IPSAS - First-Time Adoption, Transition and Implementation (2 days)

Course code: 3500

Introduction

Entities that elect to adopt International Public Sector Accounting Standards (IPSAS) accrual basis of accounting face a number of challenges. While the technical challenge of applying all relevant IPSAS should not be underestimated, just as important are making the right choices over accounting policies to select; whether and how to use any of the transitional provisions in IPSAS; managing stakeholders; data gathering; ensuring systems and processes are adequate and managing the overall transition project.

In general, entities that change accounting policies to comply with IPSAS do this retrospectively; however, to ease this transitional process the IPSAS Board (IPSASB) allows the use of transitional provisions in certain Standards. Where transitional provisions exist, they may allow an entity additional time to meet the full requirements of a specific accrual based IPSAS or provide relief from certain requirements when initially applying an IPSAS.

Using real-world examples and case studies, this two-day course provides a comprehensive look at the complex issues facing first-time adopters of accrual based IPSAS, whether transitioning from the Cash Basis IPSAS or from local accounting frameworks. Coverage includes the transitional provisions in IPSAS and guidance on setting up the conversion project, with application demonstrated via practical case studies and examples.

This practical program includes discussion of real-world experiences in transitioning to IPSAS and answers to implementation questions. Strategies and guidance for establishing IPSAS accounting policies are also discussed.

The program answers questions such as:

  • What are the transition requirements of each IPSAS and what are the implications of the available choices?
  • What are the available policy options and their short-term and long-term consequences?
  • How can the costs and benefits of various courses of action be determined?
  • In what ways will systems require modification in order to implement accrual based IPSAS?
  • What are the most common pitfalls that occur during transition to accrual based IPSAS and how can they be avoided?

Topics

  • Transitional Provisions and Implementation Guidance
    • Presentation of Financial Statements - IPSAS 1
    • Net Surplus or Deficit for the Period - Fundamental Errors and Changes in Accounting Policies – IPSAS 3
    • Property, Plant and Equipment – IPSAS 17
    • Investment Property – IPSAS 16
    • Intangible Assets – IPSAS 31
    • Borrowing Costs – IPSAS 5
    • Revenue from Non Exchange Transactions (Taxes and Transfers) – IPSAS 23
    • Revenue from Exchange Transactions - IPSAS 9
    • Leases – IPSAS 13
    • The Effects of Changes in Foreign Exchange Rates - IPSAS 4
    • Financial Instruments: Presentation – IPSAS 28
  • Other implemention issues - disclosures
    • Financial Instruments: Disclosures – IPSAS 30
    • Related Party Disclosures - IPSAS 20
    • Consolidated and Separate Financial Statements – Accounting for Controlled Entities IPSAS 6
    • Segment Reporting - IPSAS 18
    • Disclosure of Financial Information About the General Government Sector - IPSAS 22
  • Managing the IPSAS Transition Process
    • Planning the project
    • Involving the whole business
    • Staff training
    • Implementing the changes
    • Collecting the data
    • Operating parallel reporting systems

Teaching method

  • Live group instruction, cases, examples, group work, open discussions
  • Description and explanation of IPSAS technical requirements in clear and simple language
  • Identification of the critical issues involved in the transition to and implementation of IPSAS
  • Extensive use of case studies and examples with practical application of the requirements of the IPSAS transitional provisions
  • Active participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

Understanding of accounting principles based on national standards together with some understanding of IPSAS (refer to Course 3100: IFRS versus IPSAS and Course 3210: International Public Sector Accounting Standards IPSAS Accrual Basis).

No advance preparation is required for this course.

Course benefits

  • Apply the requirements of the IPSAS transitional provisions
  • Understand the available policy options and their short-term and long-term consequences
  • Discern the costs and benefits of various courses of action
  • Implement practical strategies for managing the transition to IPSAS and avoid common pitfalls
  • Determine the system modifications and other changes that will be required in order to implement IPSAS
  • Gain the understanding required to develop an effective implementation plan for your company

CPE / CPD Accreditation

NASBA

IASeminars is registered with the US 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.learningmarket.org.

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 140,000 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.

CFA Institute

IASeminars is an approved Continuing Education training provider of the CFA Institute (the global association of investment professionals) and an official IFRS training partner of that institute. IASeminars is also an approved training provider of the New York Society of Security Analysts, the CFA Society of the UK and of various other CFA societies around the world. As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 14 credit hours. Please use promotion code "CFACPE" when booking via this website, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.

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 Lagos 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 Singapore 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 Cape Town 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)

  • Caroline Pontoppidan

    Caroline Pontoppidan is an experienced educator and researcher based in Sweden and specializing in International Public Sector Accounting Standards (IPSAS) and other international accounting and auditing issues. Since finalizing her Ph.D. in auditing, she has carried out research on the development of public sector accounting at the global level as well as providing training services for various public sector entities on International Standards of Auditing (ISA) as well as on the interpretation and application of IPSAS. Caroline previously spent 3 years in Japan teaching and researching emerging accounting and auditing issues, and she also worked for a United Nations agency for five years where she was tasked with assignments on business process re-engineering and the provision of technical advice on accounting and internal control systems.

    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 nearly 20 years of professional experience in both the private and the public sectors, including in training, accounting, managing transitions to new accounting systems, planning and implementation and specifically International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS). She has worked on many high-profile accounting and audit training and consulting engagements, both in the public as well as in the private sector. Recently Isabelle has been implementing an ERP (enterprise resource planning) system for an international organization that she had previously converted from cash accounting to accrual basis of 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).

  • 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.

    Bill Kemp

    Bill Kemp 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.

  • 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.

  • 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

26 May 2015 London

Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
26 May 2015
Start time:
09:00
Finish date:
27 May 2015
Finish time:
18:00
Location:
London
Price:
GBP 1,550
Subject to UK VAT (Read more)

15 Jun 2015 Lagos

Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
15 Jun 2015
Start time:
09:00
Finish date:
16 Jun 2015
Finish time:
18:00
Location:
Lagos
Price:
USD 2,550

21 Sep 2015 Singapore

Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
21 Sep 2015
Start time:
09:00
Finish date:
22 Sep 2015
Finish time:
18:00
Location:
Singapore
Price:
USD 2,550

26 Oct 2015 London

Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
26 Oct 2015
Start time:
09:00
Finish date:
27 Oct 2015
Finish time:
18:00
Location:
London
Price:
GBP 1,550
Subject to UK VAT (Read more)

14 Dec 2015 Cape Town

Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
14 Dec 2015
Start time:
09:00
Finish date:
15 Dec 2015
Finish time:
18:00
Location:
Cape Town
Price:
USD 2,550
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