feedbackfromthe otherlearners.
IAS 41 Agriculture application about unconditional and conditional government grants
Questions Possible answers
The IAS 41 Agriculture requires thatan
unconditional governmentgrant relatedto a
biologicalasset measured at its fair valueless
costs to sellto be recognisedin profitor loss.
 Yes, when, andonly when, thegovernment grantbecomes receivable
 No
The IAS 41 Agriculture establishes that a
conditional governmentgrant should be
recognisedin profitor loss.
 Yes, excepted incase the conditional governmentgrant requires notto engage in
specified agriculturalactivity
 Yes, when, andonly when, theconditions attaching to governmentgrant aremet
 No
This outline is based on the contents of the “Technical Summary” of the IAS 41 “Agriculture” issued in 2014 by IFRS Foundation
(http://www.ifrs.org/IFRSs/Documents/Technical-summaries-2014/IAS%2041.pdf)
containingnotebooks, pens,pencils,eraser,sharpeners,anddocumentationof programme material).
cooperative enterprise and particularly about accounting treatment and disclosures related to agricultural
activity accordingly to International Accounting Standard IAS 41 Agriculture, ensuring both the required
scientific support in financial statement reporting, and the non-formal learning facilitation (e.g., effective
Documentation:

28
Technical Summary - IAS41 Agriculture,IFRSFoundation,2014

29
Activity 8: Approaching financial statement analysis
Duration: 90 min.
Short description: In this activity, the trainer introduces the learners to financial statements analysis,
supporting them in a collective formal and non-formal learning experience for the comprehension, review
and evaluation of financial reports of the cooperative enterprise, focusing on the whole process of
reviewingandanalyzingacompany'sfinancial statementstomake bettereconomicdecisions.
The purpose is to develop the skills for applying specific techniques and tools aimed to evaluate risks,
performance, financial health, and future prospects of the cooperative enterprise, by reviewing and
analyzingthe company'sfinancial statements.
- introduction to financial statement analysis: the trainer explains to the group of learners the main
features of the financial statement analysis process (common methodological approaches, e.g.
horizontal and vertical analysis, fundamental analysis, DuPont analisys, etc., and financial ratios
analysis: profitability ratios for measuring the firm's use of its assets and control of its expenses to
generate an acceptable rate of return, e.g. Gross Profit Rate, Return On Sales, Net Profit Margin,
Return On Equity, Return On Assets, Return on Net Assets, Return On Capital, Cash Flow Return On
Investments, etc.; liquidity ratios for measuring the availability of cash to pay debt, e.g. Working
Capital Ratio, Quick Ratio, Cash Ratio, Operating Cash Flow, etc.; activity or efficiency ratios for
measuring how quickly a firm converts non-cash assets to cash assets, e.g. Average Collection
Period, Degree of Operating Leverage, Days Sales Outstanding Ratio, Average Payment Period,
Asset Turnover, Stock Turnover Ratio, Receivables Turnover Ratio, Inventory Conversion Ratio,
Receivables Conversion Period, Payables Conversion Period, Cash Conversion Cycle, etc.; leverage
of debt ratios for measuring the firm's ability to repay long-term debt, e.g. Debt Ratio, Debt to
Equity Ratio, Long-Term Debt to Equity, Interest Coverage Ratio, Debt Service Coverage Ratio, etc.;
and market ratios for measuring investor response to owning a company's stock and also the cost
of issuing stock, e.g. Earning Per Share, Payout Ratio and its inverse Dividend Cover, Price/Earnings
Ratio, Dividend Yield, Price/Cash Flow ratio, Price to Book Value Ratio, Prices/Sales Ratio,
Price/Earnings to Growth Ratio, etc.), and shows examples of its application in small and larger
businesses,particularlyincooperative enterprises;
- identifying financial ratios: each learner tries to identify the financial ratios corresponding to the
formulas listed here below, also classifying each of them within the appropriate category, filling in
the followingscheme:
Financial ratio formulas Financial ratios Financial ratio categories
Net Income
----------------
Total Assets
 Asset turnover
 Return on assets
 Interestcoverageratio
 Earnings pershare
 Working capitalratio
 Return on net assets
 Profitability ratios
 Liquidity ratios
 Activity ratios
 Leverage ratios
 Market ratios

30
Net Sales
----------------
Total Assets
 Asset turnover
 Activity ratios
 Leverage ratios
 Market ratios
Net Income
----------------
Annual Interest Expense
 Asset turnover
 Activity ratios
 Leverage ratios
 Market ratios
Net Income
----------------
Fixed Assets +Working Capital
 Asset turnover
 Activity ratios
 Leverage ratios
 Market ratios
Net Earnings
----------------
Number ofShares
 Asset turnover
 Activity ratios
 Leverage ratios
 Market ratios
Current Assets
----------------
Current Liabilities
 Asset turnover
 Activity ratios
 Leverage ratios
 Market ratios
- identifying financial statement analysis approaches: each learner, tries to identify the financial
statement analysis approaches corresponding to the definitions listed here below, filling in the
following scheme. Then the learner presents to the other learners the results of the activity, also
trying to give a personal evaluation on the maturation of skills and knowledge for financial
statements analysis that the learning experience has resulted, receiving a collective feedback from
the otherlearners.
Definitions Possible answers
Financialstatementanalysis approach basedon percentageanalysis offinancialstatements,
referring each itemlistedin the financial statement as thepercentageofanother lineitem
 Horizontalanalysis
 Verticalanalysis
 Fundamentalanalysis
Financialstatementanalysis approach basedon historicaland presentdata with thegoalof
making financial forecasts
Financialstatementanalysis approach basedon comparing financialstatements data over time,
looking for variations such as higher or lower earnings

31
classroom,forabout30 minutes,of specific targetedtrainingmaterial(cfr.PowerPointfilerelatingto
cooperative enterprise and particularly about the whole process of reviewing and analyzing a company's
financial statements to make better economic decisions, ensuring both the required scientific support in
financial statement analysis, and the non-formal learning facilitation (e.g., effective communication with
them, learner orientated and empathic approaches, consideration of to the individual experiences of the
learners, etc.). For evaluation of learning outcomes, self-assessment and collective peer evaluation are
suggested: each participant, in the presence of all participants serving as true partners in learning, tries to
give a personal evaluation on the learning outcomes that the experience has resulted, and on what was
good and what could be improved, then the learner receives feedback of the other participants about the
same issues, facilitating the participant's reflection on the learning experience through dialogue among the
involvedlearnersandthe trainer.
Documentation:
Finance,AngelicoA. Groppelli, EhsanNikbakht,2000
Financial &Managerial Accounting,JanWilliams,Sue Haka,MarkS. Bettner,JosephV.Carcello,2008

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