IPSAS Fundamentals - Comprehensive Workshop (5 days)

Course code: 3011

Introduction

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. The International Public Sector Accounting Standards Board (IPSASB) issues accounting standards and recommended practice guides relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. International Public Sector Accounting Standards (IPSASs) issued by the IPSASB are a comprehensive set of authoritative international financial reporting standards for governments and other public sector entities.

This five-day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. The program has been fully updated to follow the most recent IPSAS Handbook and incorporates standards issued in 2016 and 2017.

Accounting and disclosure requirements are 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.

In addition to a review of current accrual basis IPSASs, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive up-to-date information on the IPSASB’s Work Plan, including current Exposure Drafts and Consultation Papers.

This program answers questions such as:

  • What are the current requirements for presentation of accrual basis IPSAS financial statements and related disclosures?
  • Where can guidance on IPSASs be found?
  • How have the IPSASs recently changed?
  • What are the likely future requirements of IPSASs?
  • What practical issues commonly arise when implementing IPSASs?
  • What are the recommendations for transitioning from the cash to the accrual basis of accounting?

Many IPSASs are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). 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 accounting systems to accrual accounting based on IPSASs. Several other countries have adopted the Cash Basis IPSAS as a first step to future full accrual basis accounting. The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD) apply IPSASs. The United Nations (including all their agencies) are currently in the process of completing the transition to IPSASs.

Topics

  • Introduction to IPSASs
    • Brief history
    • Scope of IPSASs
    • Sources of guidance
    • Conceptual Framework
  • Presentation and Disclosure
    • 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 Errors
  • Non-current Assets
    • IPSAS 17 Property, Plant and Equipment
      • Initial recognition
      • Subsequent valuation
      • Depreciation
      • Treatment of infrastructure and heritage assets
    • IPSAS 16 Investment Property
      • Initial recognition
      • Subsequent valuation
      • Transitional provisions for initial adoption
    • IPSAS 31 Intangible Assets
      • Identifying relevant intangible assets and their initial recognition
      • Measurement
    • IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets
      • Impairment identification
      • Recognition and measurement
      • Reversals of past impairments
      • 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
    • IPSAS 12 Inventories
      • Public sector entity inventories
      • Inventories held for distribution at no or nominal charge
  • Liabilities and Expenses
    • General expense recognition principles and application to donations given
    • 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
      • Update on IPSAS 39 - replacing IPSAS 25 in 2018
  • Financing and Financial Instruments
    • IPSAS 13 Leases
      • Lessee and lessor financial reporting requirements
    • IPSAS 32 Service Concession Arrangements
    • IPSAS 4 The Effects of Changes in Foreign Exchange Rates
      • Foreign currency transactions
      • Foreign operations
    • Financial Instruments
      • IPSAS 28 Financial Instruments Presentation
      • IPSAS 29 Financial Instruments: Recognition and Measurement
      • IPSAS 30 Financial Instruments: Disclosures
  • Consolidations and Interests in Other Entities
    • IPSAS 35 Consolidated Financial Statements - Accounting for Controlled Entities
      • Consolidation boundaries and concepts of public sector control
      • Consolidation requirements
    • IPSAS 36 Accounting for Investments in Associates and Joint Ventures
      • Equity method of accounting
      • Cost method requirements
    • IPSAS 37 Accounting for Joint Arrangements
      • Distinguishing joint ventures from joint operations
      • Equity and joint operations accounting
    • IPSAS 40 Public Sector Combinations
      • Requirements of new standard for 2019
  • Other Presentation and Disclosure Standards
    • IPSAS 18 Segment Reporting
      • Distinguishable activities
    • IPSAS 20 Related Party Disclosures
      • Identification of related parties
      • Disclosure requirements
    • IPSAS 24 Presentation of Budget Information in Financial Statements
      • Required disclosures
      • Comparison of budget and actual amounts
      • Material differences
  • Recommended Practice Guidelines
    • 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
  • Transitioning to the Accrual Basis of Accounting
    • Overview of IPSAS 33 First-Time Adoption of Accrual Basis IPSASs
    • Transition paths

Teaching method

  • Group live instruction with interactive participation encouraged
  • 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

Prerequisites

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

Course benefits

  • Understand Accrual Based IPSAS requirements, including accounting policies and disclosures
  • Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues and expenses
  • Learn the requirements for presentation of IPSAS financial statements and related disclosures
  • Plan ahead for issues that arise when transitioning from the cash basis to the accrual basis of accounting
  • Identify transitional provisions in IPSAS standards
  • Increase planning opportunities through awareness of likely future IPSAS changes
  • Learn the sources of IPSAS guidance that are available

Testimonials

See what past participants said about this course:

Very high value for future commitments.

