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
GENERAL
NOTES
·
This course is delivered by our seasoned trainers who have
vast experience as expert professionals in the respective fields of practice.
The course is taught through a mix of practical activities, theory, group works
and case studies.
·
Training manuals and additional reference materials are
provided to the participants.
·
Upon successful completion of this course, participants will
be issued with a certificate.
·
We can also do this as tailor-made course to meet
organization-wide needs. Contact us to find out more: training@skillsforafrica.org
· The training will be conducted at SKILLS FOR AFRICA TRAINING INSTITUTE IN NAIROBI
KENYA.
· The training fee covers
tuition fees, training materials, lunch and training venue. Accommodation and
airport transfer are arranged for our participants upon request.
·
Payment should be sent to our bank account before start of
training and proof of payment sent to: training@skillsforafrica.org