IPSAS Overview with IFRS Comparison (2 days)

Course code: 3100

Introduction

There is an increasing interest amongst public sector bodies worldwide to produce their financial statements according to International Public Sector Accounting Standards (IPSAS) issued by the IPSAS Board (IPSASB). While some governments are developing their own standards based around IFRS, others are adopting IPSAS as the basis of accounting by their public sector organizations.

This two-day course provides a detailed review of all major technical IPSAS requirements of relevance to public sector entities, and includes comparison to IFRS, case studies, examples, and interactive participation from the participants.

The program answers questions such as:

  • What areas of accounting do IPSAS cover, which have no IFRS equivalent?
  • What accounting issues covered by IFRS have no equivalent IPSAS?
  • What aspects of public accounting are not currently addressed by IPSAS and what proposals are there to address them?
  • How are IPSAS financial statement requirements applied to public sector entities, including accounting policies and disclosures?
  • What are the rules relating to first-time adoption of IPSAS as compared to IFRS?
  • When are assets, liabilities, revenues, and expenses recognized under IPSAS and how are they measured?
  • Where are major similarities and differences found between IFRS and IPSAS?

Topics

  • Introduction to IPSASB,IPSAS and Recommended Practice Guidelines
  • Accounting Standards Setting Bodies
  • Government Accounting
  • The IPSASB Conceptual Framework compared to that of the IASB and selection of accounting policies (IPSAS 3/IAS 8)
  • Boundaries – who should report under IPSAS?
  • First-time adoption under IFRS compared to the transition provisions of specific IPSAS and the new IPSAS 33 on first time adoption
  • Key differences - Financial Statement Presentation and Disclosure
    • Presentation of Financial Statements (IPSAS 1/IAS1)
    • Segment Reporting (IPSAS 18 / IFRS 8)
    • Related Party Disclosures (IPSAS 20/IAS 24)
    • Recommended Practice Guideline (RPG) 2 — Financial Statement Discussion and Analysis and the IASB guidance on Management Commentary
  • Key differences – IPSAS standards with no IFRS equivalent
    • Budget Reporting (IPSAS 25)
    • Disclosure of Financial Information About the General Government Sector (IPSAS 22)
    • RPG 1—Reporting on the Long-Term Sustainability of an Entity’s Finances
    • Impairment of non-cash generating assets (IPSAS 21)
    • Revenue from non-exchange transactions (IPSAS 23)
  • Other issues
    • Application of IPSAS 16 (PP&E) and IPSAS 31 (Intangible assets) by public entities, including infrastructure and heritage assets
    • Borrowing costs (IPSAS 5, IAS 23)
    • Inventories (IPSAS 12, IAS 2)
    • Leases (IPSAS 13, IAS 17)
    • Service concession agreements (IFIRC 12, IPSAS 32)
    • Financial Instruments (IPSAS 28,29 and 30, IAS 32, IAS 39 and IFRS 7 and 9)
    • IPSAS 35 consolidation boundaries in the public sector, scope of consolidated financial statements compared to IFRS 10 and IPSAS 6 (to be replaced by IPSAS 35) and brief comparison of accounting for associates and joint arrangements
    • Overview of other IPSAS which are substantially similar to IFRS, highlighting any significant differences
  • Areas of public accounting not currently addressed by IPSAS
    • Provision of social benefits
    • Emissions trading
  • Discussion of future developments focusing on where forthcoming changes in IFRS are not yet reflected in the IPSAS workplan
    • IPSASB Exposure Drafts
    • IPSASB Consultation Papers
    • Comparison of IPSASB work plan with that of the IASB

Teaching method

  • Group live instruction by specialist instructors
  • Review of the rationale and objective for IPSASB standards
  • Description and explanation of IPSAS technical requirements in clear and simple language
  • Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and IPSAS
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

Understanding of International Financial Reporting Standards. No advance preparation is required for this course.

Course benefits

  • Appreciate the implications of transitioning to IPSAS, including change management issues
  • Learn to apply IPSAS financial statement requirements to public sector entities, including accounting policies and disclosures
  • Understand the rules relating to first-time adoption of IFRS and IPSAS
  • Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
  • Comprehend the major similarities and differences between IFRS and IPSAS

Testimonials

See what past participants said about this course:

The seminar was excellent and I am very satisfied with the whole experience.

