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

Course code: 3500

Introduction

Entities that elect to adopt IPSAS accruals 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 the optional transitional provisions in IPSAS; managing stakeholders; data gathering; ensuring systems and processes are adequate and managing the overall transition project.

With the release of IPSAS 33 and a two year gap before it become mandatory, the challenges facing first-time adopters over the next year or two are increased as decisions will need to be taken over whether or not to utilise the new Standard. Entities currently adopting IPSAS will also need to understand how the new Standard might affect them if they are still using transitional provisions when IPSAS 33 becomes mandatory.

In general, entities that change accounting policies to comply with IPSAS do so retrospectively. To ease this transitional process the IPSASB allows the use of transitional provisions. Currently these reliefs are found in individual Standards and where taken should not affect the entity’s ability to fairly present its financial statements, nor prevent it from stating compliance with IPSAS. However, entities that adopt IPSAS using IPSAS 33 will no longer have the reliefs available from individual Standards but will follow the requirements of IPSAS 33. For pragmatic reasons IPSAS 33 presents certain transitional reliefs, which if used, might prevent the entity from stating that its accounts are fairly presented and compliant with IPSAS until the expiry of those reliefs or the items concerned have been fully recognised and measured according to the relevant Standards. These, reliefs where taken, will present new challenges to preparers, stakeholders and auditors. Other reliefs from full retrospective adjustment, it taken, should not affect fair presentation and compliance. In each case entity’s will need to carefully consider whether or not take the reliefs so as to ease their transition, while considering the practicalities, costs, benefits and impacts upon stakeholders.

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 accruals-based accounting frameworks. Coverage includes the current transitional provisions in IPSAS, IPSAS 33 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 does IPSAS 33 permit and require, what options are available and what are the pros and cons of the different approaches?
  • What are the practical consequences in the year of full adoption when following IPSAS 33
  • What are the current transition requirements of each IPSAS if IPSAS 33 is not followed 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

  • Introduction
    • Brief overview the principles behind accruals basis IPSAS and its key Standards
    • Overview of the current approach set out in IPSAS for first-time adopters
    • Overview of the approach set out in IPSAS 33 and its effective date
  • Net Surplus or Deficit for the Period - Fundamental Errors and Changes in Accounting Policies – IPSAS 3
    • Principles of retrospective accounting for the effects of changes in accounting policy on first-time adoption and the disclosures to be made
  • Current Transitional Provisions and Implementation Guidance
    • Presentation of Financial Statements – IPSAS 1
    • 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
    • Leases – IPSAS 13
    • The Effects of Changes in Foreign Exchange Rates – IPSAS 4
    • Financial Instruments – IPSAS 28, 29 and 30
    • Related disclosures
  • Application of IPSAS 33
    • Principles of first-time adoption under the new Standard
    • Distinguishing between transitional and first IPSAS financial statements
    • What is required to enable a statement of full compliance with IPSAS?
    • What information is required to be presented, and disclosed?
    • Specific prohibitions from retrospective application for first-time adopters
    • Optional exemptions that affect the entity’s ability to state compliance with fair presentation and accruals basis IPSAS during the transition period
      • Assessing materiality of such exemptions where taken
      • How will auditors and stakeholders respond if financial statements are not fairly presented?
    • Other optional exemptions that do not affect the entity’s ability to state compliance with accruals basis IPSAS
    • Guidance provided by IPSAS 33
  • Effective date of IPSAS 33
    • Pros and cons of adopting IPSAS 33 before its effective date of 1 January 2017
    • Implications for entities who have adopted IPSAS but are still using transition reliefs
    • Implications for entities that are already transitioning to IPSAS but have not yet presented their first fully compliant IPSAS financial statements
  • Consolidation boundaries
    • Who needs to consolidate on first-time adoption?
    • First-time adoption reliefs available currently under IPSAS 6, 7 and 8 compared with those under their replacement Standards, IPSAS 34-38
    • Interaction of IPSAS 34-38 reliefs with IPSAS 33
    • Implications for first-time adopters of using the transitional provisions
    • Implications for States which wish to apply IPSAS 22 Disclosure of Financial Information About the General Government Sector
  • Managing the IPSAS Transition Process
    • Planning the project
    • Involving the whole business and its stakeholders
    • Project and change management
    • Training the project team and operations staff
    • Communicating with stakeholders
    • Gathering data on assets and valuing them
    • Process and systems implications

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 3020: IPSAS Fundamentals - Accruals Basis). No advance preparation is required for this course.

Course benefits

  • Understand and apply IPSAS 33
  • Apply the requirements of the IPSAS transitional provisions
  • Understand the available policy options and their short-term and long-term consequences
  • Determine the costs and benefits of applying a transitional approach over time to a short, full adoption
  • Implement practical strategies for managing the transition to IPSAS and avoid common pitfalls
  • Consider 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

Who should attend?

  • Finance and accounting managers of public sector entities considering to adopt IPSAS
  • Government officials and project managers responsible for IPSAS transition
  • Accountants and finance staff of public sector entities and similar agencies about to start or who are in the process of adopting IPSAS
  • Internal and external auditors of entities that are in the process of adopting IPSAS
  • Accounting practitioners and consultants
  • Accounting academics

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.

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 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 Accra 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 Zanzibar seminars take place in 4 star hotels. 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)

  • 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.

    Saket Modi

    Saket Modi is a financial trainer and consultant with over 15 years of experience. He specialises in matters relating to accounting, financial reporting and analysis, in particular as regards 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 in complex areas of IFRS - especially in relation to financial instruments. He has gained valuable experience working with FTSE listed companies and Big 4 accounting firms. He has furthermore designed and facilitated workshops for banks, financial institutions and corporates in the UK, Europe, Africa, Middle East and Asia. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course from the Institute of Chartered Accountants in England and Wales and also the IPSAS certificate course from the Chartered Institute of Public Finance and Accountancy. He is a CFA® charterholder.

  • 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.

  • 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.

  • 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.

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

27 Jul 2015 Accra

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Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
27 Jul 2015
Start time:
09:00
Finish date:
28 Jul 2015
Finish time:
18:00
Location:
Accra
Price:
USD 1,000

24 Aug 2015 Zanzibar

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Duration:
2 days
Course level:
Intermediate
CPE / CPD:
16 hours
Start date:
24 Aug 2015
Start time:
09:00
Finish date:
25 Aug 2015
Finish time:
18:00
Location:
Zanzibar
Price:
USD 1,000

28 Sep 2015 Singapore

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

26 Oct 2015 London

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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

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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 1,000
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