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Governmental Accounting/Public Sector Accounting – A Management Perspective (3-day course)

Course Details

Code:3290
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Introduction

This three-day course provides an overview of governmental accounting concepts. The programme offers financial and non-financial professionals and government officers a solid understanding of the concepts of financial accounting, budgeting, control and auditing in a governmental environment. In addition to covering the differences between accounting for business and governments, the course grants insight to the key phases of the budget cycle and explains how budgets can enhance control. Our expert instructors impart an understanding of how governments use the modified accrual basis and how to account for the different sources of revenue (e.g. taxes, non-exchange revenues, investment gains, interests and dividends, voluntary non-exchange revenues) and expenditures (e.g. wages and salaries, pensions and other post-employment benefits, claims and judgements, prepayments and non-exchange expenditures). The course looks into the role accountants play in the management cycle of governments and the characteristics of sound operational objectives. Delegates will learn how programme budgets relate expenditures to operational objectives. Course delegates will also gain knowledge of how to account for capital projects and debt service. Participants will learn the differences between permanent funds and fiduciary funds, including specifically postemployment benefits. Attendees will also learn how the audits of governments and not-for-profits differ from those of businesses and what approach auditors generally take in performing audits. The programme includes pronouncements from the International Public Sector Accounting Standards Board (IPSASB), which focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. In addition, course instructors will present up-to-date information on the most recent new and anticipated future developments that will affect government sector accounting. This course answers questions such as: +How does government accounting differ from that of business entities? +Should business-type activities be accounted for differently than other governmental activities? +How can a government’s fiscal condition be assessed? +Why are performance budgets necessary? +How does encumbrance accounting prevent overspending? +What issues are critical in accounting for financial instruments and long-term government bonds? +Why are permanent funds employed and how are they distinguished from fiduciary funds? +What are split interest agreements and how should they be accounted for? +How are capital expenditures planned and budgeted within a framework of operational objectives? +What types of audits do governments conduct? +When are International Public Sector Accounting Standards (IPSAS) applied and how do they differ from International Financial reporting Standards (IFRS)? +What are the anticipated future developments that will affect government sector accounting?

Learning Objectives

Learn the differences between accounting for entities in the public sector and business entities Become familiar with governmental accounting concepts Appreciate general IPSAS requirements, including accounting policies and disclosures Comprehend public sector budgeting processes and how programme budgets relate expenditures to operational objectives Recognise the management cycle of governments and the characteristics of sound operational objectives Understand how the audits of governments differ from those of businesses and what approach auditors generally take in performing audits Gather information on the anticipated future developments that will affect government sector accounting

Topics

Day 1 +The Government Environment +Fund Accounting +Budget and Control +Recognising Revenues in Government Funds +Recognising Expenditures in Governmental Funds +Accounting for Capital Projects and Debt Service +Capital Assets and Investments in Marketable Securities Day 2 +Long-term Obligations +Business-type Activities +Fiduciary Funds and Permanent Funds +Issues of Reporting, Disclosure and Financial Analysis +Managing for Results Day 3 +Auditing Governments +International Public Sector Accounting Standards (IPSAS) +New and Future Developments in the Government Sector

Teaching Method

Live group instruction Review of the rationale, objective and scope of public sector accounting principles Extensive use of case studies and real-world examples to illustrate practical application of the accounting concepts Interactive participation is encouraged All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Prerequisites

None, although practical experience in public sector accounting is beneficial. No advance preparation is required for this course.
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