This online IPSAS training is being delivered live in 2 individual sessions which run on consecutive days. The sessions will run each day from 13:00 – 17:00 London (UK).
The spread of the pandemic continues to affect lives and economies across the world. Many national governments have introduced a range of different measures to control the virus and to mitigate its effects on individuals and corporations. Lockdowns, supported by travel bans and quarantine restrictions, have resulted in disruption and lost revenue which threaten the survival of operators in different sectors. Governments have responded by establishing and promoting temporary schemes including employment protection subsidies, loan guarantees, deferral of payments of costs such as taxes and rents, as well as cash grants, with the objective of preserving capacity to accelerate recovery.
The pandemic and the government interventions to mitigate its effects have both immediate and ongoing financial impacts. Regardless of the type of intervention, it is important to governments and government agencies to consider the impact on their financial statements. It is important for decision-makers to have up-to-date financial information in order to understand the available capacity for future interventions, both during the pandemic and its aftermath.
The financial statements of governments and government entities will be affected by these interventions and it is important to understand these impacts to correctly account for them, whether the interventions are through direct government expenditure, support for individuals, support for businesses and other public sector entities, and/or support for financial systems.
But all preparers of public sector financial statements must exercise new judgements and estimates, draft relevant disclosures and apply IPSASs in these changed circumstances.
This virtual online course reviews in detail the approaches to accounting for, and disclosing the effects of, coronavirus in IPSAS financial statements. It includes reminders of those accounting standards most affected, illustrative financial statements, examples and interactive participation from delegates.
This program answers questions such as:
- Which IPSAS should be considered in connection with accounting for direct government expenditure?
- Which IPSAS are most relevant to support provided to individuals?
- Which IPSAS provide guidance on support for businesses and other public sector entities?
- Which IPSAS are relevant to support for financial systems?
- How to consider the impact of coronavirus on the entity’s disclosures and going concern assessment?
- How to account for events after the reporting date and before the financial statements are authorised for issue?
- How to consider the impact of coronavirus on asset valuations?