Dimitris Diamantatos

Who should attend?

Individuals who already have a good grounding in IFRS who wish to understand the key differences between IFRS and IPSAS:

  • Qualified and trainee accountants, finance staff and consultants who are making the move from the private to public sector
  • Auditors who are moving from private to public sector audits
  • Finance staff of entities that are transitioning or considering transitioning from reporting under IFRS to IPSAS
  • Financial analysts who will be dealing with public sector entities

CPE / CPD Accreditation

NASBA

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. 


Field of study: Accounting

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Geneva seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • Bill Kemp

    Bill Kemp (UK) is IASeminars' Senior Instructor and a consultant specialising in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-house training courses around the world to a diverse audience from sectors including government and non-profit, financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly Managing Director of a major London financial training company. Bill's work also includes training and consulting on financial statement analysis and business valuation, and he teaches on the International Accounting MSc programme of the London School of Economics. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.

    Alan Mayo

    Alan Mayo is a highly experienced instructor in the field of international financial reporting, with a particular professional interest in IFRS for oil and gas companies and also in IPSAS for the public sector. He is a UK chartered accountant with over 20 years of experience as an auditor and consultant with PricewaterhouseCoopers in both London and Paris. A founding member of the PwC Client Training business in London, Alan delivered courses on financial reporting and financial management to a wide range of PwC clients. Alan regularly instructs courses on international oil and gas accounting, and he has delivered in-house programmes for such organisations as ENI, Petronas, Kogas, Saudi Aramco, Nigerian Liquefied Natural Gas and the Ugandan Revenue Authority. He previously worked as an auditor on the privatisation of British Gas, and taught financial reporting and financial controllership programmes for Shell. Alan also managed a team within PwC that provided training and change management support to UK public sector agencies as they transitioned from cash to accruals based accounting, including the Foreign and Commonwealth Office and the Ministry of Defence. His current work includes supporting UK local authorities and not for profits in developing the financial management skills of their staff, and he has worked extensively with the UN and other international organisations in their transition to IPSAS. An independent training consultant since 2001, Alan has been a senior instructor with IASeminars since 2004.

  • Isabelle Andernack

    Isabelle Andernack is a French Chartered Accountant (Diplômée d’expertise comptable) and Financial Auditor (Commissaire aux comptes), and a Member of the French financial analysts’ institution (Société française des analystes financiers SFAF). She has some 20 years of professional experience in both the private and public sectors, including such activities as training, accounting, and managing the transition to new accounting systems. She also has significant experience in planning and implementation of an organization's transition to International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS). Isabelle has worked on many high-profile accounting and audit training and consulting engagements in the public and private sectors. For example, she has recently been implementing an ERP (enterprise resource planning) system for an international organization where she had previously led the conversion from cash accounting to accrual accounting under IPSAS, in order to improve its management and long-term financial and business strategy. Isabelle, who is fluent in English and French, is also a lecturer at Paris I Panthéon-Sorbonne University and at CFAF (Training Centre for Financial Analysts). She is the author of "L'essentiel des IFRS", a book on the essentials of IFRS with a foreword by Philippe Danjou, Board Member of the International Accounting Standards Board (IASB), and together with Caroline Pontoppidan has co-authored “Interpretation and Application of IPSAS” which has been published by Wiley.

  • Instructor TBC

    The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course details

Course schedule

Select a start date for more details

19 Apr 2018 London

Course level:
Overview
CPE / CPD:
16 hours
Start date:
19 Apr 2018
Start time:
09:00
Finish date:
20 Apr 2018
Finish time:
18:00
Location:
London
Price:
GBP 1,750
Subject to UK VAT (Read more)

21 Jun 2018 Geneva

Course level:
Overview
CPE / CPD:
16 hours
Start date:
21 Jun 2018
Start time:
09:00
Finish date:
22 Jun 2018
Finish time:
18:00
Location:
Geneva
Price:
EUR 2,200
Subject to No Tax (Read more)

29 Nov 2018 London

Course level:
Overview
CPE / CPD:
16 hours
Start date:
29 Nov 2018
Start time:
09:00
Finish date:
30 Nov 2018
Finish time:
18:00
Location:
London
Price:
GBP 1,750
Subject to UK VAT (Read more)
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