IPSAS (Accrual Basis) - Immersion Workshop (8 days)

Course code: 3000

Introduction

The International Public Sector Accounting Standards Board (IPSASB) issues accounting standards and other guidance relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. The International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guides (RPGs) issued by the IPSASB represent a comprehensive set of authoritative international financial reporting standards and guidance for governments and other public sector entities. IPSASs aim to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.

Many IPSASs are largely consistent with International Financial Reporting Standards (IFRSs), which are issued by the International Accounting Standards Board (IASB). The IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure. Other IPSASs have been developed to meet issues specific to the public sector, such as non-exchange transactions.

A number of countries have transformed their public sector accounting systems to accrual accounting based on IPSASs. Others have adopted the Cash Basis IPSAS as a first step to future full accrual accounting based on the IPSAS. The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD) all apply IPSASs. The United Nations (including all their agencies) have nearly completed their transition to IPSASs.

The fee for this unique event includes:

  • 8 days of formal tuition by some of our most senior instructors.
  • Full set of course materials (including case studies, illustrations and examples) - hard and soft copies.
  • An iPad Mini which you can use for research during and after the course.
  • A local sightseeing tour.
  • Lunch and refreshments on every teaching day.
  • Farewell dinner and class photographs.

This eight-day course provides a detailed review of the most important requirements for preparing financial statements and disclosures under accrual based IPSASs. The program has been fully updated to reflect the new Standards (IPSAS 33 - 38) which are mandatory for annual periods beginning on or after 1 January 2017.

IPSAS accounting and disclosure requirements will be explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the various standards is illustrated through the use of short case studies. Course delegates also receive an overview of the status of IPSASB’s current Work Plan, including Exposure Drafts and Consultation Papers.

In addition to a review of current accrual basis IPSAS requirements, our specialist instructors will also provide guidance on transitioning to the accrual basis of accounting for public sector bodies, and on the specifics of IPSAS implementation.

This program answers questions such as:

  • What are the current requirements for presentation of accrual-based IPSAS financial statements and related disclosures?
  • Where can technical and practical guidance on IPSAS be found?
  • How have IPSASs changed recently, and what changes can be expected going forward?
  • What practical issues commonly arise when implementing IPSASs?
  • What are the requirements for transitioning from cash or modified cash basis to the accrual basis of accounting?

