Training on International Public Sector Accounting Standards IPSAS standards aim to improve the quality of general-purpose financial reporting by public sector entities. Adopting IPSAS allows public sector entities to make better informed assessments of the resource allocation decisions made by governments.

This training course provides a holistic approach in terms of comprehending the guidelines of IPSAS and new accounting framework of  public sector entities.  Participants will benefit for real case studies tackling the challenges of financial reporting and disclosure requirements under IPSAS.

This course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. The program has been fully updated to reflect the most recent IPSAS Handbook. Accounting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples.

Application of the various standards is illustrated through the use of short case studies. In addition to a review of current accrual basis IPSASs, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive up-to-date information on the IPSASB’s Work Plan, including current Exposure Drafts and Consultation Papers.

Training Objectives for IPSAS Course

• Identify how IPSAS will fit with their organization
• Comprehend the core IPSAS values
• Explain the key differences in the new standards
• Recognize what compliant statements will look like
• Deploy key strategies for migration to IPSAS standards
• Set clear steps towards implementation
• Adopt IPSAS disclosure requirements, including accounting policies

Who Can Attend?

The Training on International Public Sector Accounting Standards (IPSAS) is suitable for, but not limited to:

• Public sector finance and accounting personnel
• Professionals seeking to develop their understanding of the public sector accounting methods
• Professionals who have a responsibility for auditing or working with public sector organizations
• Corporate governance directors
• Internal auditors
• Corporate compliance officials
• Board level members who wish to develop their understanding of IPSAS
  

Course Outline for IPSAS Course

Module 1 – Introduction to Public Sector Entities

• Nature of Public Sector Entities
• Difference between Public Sector and Private Sector
• Importance of Budget
• Public Financial Management
• Financial Reporting in the Public Sector
• Introduction to IFAC, IPSASB
• Introduction to IPSAS

Module 2 – Basis of Accounting

• Cash basis of Accounting
• Accrual basis of Accounting
• Modified Cash Basis
• Modified Accrual Basis

Module 3 – Accounting for Assets

• Property, Plant & Equipment
• Inventory
• Intangible Assets
• Investment Property
• Leases
• Borrowing Costs
• Agriculture
• Impairment of Cash and Non-cash Generating Assets
• Service Concession Arrangements

Module 4 – Accounting for Revenue Recognition

• Revenue from Exchange Transactions
• Revenue from Non-Exchange Transactions

Module 5 – Accounting for Liabilities

• Provisions
• Contingent Liabilities
• Lease Liabilities
• Employee Benefits

Module 6 – Financial Instruments

• Financial Assets, Financial Liabilities & Equity
• Recognition of Financial Instruments
• Fair Value Measurement
• Impairment of Financial Assets
• Hedging and Hedge Accounting

Module 7 – Presentation of Financial Statements

• Presentation of Financial Statements
• Statement of Cash Flows
• Interim Financial Reporting
• Selection of Accounting Policies and Accounting Estimates
• Events after the reporting period
• Consolidated Financial Statements
• Presentation of Budget Information in Financial Statements

Module 8 – Financial Reporting under Cash Basis

• Cash Basis IPSAS
• Presentation and Disclosure requirements
• General Requirements
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• Foreign Currency transactions and balances

Module 9 – First Time Adoption of IPSAS

• First time adoption of Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• First time adoption of Accrual Basis IPSAS from Local Accrual Basis Standards