Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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IPSAS aims 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 other guidance relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. The International Public Sector Accounting Standards (IPSAS) that have been issued by the IPSASB represent the first and only comprehensive set of authoritative international financial reporting standards for governments and other public sector entities.

IPSAS are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRS), formerly known as IAS. IFRS are 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.

The IPSASB’s goal is to serve the public interest by developing high quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial statements. This will enhance the quality and transparency of public sector financial reporting and strengthen public confidence in public sector financial management. In pursuit of this objective, the IPSASB supports the convergence of international and national public sector accounting standards and the convergence of accounting and statistical bases of financial reporting where appropriate.

A number of countries have transformed their accounting systems to accrual accounting based on IPSAS. Several other countries have adopted the Cash Basis IPSAS as a first step to future full accrual accounting based on the IPSAS. The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD) are now using IPSAS. The United Nations (including all their agencies) are currently making the transition to IPSAS.

This online program provides an overview of the most important requirements for preparing financial statements and disclosures under accrual based IPSAS. The program has been fully updated for 2012 amendments and includes discussion of financial instruments and intangible assets.

The IPSAS 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-based IPSAS, our specialist instructors provide guidance on transitioning to the accrual basis.

This program answers questions such as:

• What are the current requirements for presentation of accrual-based IPSAS financial statements and related disclosures?

• Where can guidance on IPSAS be found?

• What practical issues commonly arise when implementing IPSAS?

• What are the recommendations for transitioning from the cash to the accrual basis of accounting?

Prerequisites

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

Course Level

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Overview

Topics

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• Introduction to IPSAS
• Brief history
• Scope of IPSAS
• Sources of guidance
• Accounting for Government Business Enterprises (Not covered in this course as they apply IFRS)
• Reporting & 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 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
• Non-current Assets
• IPSAS 17 Property, Plant and Equipment
• Initial recognition
• Subsequent valuation
• Depreciation
• Transitional provisions for initial adoption
• IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets
• Impairment identification
• Recognition and measurement
• Impairment reversals
• Disclosure requirements
• Revenues & Related Costs
• IPSAS 9 Revenue from Exchange Transactions
• Accounting treatment for exchange transactions
• 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 12 Inventories
• Public sector entity inventories
• Inventories held for sale
• Inventories held for distribution at no or nominal charge
• Liabilities and Expenses
• 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
• Financing and Financial Instruments
• IPSAS 13 Leases
• Lessee and lessor financial reporting requirements
• IPSAS 4 The Effect 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 Strategic Investments
• IPSAS 6 Consolidated Financial Statements - Accounting for Controlled Entities
• Concepts of public sector control
• Consolidation requirements
• Determining whether control exists
• IPSAS 7 Accounting for Investments in Associates
• Equity method of accounting
• Cost method requirements
• IPSAS 8 Financial Reporting of Interests in Joint Ventures
• Proportionate consolidation
• Allowed alternative equity method
• 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
• IPSAS 22 Disclosure of Financial Information about the General Government Sector
• Disclosure requirements
• Transitioning to the Accrual Basis of Accounting
• Guidance on the transition from the cash to the accrual basis of accounting
• Key issues
• Alternate approaches allowed

Course Benefits

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• 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

Teaching Method

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• Online learning
• Review of the rationale and objective for IASB standards
• Description and explanation of IFRS technical requirements in clear and simple language
• Interactive participation is encouraged

Continuing Professional Education (CPE)

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24 hours

Venue

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Our e-learning course allows you to interact with our expert instructors while covering the same materials as our highly popular live training courses. .