Topics

  • Introduction to IPSASs
    • Brief background and history
    • The IPSAS Board
    • Scope and authority of IPSASs
    • Sources of guidance
    • Identifying which entities might apply IPSAS
  • Fundamental concepts of accrual accounting
    • Conceptual Framework
  • Presentation and Disclosures
    • IPSAS 1 Presentation of Financial Statements
      • Required financial statements
      • Structure
      • Content
    • IPSAS 2 Cash Flow Statements
      • Cash and cash equivalents
      • Operating, investing and financing activities
    • IPSAS 3 Accounting Policies, Changes in Accounting Estimates and
    • Performance and Service Reporting
      • RPG 1 Reporting on the Long-term Sustainability of an Entity’s Finances
      • RPG 2 Financial Statement Discussion and Analysis
      • RPG 3 Reporting Service Performance Information
  • Non-current Assets
    • IPSAS 17 Property, Plant and Equipment
      • Initial recognition
      • Subsequent measurement including optional use of revaluation approach
      • Depreciation
      • Treatment of infrastructure and heritage assets
    • IPSAS 5 Borrowing Costs
      • Choice of policy
      • Qualifying assets
      • Measurement
    • IPSAS 16 Investment Property
    • IPSAS 31 Intangible Assets
      • What intangible assets are held by the public sector?
      • Recognition of acquired and donated intangible assets
      • Research and development phases of internally generated intangible assets
      • Initial and subsequent measurement
    • IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets
      • Determining which Standard should be applied
      • Impairment identification
      • Valuation approaches
      • Recognition
      • Impairment reversals
      • Disclosure requirements
  • Revenues & Related Costs
    • IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)
      • Recognition and measurement of tax revenue
      • Recognition of revenue from transfers
      • Reflecting conditions and restrictions in the financial statements
    • IPSAS 9 Revenue from Exchange Transactions
      • Accounting treatment for exchange transactions
      • Comparison with the IASB’s new revenue standard
    • IPSAS 12 Inventories
      • Public sector entity inventories
      • Inventories held for sale
      • Inventories held for distribution at no or nominal charge
    • IPSAS 11 Construction Contracts
  • Liabilities and Expenses
    • What is a liability in the public sector?
      • IPSASB’s Consultation Paper on social benefit obligations
      • Issues relating to the recognition of non-exchange expenses
    • IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets
      • Definitions
      • Recognition and measurement
      • Disclosures
    • IPSAS 25 Employee Benefits
      • Short and long-term benefits
      • Recognition, measurement of pension obligations
      • Termination benefits
      • Update on IPSAS 39 - replacing IPSAS 25 in 2018
  • Financing and Financial Instruments
    • IPSAS 13 Leases
      • Identifying finance and operating leases
      • Lessee and lessor financial reporting requirements
      • Leases in outsourcing and other service based arrangements
      • Sale and leaseback transactions
      • Comparison with the IASB’s latest leasing proposals
    • IPSAS 32 Service Concession Assets
      • Scope
      • Accounting by the grantor
    • IPSAS 4 The Effect of Changes in Foreign Exchange Rates
      • Identifying functional currency
      • Foreign currency transactions
      • Foreign operations
    • Financial Instruments
      • IPSAS 28 Financial Instruments Presentation
      • IPSAS 29 Financial Instruments: Recognition and Measurement
      • IPSAS 30 Financial Instruments: Disclosures
      • Public sector specific financial instruments
  • Consolidations and Interests in Other Entities
    • IPSAS 35 Consolidated Financial Statements
      • Boundaries of consolidation and concepts of public sector control
      • Consolidation requirements
      • Determining whether control exists
      • Comparison to IPSAS 6 (to be withdrawn)
    • Accounting for business combinations, mergers and reorganisations by public sector entities
      • ED 60 Public Sector Combinations
    • IPSAS 36 Accounting for Interests in Associates and Joint Ventures
      • Equity method of accounting
      • Cost method requirements
      • Comparison to IPSAS 7 (to be withdrawn)
    • IPSAS 37 Interests in Joint Arrangements
      • Identifying joint ventures and joint operations
      • Accounting for joint operations
      • Comparison to IPSAS 8 (to be withdrawn)
    • IPSAS 34, Separate Financial Statements
    • IPSAS 38 Disclosure of Interests in Other Entities
  • Other Presentation and Disclosure Standards
    • IPSAS 18 Segment Reporting
      • Identifying reportable segments
      • Required disclosures
    • IPSAS 20 Related Party Disclosures
      • Identification of related parties and transactions
      • Disclosure requirements
    • IPSAS 24 Presentation of Budget Information in Financial Statements
      • Required disclosures
      • Comparison of budget and actual amounts
      • Material differences
      • Preparing and presenting reconciliation of results under IPSAS to budget basis
    • IPSAS 22 Disclosure Of Financial Information About The General Government Sector
      • Purpose of the disclosures
      • Voluntary disclosures
      • IPSASB work on converging IPSAS with statistical basis reporting
  • Transitioning to the Accrual Basis of Accounting
    • Guidance on transition from the Cash Basis Standard to the accrual basis of accounting
    • Detailed review of IPSAS 33 First-time Adoption of Accrual Basis IPSASs
    • Comparison with the outgoing guidance under individual IPSASs
    • Optional and mandatory transition exemptions and requirements
    • Key issues
    • Alternate approaches allowed
    • Identifying and responding to the change management implications

Detailed Agenda

The workshop will consist of eight days of instruction and participation, separated by a weekend break.

Note the working week in the following course locations:


USA: Monday-Friday 

Europe: Monday-Friday 

UAE: Sunday-Thursday


The teaching day will be from 9am to 6pm. Please arrive at the seminar room by no later than 8.45am.

Teaching method

  • Group live instruction in an interactive workshop format, using cases, examples, group work, open discussions etc.
  • Review of the rationale, objective and scope of IPSAS
  • Description and explanation of IPSAS requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation will be encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials (examples, illustrations etc.)

Prerequisites

Understanding of accounting principles based on national standards in the private or public sector. No other advance preparation is required for this course.

