Course Introduction
In today’s economy, traditional public sector accounting no longer meets the demands of modern financial management. There is a growing need for a model that distinguishes itself from private sector accounting practices. The recent adoption of International Public Sector Accounting Standards (IPSAS) has been pivotal in enhancing the quality and credibility of financial reporting, thereby strengthening public confidence.
This International Public Sector Accounting Standards (IPSAS) training course offers a comprehensive understanding of IPSAS guidelines and the new accounting framework for public sector entities. Through real case studies, delegates will tackle the challenges of financial reporting and disclosure requirements under IPSAS, gaining valuable insights into practical applications and solutions.
This training course will feature:
- Understanding International Accounting Standards (IAS)
- Learning Generally Accepted Accounting Principles (GAAP)
- Developing IPSAS Strategies
- Implementing IPSAS standards
- Producing financial statements
Training Objectives
By the end of this training course, participants will be able to:
- Understand the organizational of implementing IPSAS
- Comprehend the core IPSAS values
- Explain the key differences in the new standards
- Understand the financial reporting requirements under IPSAS
- Set clear steps towards IPSAS implementation
- Adopt the IPSAS disclosure requirements, including accounting policies
Course Outline
Day One: Introduction to IPSASB and IPSAS
- The challenges of Accounting in the public sector
- The characteristics of public sector entities
- Presentation of the Board (IPSASB)
- IPSASB organization
- The relationship between IPSASB and IPSAS
- The purpose of financial statements and any ongoing projects
Day Two: Financial Statements Presentation and Accounting Policy
- Key IPSAS requirements within financial statements :IPSAS 1
- Producing the statement of financial position
- Producing the cash flow statement :IPSAS 2
- Accounting policies, changes in accounting estimates, and errors: IPSAS 3
- Segment reporting: IPSAS 18
- Disclosure standards and other topics, presentation of budget information :IPSAS 24
- Reporting changes in net asset position
- Producing compliant notes to the accounts
Day Three: Financial Information: Revenues, Cash & Budget
- Non-exchange revenue :IPSAS-23
- Exchange revenue :IPSAS- 9
- Construction contracts :IPSAS- 11
- The statement of cash receipts and payments
- Presentation of budget information in the financial statements
Day Four: Accounting for Assets and Liabilities
- Investment property, Property plant and equipment: IPSAS- 16&17
- Intangible assets and impairment :IPSAS- 31, 21 & 26
- Inventories: IPSAS- 12
- Borrowing costs Leases: IPSAS-5 & 13
- Financial instruments: IPSAS- 28, 29&30
- Provisions & Contingent liabilities and contingent assets :IPSAS 19
Day Five: Disclosures and Consolidation
- Disclosures
- Related party disclosures: IPSAS 20
- Disclosure of financial information about the general government sector:IPSAS 22
- Consolidation under the cash basis
- The additional (non-mandatory) disclosures
- Case studies