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MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR

MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR
BY JAMES OH

Monday, October 31, 2016

Program Title : Standard Costing & Variance Analysis

Program Title : Standard Costing & Variance Analysis

No of days : 2 days

Introduction

Cost control is one of the major business strategy for survival and thrive when competing with other competitors in today globalization world.  It is imperative for cost accountants, production, supply chain, human resource and business planning executives to learn the effective cost accounting system for achieving cost efficient operation.

The design of this training program is to equip the participants to understand the various types of variance analysis based on standard costing methodology.  It includes the practice of the actual calculation through exercise session during the workshop.  This workshop also encourage participants to relates the standard costing with their current working environment in order to maximize the benefits of learning through experience sharing approach.

Objectives
·       
Understanding what is Standard Costing and the purposes
·       The setting of standard costing and the challenges of standard revision
·       Variance analysis for material, labour and overhead cost
·       Root causes identification and variances improvement action
·       Understand the Full absorption and Marginal Costing system
·       Understand the break-even analysis
·       The standard costing accounting treatment

Target participants
·       Accountant, Finance/Costing Executives, Marketing Executives, Business Planners, Budget Analyst, Cost Analyst, Operational Managers, Non-Financial Managers and Executives.

Workshop Outline

Day 1
·       Module 1: Introduction to Cost or Managerial Accounting
o   Understand the place of cost or managerial accounting in relationship to financial accounting
o   The meaning of “Standard” and “Standard Costing”
o   The standing costing process and cycle\

·       Module 2: Standard Costing and Variance Analysis
o   Understand the objectives of standard costing
o   Understand the procedures and functions of standard costing
o   Different types of standard
o   Standard setting using historical data and task analysis
o   Problems or challenges in setting the standard
o   The reasons and problem of revising the standard
o   The types of variances

·       Module 3: Material Variance Analysis
o   Understand and compute the material price variance and how to compute
o   Understand and compute the material usage variance
o   Analyzing Materials Variances and make improvement
o   Exercise

·       Module 4: Labour Variance Analysis
o   Understand and compute the labour rate variance
o   Understand and compute the labour efficiency variance
o   Analyzing the labour Variances and make improvement
o   Exercise

Day 2

·       Module 5: Overhead Variance Analysis
o   Understand the cost elements of fixed and variable overhead
o   Understand and compute the fixed overhead variance
o   Understand and compute the variable overhead variance
o   Analyzing the overhead Variances and make improvement
o   Exercise

·       Module 6: Full Absorption versus Marginal Costing
o   Understand the difference between absorption and marginal costing methods
o   Implication of unit product or service costs of fixed and variable cost behaviours
o   The impact of absorption and marginal costing on income statement
o   The main difference and argument between absorption and marginal costing
o   Exercise

·       Module 7 : Break-even Analysis
o   Understand the definition and application of beak-even point
o   The assumption of beak-even analysis
o   The calculation of break-even point
o   The calculation of target profit
o   The calculation of margin of safety
o   The calculation of changes of component of break-even analysis

·       Module 8: Standard Cost Financial Statement and Cost Control
o   Understand how standard costing income statement differs from actual cost income statement
o   The inventory valuation of standard costing
o   The variances accounting treatment
o   The principle guideline for variance accounting
o   Incorporate Standard Cost into budgets
o   The advantages and disadvantages of standard costing
o   Factors to be considered for implementing standard costing

Workshop Schedule
8:30am         Registration and breadfast
9:00am         Workshop begin
10:30am       Coffee Break and networking
10:45am       Workshop resumes
12:30pm       Lucheon and networking
1:30pm         Workshop resumes
3:15pm         Coffee Break and networking
3:30pm         Workshop resumes
5:00pm         End
Trainer profile

Lai.jpg
Lai Su Yin
ACCA – Association of Chartered Certified Accountants
Degree in Accountancy BA (Hons) – Bolton Institute, UK

Mr Lai is a Finance and Account professional trainer with deep experience in finance and accounts job functions in various fields such as income and financial statement preparation, project economic evaluation, annual budget preparation, financial performance analyst, account payable and receivable management, cost allocation and cash flow management.  In addition, having 5 years’ experience in organizational performance improvement focusing on performance situational assessment, identify root causes and developed action plans to achieve desired targets on business performance.  Positive attitude, results driven and strong work ethic with key skills in the following:
·       Financial reporting and analysis
·       Economic Evaluation (NPV, IRR, Payback)
·       Financial terms on commercial negotiations
·       Develop Financial training for non-finance
·       Business performance assessment and improvement plan
·       SAP ECC6 Financial System – WBS, cost allocation, BW report design
·       Word, Powerpoint, Excel (Pivot, V-look up) application software

·       PMSB Certified Trainer
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