IPSAS - Employee Benefits, Social Benefits, and Other Liabilities (online)

This module will explain the accounting and disclosure for employee benefits, including short-term benefits (wages, annual leave, sick leave, bonuses, profit-sharing and non-monetary benefits); pensions; post-employment life insurance and medical benefits; termination benefits and other long-term employee benefits (long-service leave, disability, deferred compensation, and bonuses and long-term profit-sharing), except for share based transactions and employee retirement benefit plans.

The module will also explain the requirements when first adopting IPSAS 25, that an entity shall determine its initial liability for defined benefit plans at that date.

This module answers questions such as:

• What are the current requirements for recognition, measurement and reporting on employee benefits provided
• by public sector employers?
• How should IPSAS compliant public-sector entities present employee benefits?
• What disclosures do IPSAS compliant public-sector entities provide on employee benefits?
• What overall guidance is provided in the IPSAS pertaining to employee benefits?
• What practical issues commonly arise when implementing IPSAS 25?

• IPSAS 25 Employee Benefits
  • Treatment of Short-term Employee Benefits
    • Wages, salaries, etc.
    • Compensated absences
    • Benefits in kind
    • Bonus payments and profit-sharing payments
  • Post-employment Benefits
    • Distinction between Defined Contribution Plans and Defined Benefit Plans
    • Treatments of multi-employer plans and of plans shared by entities under common control
    • Insured schemes
  • Pension Plans
    • Classification of pension plans
    • Accounting for defined contribution plans
  • Accounting for defined benefit plans
    • Differentiating between defined contribution and defined benefit plans
    • Funded and unfunded plans
    • The actuarial method used to measure the plan liability
    • Qualifying plan assets and their measurement
    • Determining current pension expense
    • Treatment of actuarial gains and losses
    • Utilizing the ‘corridor’ method to amortize actuarial gains and losses
    • Curtailments and Settlements
• Presentation
• Disclosure requirements
• Other Post-employment Benefit Plans
  • Types of benefits encountered
  • Simplified method of accounting
• Termination Benefits
• Deferred Compensation

This is a self-study online module and usually takes 1-3 hours to complete. 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 difference between defined benefit plans and defined contribution plans and the related impact of the statement of financial position
• Appreciate the disclosure requirements for defined benefit plans
• Learn the accounting treatment for multi-employer plans
• Learn the treatment of short term employee benefits
• Learn the proposed accounting treatment for social benefits
• Understand the treatment of other liabilities, such as contributions received in advance, accounts payable
• Scope and classification of employee benefits

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

To bring this course in-house please contact us and we will be pleased to assist