IPSAS - Financial Statements Fundamentals (online)
The objective of general purpose financial reports (GPFRs) are to provide information that is useful to a wide range of users and stakeholders. GPFRs more specifically provide information to users for both accountability and decision-making purposes (see IPSASB, 2014 Conceptual Framework). The usefulness of the financial statements to the users of them is enhanced if they are comparable and understandable. Comparability and understandability of the financial statements is underpinned by consistency, from year-to-year, in the presentation of the financial statements of public sector entities. IPSAS 1 Presentation of Financial Statements provides the basic framework for preparing the statement of financial position, statement of financial performance and the statement of changes in net assets/equity. IPSAS 1 also provides public sector entities with the flexibility to adapt formats and headings to present their information in a way that aids understanding of the specific entity. Note that IPSAS 1 does not apply to condensed interim financial information nor does it apply to Government Business Enterprises (GBEs).
This module is focused on explaining and illustrating the key standards applied for the presentation of IPSAS compliant financial statements, it therefore includes IPSAS 1 Presentation of Financial Statements, IPSAS 2 Cash flow statements, IPSAS 18 Segment reporting, IPSAS 3 Net Surplus or Deficit for the Period - Fundamental Errors and Changes in Accounting Policies and IPSAS 14 Events after the reporting date.
This module answers questions such as:
- What are the current requirements for presentation of accrual-based IPSAS financial statements and related disclosures?
- What are the requirements in terms of content and format for; the statement of financial position, the statement of financial performance, the statement of changes in net assets/equity, and the statement of cash flows?
- How to account and report on events that take place after the reporting date?
- How to prepare segment reports?
- How to account for changes in accounting estimates, changes in accounting policies and correction of fundamental errors?
- IPSAS 1 Presentation of Financial Statements
- Required financial statements; Structure and Content
- IPSAS 2 Cash Flow Statements
- Cash and cash equivalents
- Operating, investing and financing activities
- IPSAS 3 Net Surplus or Deficit for the Period - Fundamental Errors and Changes in Accounting Policies
- Changes in accounting estimates
- Changes in accounting policies
- Correction of fundamental errors
- IPSAS 14 Events after the reporting date.
- Other Presentation and Disclosure Standards
- IPSAS 18 Segment Reporting
- Identifying reportable segments
- Required disclosures
This is a self-study online module. It includes interactive lessons, a case study, practice and final exams and, on passing the final exam you, will be awarded a CPE certificate.
All course content may be accessed through any device: desktop, laptop, tablet or smartphone so you can learn whenever and wherever you wish.
Watch a short course demonstration
Understanding of basic accounting principles based on any national standards in the public sector. No advance preparation is required for this course.
- Understand the requirements in terms of content and format for The statement of financial position, the statement of financial performance, the statement of changes in net assets/equity, and the statement of cash flows
- Appreciate the accounting and reporting requirements for events that take place after the reporting date
- Learn the requirements for segment reporting
- Understand how to account for changes in accounting estimates, changes in accounting policies and correction of fundamental errors
Who should attend?
Participants who require a high level overview and awareness of the core IPSAS accruals based standards including:
- 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
- Operations mangers of public entities needing an awareness of public sector financial reporting
- Internal auditors of entities that have adopted IPSAS or are in the process of doing so
- Accounting practitioners, consultants and external auditors
- Analysts of public sector entities
- Our eLearning courses are designed to allow online interaction with our expert instructors, while covering the same content as our highly popular live training courses.
This module is designed as a self-study course and is not supported by an instructor. If you prefer instructor led online training you should choose our Course 3030e: IPSAS (Accrual Basis) - Basics online course.
To bring this course in-house please contact us and we will be pleased to assist