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It Includes
- 5 Days training program
- Live Virtual Training
- Learn on any PC/Mobile/Tablet
- Unlimited Doubt Sessions
- Online Labs (if applicable)
- Official Courseware & Kits
- Get Recording after session
- Get Certificate of Completion
- Mock Tests & Exam Preps
- Classroom Training (Optional)
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Request a QuoteCourse Overview
COURSE OBJECTIVE
The recent financial crisis and associated financial safeguards implemented across all business sectors have seen even greater pressures exerted on public budgets with governments and public sector entities encountering growing pressure to provide high-quality transparent financial statements, clear and decisive financial management approaches and enhanced operational allocation and performance measures related to public funds.
IPSAS (International Public Sector Accounting Standards) provides a sounds basis for public entities to demonstrate sound accrual accounting and budgeting techniques, and with its emphasis on performance-based management being a core competency, requires entities to adopt a fresh and innovative approach to developing new skill sets.
Who Should Attend?
- Organisations seeking improved credibility in the international arena with improving fiscal transparency and accountability
- Organisations, including governments and public sector entities, that are currently implementing or considering implementing IPSAS as a basis for accounting
- Organisations wishing to gain an overview of IPSAS and understand what implications adopting these standards may have on their organisation
- Financial professionals operating within the finance departments of public entities
- Increasing your staff’s awareness about IPSAS through considering the benefits and challenges associated
Course Outline
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IPSAS – Overview and Context
- Summary of current events in the area of public sector accountability and reporting
- What IFAC and the IPSASB is all about
- Discussion on the current status of the global adoption of IPSAS cash and accrual based standards – countries that have adopted and countries in the process of adoption
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IPSAS – Concepts and Core Principles
- Summary of current events in the area of public sector accountability and reporting
- IPSAS principle based approach compared to rules based approach
- Core concepts of assets, liabilities, equity
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IPSAS – Implementation Challenges
- How to best use lessons from the private sector
- Implementation issues and practical solutions
- UK central government – transition to accrua
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IPSAS Cash
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Core concepts and principles
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Scope of standards
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Application of IPSAS Cash
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IPSAS Cash / Modified Cash (not IPSAS compliant) and how to transition to full accrual based IPSAS
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Presentation of Financial Statements (IPSAS 1 / IAS 1)
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Required financial statements
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Structure
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Content
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Accounting Policies, Changes in Accounting Estimates and Errors (IPSAS 3 / IAS 8)
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Selection of accounting policies
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Changes in accounting estimates
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Changes in accounting policies
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Correction of errors
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Items requiring separate financial statement disclosure
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INTRODUCTION: Classification as Inventory or Property, Plant and Equipment
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Core concepts and principles
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Capitalisation thresholds
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Practical application of grouping assets for capitalisation threshold
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Inventories (IPSAS 12/IAS 2)
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Public sector entity inventories
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Inventories held for sale
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Inventories held for distribution at no or nominal charge
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Property, Plant and Equipment (IPSAS 17/IAS 16)
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Initial recognition
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Subsequent valuation
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Depreciation
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Treatment of assets acquired in a non-exchange transaction
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Treatment of heritage assets
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Intangible Assets (IPSAS 31/IAS 38)
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Initial recognition
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Subsequent valuation
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Public sector issues
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Borrowing Costs (IPSAS 5/IAS 23)
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Expensing
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Capitalisation
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Investment Property (IPSAS 16/ IAS 40)
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Initial recognition
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Subsequent valuation
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Transitional provisions for initial adopti
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Cash Flow Statements (IPSAS 2/ IAS7)
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Cash and cash equivalents
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Operating, investing and financing activities
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Service Concession Arrangements: Grantor (IPSAS 32)
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Core concepts and principles
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Accounting treatment
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Leases (IPSAS 13/ IAS 17)
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Lessee and lessor financial reporting requirements
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Sale and leaseback transactions
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Impairment of Cash-Generating Assets (IPSAS 26/ IAS 36)
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Definitions
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Identifying an asset that may be Impaired
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Measuring recoverable amount
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Recognizing and measuring an impairment loss of an individual asset
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Cash-generating units
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Reversing an impairment loss
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Disclosure
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Income statement issues
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Impairment of Non-Cash-Generating Assets (IPSAS 21)
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Impairment identification
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Recognition and measurement
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Impairment reversals
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Disclosure requirements
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Revenue from Exchange Transactions (IPSAS 9/ IAS 8 or IFRS 15)
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Accounting treatment for exchange transactions
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Revenue from Non-Exchange Transactions (Taxes and Transfers) (IPSAS 23)
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Recognition and measurement of tax revenue
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Recognition of revenue from transfers
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Reflecting conditions and restrictions in the financial statements
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Construction Contracts (IPSAS 11/ IAS 11 or IFRS 15)
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Commercial and non-commercial contracts
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Allocation of contract costs
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Contract revenue recognition
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Associates and joint ventures
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Presentation of Budget Information in Financial Statements (IPSAS 24)
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Required disclosures
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Comparison of budget and actual amounts
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Material differences; Assets and liabilities
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Provisions, Contingent Liabilities and Contingent Assets (IPSAS 19/IAS 37)
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Definitions
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Recognition and measurement
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Disclosures
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Employee Benefits (IPSAS 25/ IAS 19)
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Definitions
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Short-term employee benefits
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Postemployment benefits
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Distinction between defined contribution plans and defined benefit plans
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Recognition and measurement of plan assets
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Termination benefits
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Presentation and disclosure
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Financial Instruments: Disclosure and Presentation (IPSAS 15/IFRS 9)
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Core issues relevant in the public sector (excluding financial services area)
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Financial assets, liabilities or equity classification
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Overview of Consolidation Process, Group Accounts, Investments in Associates and Joint Ventures (IPSAS 6, 7&8 / IAS 28, 31 & IFRS 10)
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Concepts of public sector control
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Equity method accounting
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When to use joint venture accounting (rare in public sector)
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Determining whether control exists
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Disclosure of Financial Information about the General Government Sector (IPSAS 22)
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Disclosure requirements
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Events after the Reporting Date (IPSAS 14/IAS 10)
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Adjusting events
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Non-adjusting events
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Segment Reporting (IPSAS 18/IFRS 8)
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Distinguishable activities
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Related Party Disclosures (IPSAS 20/IAS 24)
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Identification of related parties
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Disclosure requirements
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Service Concession Arrangements: Grantor (IPSAS 32)
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Core concepts and principles
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Financial liability model
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Grant of a right to the operator model
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Arrangements outside the scope where IPSAS 13 may apply
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Postemployment benefits
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Vendor
Frequently Asked Questions
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