IPSAS - Financial Instruments Fundamentals (online)
Three standards have been published by the IPSASB to cover the accounting and financial reporting of financial instruments:
- IPSAS 28 Financial Instruments Presentation
- IPSAS 29 Financial Instruments: Recognition and Measurement
- IPSAS 30 Financial Instruments: Disclosures
The underlying principle of these standards is to limit off balance sheet items, and therefore to record all financial instruments (including derivatives) on the balance sheet in order to show risks to stakeholders and readers of the financial statements.
This module will therefore provide coverage on the principles for classifying and presenting financial instruments as liabilities or net assets/equity, and for offsetting financial assets and liabilities (IPSAS 28). It also deals the principles for recognizing, derecognizing and measuring financial assets and financial liabilities (IPSAS 29). The module is finalized with an overview of the disclosures that enable financial statement users to evaluate the significance of financial instruments to an entity, the nature and extent of their risks, and how the entity manages those risks (IPSAS 30).
This module answers questions such as:
- What are some common types of financial instruments in the public sector?
- How does one classify financial assets and financial liabilities?
- How to recognize and measure financial assets and financial liabilities?
- How to measure the fair value of financial instruments?
- How to work with the calculation of amortised cost?
- How to carry out de-recognition of financial assets and financial liabilities?
- How to provide the necessary disclosures on financial assets and liabilities?
- IPSAS 28. Financial instruments: presentation
- Scope of the standard; definition and identifying financial instruments
- Distinguishing between financial liabilities and equity instruments
- Offsetting (netting off) a financial asset and a financial liability
- Summary of areas covered by IPSAS 28 but which are rarely encountered by public entities
- IPSAS 29. Financial instruments: recognition and measurement
- Classification of financial instruments and scope for subsequent reclassification
- Initial recognition of financial assets and liabilities
- Initial and subsequent measurement of financial assets and liabilities
- Amortised cost method and impairment
- Fair value methods
- Transfers of a financial assets and the evaluation of the risks and rewards of ownership of the financial asset
- De-recognition of financial assets and liabilities
- IPSAS 30. Financial instruments: disclosures
- Scope of disclosure
- Significance of financial instruments
- Risks of financial instruments
- Issues in practical application when accounting for financial instruments in the public sector
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
Free Sampler Module
Understanding of basic accounting principles based on any national standards in the public sector. No advance preparation is required for this course.
- Appreciate financial instruments in the public sector
- Understand the classification of financial assets and financial liabilities
- Learn the recognition and measurement of financial assets and financial liabilities
- Practice the calculation of amortised cost
- Understand the de-recognition of financial assets and financial liabilities
- Appreciate the disclosure requirements
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