IPSAS Overview with IFRS Comparison (2 days)

Course code: 3100


There is an increasing interest amongst public sector bodies worldwide to produce their financial statements according to International Public Sector Accounting Standards (IPSAS) issued by the IPSAS Board (IPSASB). While some governments and agencies are developing their own standards based around IFRS, others are adopting IPSAS as the basis of accounting.

This two-day course provides a detailed review of the major technical IPSAS requirements of relevance to public sector entities, by comparison to IFRS.It includes, case studies, examples, and interactive participation from the participants.

This course assumes participants are familiar with IFRS.

The program answers questions such as:

  • Which areas of accounting do IPSAS cover, which have no IFRS equivalent?
  • Which accounting issues covered by IFRS have no equivalent in IPSAS?
  • Which aspects of public accounting are not currently addressed by IPSAS and what proposals are there to address them?
  • How are IPSAS financial statement requirements applied to public sector entities, including accounting policies and disclosures?
  • What are the rules relating to first-time adoption of IPSAS as compared to IFRS?
  • When are assets, liabilities, revenues, and expenses recognized under IPSAS and how are they measured?
  • Where are major similarities and differences found between IFRS and IPSAS?


  • Introduction to IPSASB and its outputs; Accounting Standards and Recommended Practice Guidelines
  • Unique features of public sector transactions and their accounting
  • IPSASB’s Conceptual Framework compared to that of the IASB and selection of accounting policies (IPSAS 3/IAS 8)
  • Scope – which entities should report under IPSAS?
  • First-time adoption under IFRS compared to IPSAS 33
  • Key differences - Financial Statement Presentation and Disclosure
    • Presentation of Financial Statements (IPSAS 1/IAS1)
    • Segment Reporting (IPSAS 18 / IFRS 8)
    • Related Party Disclosures (IPSAS 20/IAS 24)
    • Recommended Practice Guideline (RPG) 2 — Financial Statement Discussion and Analysis and IASB’s guidance on Management Commentary
  • Key differences – IPSAS standards with no IFRS equivalent
    • Budget Reporting (IPSAS 24)
    • Disclosure of Financial Information About the General Government Sector (IPSAS 22)
    • RPG 1 — RReporting on the Long-Term Sustainability of an Entity’s Finances and RPG 3 Service Performance Reporting
    • Impairment of non-cash generating assets (IPSAS 21)
    • Revenue from non-exchange transactions (IPSAS 23) and proposals for change
  • Other issues
    • Application of IPSAS 17 (PP&E) and IPSAS 31 (Intangible assets) by public entities, including infrastructure and heritage assets
    • Borrowing costs (IPSAS 5, IAS 23)
    • Inventories (IPSAS 12, IAS 2)
    • Leases (IPSAS 13, IAS 17) and prospects for adoption of IFRS 16
    • Service concession arrangements (IFRIC 12, IPSAS 32)
    • Financial Instruments (IPSAS 28,29 and 30, compared with IFRS 9 and IFRS 7)
    • IPSAS 35 consolidation boundaries in the public sector, scope of consolidated financial statements compared to IFRS 10 and IPSAS 35 and brief comparison of accounting for associates and joint arrangements
    • IPSAS 40 public sector combinations compared to IFRS 3 business combinations
    • Overview of other IPSAS which are substantially similar to IFRS, highlighting significant differences
    • Overview of other IFRS not currently addressed by IPSAS
  • Areas of public accounting not currently addressed by IPSAS
    • Social benefits
    • Emissions trading
  • Discussion of future developments focusing on where forthcoming changes in IFRS are not yet reflected in the IPSAS Work Plan
    • IPSASB Exposure Drafts
    • IPSASB Consultation Papers
    • Comparison of IPSASB work plan with that of the IASB

Teaching method

  • Group live instruction by specialist instructors
  • Review of the rationale and objective for IPSASB standards
  • Description and explanation of IPSAS technical requirements in clear and simple language
  • Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and IPSAS
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials


Understanding of International Financial Reporting Standards. No advance preparation is required for this course.

Course benefits

  • Appreciate the implications of transitioning to IPSAS, including change management issues
  • Learn to apply IPSAS financial statement requirements to public sector entities, including accounting policies and disclosures
  • Understand the rules relating to first-time adoption of IFRS and IPSAS
  • Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
  • Comprehend the major similarities and differences between IFRS and IPSAS


See what past participants said about this course:

The seminar was excellent and I am very satisfied with the whole experience.

Dimitris Diamantatos

Who should attend?

Individuals who already have a good grounding in IFRS who wish to understand the key differences between IFRS and IPSAS:

  • Qualified and trainee accountants, finance staff and consultants who are making the move from the private to public sector
  • Auditors who are moving from private to public sector audits
  • Finance staff of entities that are transitioning or considering transitioning from reporting under IFRS to IPSAS
  • Financial analysts who will be dealing with public sector entities

CPE / CPD Accreditation


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.

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.

In House

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

Course details

Course schedule

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