This training is organized to sensitize Accountants, Treasurers, Account Officers, Auditors and others in finance functions of Ministries, Departments and Agencies on the provisions of the International Public Sector Accounting Standards (IPSAS) and the benefits to their organizations of implementing the requirements of the Standards. Learning Objectives: The key benefits that would accrue by implementing IPSAS in the public finance reform program are summarized as follows. The Financial Reports would provide comprehensive information for users. There would be better estimates of macroeconomic impact of government fiscal policies on the economy. Information on outstanding payments or liabilities would be readily available for evaluation and planning purposes. Liquidity management would improve in the State’s financial management. Management of non-financial assets would improve significantly.
There would be improvement in the accounting for non-financial assets. There would be consistency and congruency with other macroeconomic statistical information financial reports prepared by the State could be compared between one period and another, and with performance of other States in Nigeria and internationally. Information on the macroeconomic impact of capital flows would be available. There would be improvement in the management of resources by MDAs. Information on future commitments would be supplied for monitoring purposes.
There would be adequate information for the determination of appropriate pricing of government goods and services. Access to public sector financial information would be enhanced.
The financial reports produced by your organisation would be recognised by World Bank and other international agencies Course Outline: Introduction to IPSAS, Structure of IPSAS, Highlights of IPSAS Sections, Specific Standards for Public Sector (i.e. 21, 22, 23 and 24) Challenges of implementing IPSAS and Benefits of implementing IPSA All the 31 IPSAS so far issued by the IPSAS Board shall be discussed in detail during the training. Appropriate recommendations shall be made to include automation of financial accounting processes and procedure, provision of laptops for Account Officers, maintaining of fixed assets register, incremental adaptation of some sections of IPSAS that may not radically change existing practices, etc. Presentations and Discussions shall be on the Core Issues of IPSAS The following topics shall be covered: Background; Section 1: Introduction to IPSAS; Section 2: Structure of IPSAS; Section 3: Highlights of IPSAS Sections; Section 4: Specific Standards for Public Sector (21, 22, 23 and 24); Section 5: Challenges of Implementing IPSAS; Section 6: Benefits of Implementing IPSAS. Discussions on the 31 IPSAS so far published by the IPSAS Board IPSAS 1: Presentation of Financial Statements; IPSAS 2: Cash Flow Statements IPSAS 3: Fundamental Errors and Changes in Accounting Policies; IPSAS 4: The Effects of Changes in Foreign Currency Exchange Rates; IPSAS 5: Borrowing Costs; IPSAS 6: Consolidated Financial Statements and Accounting for Controlled Entities; IPSAS 7: Investments in Associates; IPSAS 8: Interest in Joint Ventures; IPSAS 9: Revenue from Exchange Transactions; IPSAS 10: Financial Reporting in Hyperinflationary Economies; IPSAS 11: Construction Contract PSAS 12: Inventories; IPSAS 13: Leases; IPSAS 14: Events After the Reporting Date; IPSAS 15: Financial Instruments; IPSAS 16: Investment Property; IPSAS 17: Property, Plant and Equipment; IPSAS 18: Segment Reporting; IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets; IPSAS 20: Related Party Disclosures; IPSAS 21: Impairment of Non-Cash Generating Assets; IPSAS 22: Disclosures about General Government Sector; IPSAS 23: Revenue from Non-Exchange Transactions (Taxes and Transfers); IPSAS 24: Budget Information; IPSAS 25: Employees Benefits; IPSAS 26: Impairment of Cash-Generating Assets; IPSAS 27: Agriculture; IPSAS 28: Financial Instruments – Presentation; IPSAS 29: Financial Instruments – Recognition of Measurement; IPSAS 30: Financial Instruments – Disclosure; IPSAS 31: Intangible Assets.