International Public Sector Accounting Standards (ipsass) Fundamentals Training

INTRODUCTION

IPSASs aim to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. The International Public Sector Accounting Standards Board (IPSASB) issues International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve.

This five-day 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.

COURSE OBJECTIVES

By the end of this course the participants will be able to:

• Understand Accrual Based IPSAS requirements, including accounting policies and disclosures
• Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues and expenses
• Learn the requirements for presentation of IPSAS financial statements and related disclosures
• Plan ahead for issues that arise when transitioning from the cash basis to the accrual basis of accounting
• Identify transitional provisions in IPSAS standards
• Increase planning opportunities through awareness of likely future IPSAS changes
• Learn the sources of IPSAS guidance that are available

WHO SHOULD ATTEND

This course targets:

• Finance and accounting managers of public sector entities considering to adopt IPSAS
• Government officials and project managers responsible for IPSAS transition
• Accountants and finance staff of public sector entities and similar agencies (e.g. UN) in the process of adopting IPSAS
• Accountants and finance staff moving from private to public sector environments
• Internal auditors of entities that have adopted IPSAS or are in the process of doing so
• Accounting practitioners, consultants and external auditors
• Accounting academics

DURATION

5 Days

COURSE CONTENT

• Introduction to IPSASs
• Brief history
• Scope of IPSASs
• Sources of guidance
• Conceptual Framework
• Presentation and Disclosure
• IPSAS 1 Presentation of Financial Statements
• Required financial statements
• Structure
• Content
• IPSAS 2 Cash Flow Statements
• Cash and cash equivalents
• Operating, investing and financing activities
• IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors
• IPSAS 14 Events after the Reporting Date
• Non-current Assets
• IPSAS 17 Property, Plant and Equipment
• Initial recognition
• Subsequent valuation
• Depreciation
• Treatment of infrastructure and heritage assets
• IPSAS 16 Investment Property
• Initial recognition
• Subsequent valuation
• IPSAS 31 Intangible Assets
• Identifying relevant intangible assets and their initial recognition
• Measurement
• IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets
• Impairment identification
• Recognition and measurement
• Reversals of past impairments
• Disclosure requirements
• Revenues & Related Costs
• IPSAS 23 Revenue from Non-Exchange Transactions
• Recognition and measurement of revenue from taxes and transfers
• Reflecting conditions and restrictions in the financial statements
• IPSAS 9 Revenue from Exchange Transactions
• Accounting treatment for exchange transactions
• IPSAS 12 Inventories
• Inventories held for distribution at no or nominal charge
• Liabilities and Expenses
• General expense recognition principles and application to donations given
• IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets
• Definitions
• Recognition and measurement
• Disclosures
• IPSAS 39 Employee Benefits
• Short and long-term benefits
• Recognition, measurement of pension obligations
• Financing and Financial Instruments
• IPSAS 13 Leases
• Lessee and lessor financial reporting requirements
• IPSAS 32 Service Concession Arrangements
• IPSAS 4 The Effects of Changes in Foreign Exchange Rates
• Foreign currency transactions
• Foreign operations
• Financial Instruments
• IPSAS 28 Financial Instruments Presentation
• IPSAS 29 Financial Instruments: Recognition and Measurement
• IPSAS 30 Financial Instruments: Disclosures
• Consolidations and Interests in Other Entities
• IPSAS 35 Consolidated Financial Statements - Accounting for Controlled Entities
• Consolidation boundaries and concepts of public sector control
• Consolidation requirements
• IPSAS 36 Accounting for Investments in Associates and Joint Ventures
• Equity method of accounting
• Cost method requirements
• IPSAS 37 Accounting for Joint Arrangements
• Distinguishing joint ventures from joint operations
• Equity and joint operations accounting
• IPSAS 40 Public Sector Combinations
• Requirements of new standard for 2019
• Other Presentation and Disclosure Standards
• IPSAS 18 Segment Reporting
• Distinguishable activities
• IPSAS 20 Related Party Disclosures
• Identification of related parties
• Disclosure requirements
• IPSAS 24 Presentation of Budget Information in Financial Statements
• Required disclosures
• Comparison of budget and actual amounts
• Material differences
• Recommended Practice Guidelines
• RPG 1 Reporting on the Long-Term Sustainability of an Entity’s Finances
• RPG 2 Financial Statement Discussion and Analysis
• RPG 3 Reporting Service Performance Information
• Transitioning to the Accrual Basis of Accounting
• Overview of IPSAS 33 First-Time Adoption of Accrual Basis IPSASs

Transition paths