International Public Sector Accounting Standards (IPSAS) Course

IPSAS have been developed to enhance the quality, consistency, and transparency of public sector financial reporting worldwide. Issued by the International Public Sector Accounting Standards Board (IPSASB), they are cash-based standards and accruals standards used for the preparation of general-purpose financial statements by governments and other public sector entities around the world.

This training course is intended to enable the participants to understand IPSAS and the framework for public sector accounting. The training course provides an overview of the most important requirements for preparing financial statements and disclosures under IPSAS, with specific insight.

Important Features

The important features of the International Public Sector Accounting Standards (IPSAS) training course are:

• Implementing IPSAS standards
• Producing financial statements
• Developing IPSAS Strategies
• Understanding International Accounting Standards (IAS)
• Learning Generally Accepted Accounting Principles (GAAP)

Learning Objectives

Participants on the International Public Sector Accounting Standards (IPSAS) training course will be able to:

• Identify how IPSAS will fit with their organization
• Comprehend the core IPSAS values
• Explain the key differences in the new standards
• Recognize what compliant statements will look like
• Deploy key strategies for migration to IPSAS standards
• Set clear steps towards implementation
• Adopt IPSAS disclosure requirements, including accounting policies

Target Audience

The International Public Sector Accounting Standards (IPSAS) training course is suitable for, but not limited to:

• Public sector finance and accounting personnel
• Professionals seeking to develop their understanding of the public sector accounting methods
• Professionals who have a responsibility for auditing or working with public sector organizations
• Corporate governance directors
• Internal auditors
• Corporate compliance officials
• Board level members who wish to develop their understanding of IPSAS

Training Methodology

The International Public Sector Accounting Standards (IPSAS) training course will be presented utilising facilitated discussions, captivating PowerPoint presentations, case studies and examples.

Pre and Post course assessments will be used to measure the effectiveness of this training.

Course Contents

Module 1 - Introduction to IPSASB

• An overview of the work of the Board (IPSASB) including:
•     The organization,
•     The characteristics of public sector entities,
•     The relationship between IPSAS ®
•     The purpose of financial statements and any ongoing projects

Module 2 - Introduction, Principles and Development

• Background into financial accounting
• Importance of standards
• Economic drivers
• Key principles of Global Accounting Standards
• The development of Global Accounting Standards
• Underlying financial principles
• Disclosure and transparency aspects

Module 3 - Other General Standards

• International Accounting Standards (IAS)
• International Financial Reporting Standards (IFRS)
• Generally Accepted Accounting Principles (GAAP)
• The current global adoption of Global Accounting Standards

Module 4 - Key Organizational Benefits

• Domestic best practice
• Global best practice

Module 5 - Effective Implementation Strategy

• The strategic planning process roadmap
• Mapping regional standards to Global Accounting Standards
• Resource planning

Module 6 - Migration to IPSAS

• Scoping dual reporting
• Financial function migration
• Phasing and specific functional challenges
• Strategy sense checks

Module 7 - The IPSAS Standards

• Review of current IPSAS Standards
• The correct application of individual IPSAS Standards
• Overcoming key challenges
• Obtaining guidance and support from International Federation of Accountants

Module 8 - IPSAS Compliant Financial Statements

• Key IPSAS requirements within financial statements (IPSAS ® 1)
• Producing the statement of financial position
• Producing the statement of financial performance
• Producing the cash flow statement (IPSAS ® 2)
• Accounting policies, changes in accounting estimates, and errors (IPSAS ® 3)
• Reporting changes in net asset position
• Producing compliant notes to the accounts

Module 9 - Financial performance

• Provides an understanding of:
•     Non-exchange revenue (IPSAS ® 23)
•     Exchange revenue (IPSAS ® 9)
•     Construction contracts (IPSAS ® 11)

Module 10 - Accounting for Assets and Liabilities

Delivers teaching around a wide range of topics including:

•     Property plant and equipment (IPSAS ® 17)
•     Intangible assets (IPSAS ® 31)
•     Investment property (IPSAS ® 16)
•     Impairment of cash generating assets (IPSAS ® 26)
•     Impairment of non-cash generating assets (IPSAS ® 21)
•     Borrowing costs (IPSAS ® 5)
•     Inventories (IPSAS ® 12)
•     Leases (IPSAS ® 13)
•     Financial instruments (IPSAS ® 28, 29, 30)
•     Provisions
•     Contingent liabilities and contingent assets (IPSAS ® 19)
•     Events after the reporting date (IPSAS ® 14)
•     Employee benefits (IPSAS ® 25)
•     Agriculture (IPSAS ® 27)

Module 11 - Consolidation

Delivers training around:

•     Consolidated and separate financial statements (IPSAS ® 6)
•     Interests in joint ventures (IPSAS ® 8)
•     Investments in associates (IPSAS ® 7)
•     Translation of financial statements of foreign operations (IPSAS ® 4)
•     Financial reporting in hyperinflationary economies (IPSAS ® 10)
•     Disclosure standards and other topics, presentation of budget information (IPSAS ® 24)
•     Segment reporting (IPSAS ® 18)
•     Related party disclosures (IPSAS ® 20)
•     Disclosure of financial information about the general government sector (IPSAS ® 22)
•     Service concessions (IPSAS ® 32)

Module 12 - Cash-Basis IPSAS ®

Delivers training about Part 1 of the cash basis IPSAS ®, covering required information in:

•     The statement of cash receipts and payments
•     Disclosures
•     Consolidation under the cash basis
•     Presentation of budget information in the financial statements
•     The additional (non-mandatory) disclosures encouraged in Part 2 of the cash basis IPSAS ®

Module 13 - First-Time Adoption of Accrual-Based IPSAS ®

Delivers training cover the following areas:

•     Migrating from cash to accrual basis
•     First time adoption of IPSAS ® (IPSAS ® 33)
•     Change management and the adoption of IPSAS ®