International Public Sector Accounting Standards (IPSAS)

Objective:

By the end of this training course, participants will be able to:

• Identify how IPSAS will fit with their organization
• Comprehend the core IPSAS values
• Explain the key differences in the new standards
• Recognize what compliant statements will look like
• Deploy key strategies for migration to IPSAS standards
• Set clear steps towards implementation
• Adopt IPSAS disclosure requirements, including accounting policies

Content:

Introduction to Public Sector Entities

• Nature of Public Sector Entities
• Difference between Public Sector and Private Sector
• Importance of Budget
• Public Financial Management
• Financial Reporting in the Public Sector
• Introduction to IFAC, IPSASB
• Introduction to IPSAS

Module 2 – Basis of Accounting

• Cash basis of accounting
• Accrual basis of accounting
• Modified Cash Basis
• Modified Accrual Basis

Accounting for Assets

• Property, Plant & Equipment
• Inventory
• Intangible Assets
• Investment Property
• Leases
• Borrowing Costs
• Agriculture
• Impairment of Cash and Non-cash Generating Assets
• Service Concession Arrangements

Accounting for Revenue Recognition

• Revenue from Exchange Transactions
• Revenue from Non-Exchange Transactions

Accounting for Liabilities

• Provisions
• Contingent Liabilities
• Lease Liabilities
• Employee Benefits

Financial Instruments

• Financial Assets, Financial Liabilities & Equity
• Recognition of Financial Instruments
• Fair Value Measurement
• Impairment of Financial Assets
• Hedging and Hedge Accounting

Presentation of Financial Statements

• Presentation of Financial Statements
• Statement of Cash Flows
• Interim Financial Reporting
• Selection of Accounting Policies and Accounting Estimates
• Events after the reporting period
• Consolidated Financial Statements
• Presentation of Budget Information in Financial Statements

Financial Reporting under Cash Basis

• Cash Basis IPSAS
• Presentation and Disclosure requirements
• General Requirements
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• Foreign Currency transactions and balances

First Time Adoption of IPSAS

• First time adoption of Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• First time adoption of Accrual Basis IPSAS from Local Accrual Basis Standards