Fabio Ciofi, Italy

IASeminars has assisted in refreshing standards and policies I had long forgotten. Good experience and important training which will help my career and my contribution to helping my organization achieve their objectives.

Ikenna Raphael Iwuchukwu, Finance analyst,
International Organization for Migration, Nigeria

My expectations were all met and I am leaving this place a better and well prepared person to adopt IPSAS in 2017.

Ayi Yakubu Zakariah, Head/Accounts,
National Petroleum Authority, Ghana

IASeminars is best in all respects. The training has improved my knowledge on IPSAS greatly. This will give me opportunity to make recommendations for implementation in our institution.

Joseph Kiprotich, Senior Accountant,
Moi University, Kenya

IASeminars on IPSAS fundamentals is really an eye opener to better understanding of the application of IPSAS not only to first time adoptors but to those who have already adopted IPSAS.

Harriet Asomani, Director Finanace & IT,
Marie Stopes International, Ghana

The training has improved my financial knowledge about IPSAS because the instructor was up to task. This will help me to assist my organisation in the transition process.

Sharon Bannerman, Deputy Head, Payroll,
University of Education, Winneba

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 (e.g. UN) in the process of adopting IPSAS
  • Accountants and finance staff moving from private to public sector environments
  • Internal auditors of entities that have adopted IPSAS or are in the process of doing so
  • Accounting practitioners, consultants and external auditors
  • Accounting academics

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 Miami seminars take place in 4 star professional conference facilities, generally in hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are generally sent to all registered participants approximately one month before the event, which include 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.
  • 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.

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.

  • 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.

  • Nick Auer

    Nick Auer is an experienced training consultant specialising in Finance and Financial Reporting. A UK chartered accountant with over 16 years’ experience, Nick’s clients include a variety of organisations in both the public and private sectors. In the public sector, Nick specialises in delivering training on financial reporting matters (IFRS and IPSAS), finance training for non-finance managers, and courses on value for money and efficiency, budget management, procurement and contract management. He also has consulting experience on finance transformation projects (e.g. conversion to accruals accounting; conversion from UK GAAP to IFRS etc.). His clients have included the Ministry of Defence, the National Health Service, the Home Office, Foreign and Commonwealth Office, the UK Border Agency, local government etc. Nick also has significant experience in teaching financial reporting and other financial topics to the private sector. He has delivered introductory and advanced training on IFRS topics including group accounts, financial instruments, leasing, assets, intangibles, impairment and pensions as well as industry-specific technical updates. Nick has worked for clients in the oil, financial services, telecoms, medical equipment, transport infrastructure, insurance, construction, manufacturing, beverages, shipping, recycling and information industries.

    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

12 Feb 2018 Miami

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
12 Feb 2018
Start time:
08:00
Finish date:
16 Feb 2018
Finish time:
17:00
Location:
Miami
Price:
USD 5,700

19 Mar 2018 Cape Town

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
19 Mar 2018
Start time:
09:00
Finish date:
23 Mar 2018
Finish time:
18:00
Location:
Cape Town
Price:
USD 3,750

7 May 2018 London

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
7 May 2018
Start time:
09:00
Finish date:
11 May 2018
Finish time:
18:00
Location:
London
Price:
GBP 3,950
Subject to UK VAT (Read more)

15 Oct 2018 London

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
15 Oct 2018
Start time:
09:00
Finish date:
19 Oct 2018
Finish time:
18:00
Location:
London
Price:
GBP 3,950
Subject to UK VAT (Read more)
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