Course benefits

  • Learn how to prepare IPSAS-compliant financial statements
  • Comply with IPSAS disclosure requirements, including accounting policies
  • Understand accrual-based IPSAS requirements, including accounting policies and disclosures
  • Implement IPSAS recognition and measurement rules for assets, liabilities, revenues and expenses
  • Plan ahead for issues that arise when transitioning from the cash basis to the accrual basis of accounting
  • Identify optional and mandatory transitional provisions for first-time adopters of IPSAS
  • Increase planning opportunities through awareness of likely future IPSAS changes
  • Learn the sources of IPSAS guidance that are available
  • All participants receive an iPad Mini to be used for technical research during and after the course
  • City tour and farewell dinner, arranged and paid by IASeminars

Who should attend?

  • Managers and staff of public sector finance teams embarking on IPSAS transition projects
  • Government officials responsible for IPSAS implementation projects
  • Finance managers and staff who are migrating from the private to public sector
  • Financial consultants supporting IPSAS implementations
  • Internal and external auditors

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 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 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 Dubai 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)

  • Saket Modi

    Saket Modi is a London-based financial trainer and consultant with over 15 years of professional experience. He specialises in delivering courses on advanced accounting, financial reporting and financial analysis topics, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), financial instruments and corporate finance. Saket has spent considerable time working, advising and training on complex IFRS matters - especially in relation to recognition and measurement of financial instruments. He has gained valuable experience working with both FTSE listed companies and also with Big 4 accounting firms. He has designed and facilitated workshops for banks and other financial institutions and also for corporates in the UK, Europe, Africa, Middle East and Asia, and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present a paper on IFRS 9 Financial Instruments at their board meeting in New York. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course offered by the Institute of Chartered Accountants in England and Wales (ICAEW) and also holds the Diploma in IPSAS from the Chartered Institute of Public Finance and Accountancy (CIPFA). As well as being a qualified accountant, Saket is also a CFA® charterholder.

    Bill Kemp

    Bill Kemp (UK) is an 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.

  • 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.

    Bill Kemp

    Bill Kemp (UK) is an 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.

  • Saket Modi

    Saket Modi is a London-based financial trainer and consultant with over 15 years of professional experience. He specialises in delivering courses on advanced accounting, financial reporting and financial analysis topics, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), financial instruments and corporate finance. Saket has spent considerable time working, advising and training on complex IFRS matters - especially in relation to recognition and measurement of financial instruments. He has gained valuable experience working with both FTSE listed companies and also with Big 4 accounting firms. He has designed and facilitated workshops for banks and other financial institutions and also for corporates in the UK, Europe, Africa, Middle East and Asia, and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present a paper on IFRS 9 Financial Instruments at their board meeting in New York. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course offered by the Institute of Chartered Accountants in England and Wales (ICAEW) and also holds the Diploma in IPSAS from the Chartered Institute of Public Finance and Accountancy (CIPFA). As well as being a qualified accountant, Saket is also a CFA® charterholder.

    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.

    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.

  • 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.

    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

16 Jan 2017 London

Duration:
8 days
Course level:
Overview
CPE / CPD:
64 hours
Start date:
16 Jan 2017
Start time:
09:00
Finish date:
25 Jan 2017
Finish time:
18:00
Location:
London
Price:
GBP 5,850
Subject to UK VAT (Read more)

6 Mar 2017 London

Duration:
8 days
Course level:
Overview
CPE / CPD:
64 hours
Start date:
6 Mar 2017
Start time:
09:00
Finish date:
15 Mar 2017
Finish time:
18:00
Location:
London
Price:
GBP 5,850
Subject to UK VAT (Read more)

14 Aug 2017 London

Duration:
8 days
Course level:
Overview
CPE / CPD:
64 hours
Start date:
14 Aug 2017
Start time:
09:00
Finish date:
23 Aug 2017
Finish time:
09:00
Location:
London
Price:
GBP 5,850
Subject to UK VAT (Read more)

19 Nov 2017 Dubai

Duration:
8 days
Course level:
Overview
CPE / CPD:
64 hours
Start date:
19 Nov 2017
Start time:
09:00
Finish date:
28 Nov 2017
Finish time:
18:00
Location:
Dubai
Price:
GBP 5,850
< Return to course search Top ↑
Print Email