Course description
IPSAS Fundamentals - Comprehensive Workshop (5 days)
IPSASs aim 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 International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve.
This five-day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. The program has been fully updated to reflect the most recent IPSAS Handbook.
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 short case studies.
In addition to a review of current accrual basis IPSASs, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive up-to-date information on the IPSASB’s Work Plan, including current Exposure Drafts and Consultation Papers.
This program answers questions such as:
- What are the current requirements for presentation of accrual basis IPSAS financial statements and related disclosures?
- Where can guidance on IPSASs be found?
- How have the IPSASs recently changed?
- What are the likely future requirements of IPSASs?
- What practical issues commonly arise when implementing IPSASs?
- What are the recommendations for transitioning from the cash to the accrual basis of accounting?
Many IPSASs are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRSs) 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 of the IFRS unless there is a significant public sector issue which warrants a departure. Other IPSASs have been developed to meet issues specific to the public sector, such as non-exchange transactions.
Upcoming start dates
Suitability - Who should attend?
This training course is especially suitable for:
- Finance and accounting managers of public sector entities considering adoption of IPSAS
- Government officials and project managers responsible for IPSAS transition
- Accountants and finance staff of public sector entities and similar agencies (e.g. UN) in the process of adopting IPSAS
- Accountants and finance staff moving from private to public sector environments
- Internal auditors of entities that have adopted IPSAS or are in the process of doing so
- Accounting practitioners, consultants and external auditors
- Accounting academics
Outcome / Qualification etc.
By the end of this course, participants will be able to:
- Understand accrual-basis 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 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
CPE credits are available for all courses.
Training Course Content
The course will cover the following key update areas:
- Introduction to IPSASs
- IPSAS Board and due process
- Conceptual Framework
- Presentation and Disclosure
- IPSAS 1 Presentation of Financial Statements
- Complete set of financial statements
- Structure and minimum content
- IPSAS 2 Cash Flow Statements
- Cash and cash equivalents
- Operating, investing and financing activities
- IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors
- IPSAS 14 Events after the Reporting Date
- IPSAS 1 Presentation of Financial Statements
- Non-current Assets
- IPSAS 17 Property, Plant and Equipment
- Initial recognition
- Subsequent measurement
- Depreciation
- Treatment of infrastructure and heritage assets
- IPSAS 5 Borrowing Costs
- IPSAS 16 Investment Property
- Initial recognition
- Subsequent measurement
- IPSAS 31 Intangible Assets
- Identifying relevant intangible assets and initial recognition
- Subsequent measurement
- IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets
- Indicators of impairment
- Recognition and measurement
- Reversals of past impairments
- Disclosure requirements
- IPSAS 17 Property, Plant and Equipment
- Revenues & Related Costs
- IPSAS 23 Revenue from Non-Exchange Transactions
- Recognition and measurement of revenue from taxes and transfers
- Reflecting conditions and restrictions in the financial statements
- IPSAS 9 Revenue from Exchange Transactions
- Accounting treatment for exchange transactions
- Update on proposed changes to revenue Standards
- ED 70 Revenue with Performance Obligations
- ED 71 Revenue without Performance Obligations
- IPSAS 12 Inventories
- Inventories held for distribution at no or nominal charge
- IPSAS 23 Revenue from Non-Exchange Transactions
- Liabilities and Expenses
- General expense recognition principles
- ED 72 Transfer Expenses
- IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets
- Definitions
- Recognition and measurement
- Disclosures
- Amendments relating to collective and individual services
- IPSAS 42 Social Benefits (mandatory from 2023)
- IPSAS 39 Employee Benefits
- Short and long-term benefits
- Recognition, measurement of pension obligations
- General expense recognition principles
- Financing and Financial Instruments
- IPSAS 13 Leases
- Lessee and lessor financial reporting requirements
- IPSAS 43 – replacement of IPSAS 13 from 2025
- IPSAS 32 Service Concession Arrangements
- IPSAS 4 The Effects 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
- IPSAS 41 – replacement of IPSAS 29 from 2023
- IPSAS 13 Leases
- Consolidation and Interests in Other Entities
- IPSAS 35 Consolidated Financial Statements - Accounting for Controlled Entities
- Consolidation boundaries and concepts of public sector control
- Consolidation requirements
- IPSAS 36 Accounting for Investments in Associates and Joint Ventures
- Equity method of accounting
- Cost method requirements
- IPSAS 37 Accounting for Joint Arrangements
- Distinguishing joint ventures from joint operations
- Equity and joint operations accounting
- IPSAS 40 Public Sector Combinations
- IPSAS 35 Consolidated Financial Statements - Accounting for Controlled Entities
- 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 18 Segment Reporting
- Recommended Practice Guidelines
- RPG 1 Reporting on the Long-Term Sustainability of an Entity’s Finances
- RPG 2 Financial Statement Discussion and Analysis
- RPG 3 Reporting Service Performance Information
- Transitioning to the Accrual Basis of Accounting
- Overview of IPSAS 33 First-Time Adoption of Accrual Basis IPSASs
- Transition paths
Why choose IASeminars
We've been training for 20 years.
50% of our business comes from returning clients.
We offer instructor-led training in international locations, over Zoom or in house.
Reviews
Average rating 4
This course was well developed and the material was concise and easy to comprehend.
This training was very comprehensive and was very helpful in refreshing my IPSAS understanding and application.
Expenses
The cost of this training course is £4,750 + VAT for face to face events.
In House Training
In addition to the scheduled dates and locations, IASeminars can also run this course as in house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.
IPSAS accrual was a bit of challenge for me as the organisation is currently on modified cash basis. However since the sessions I can say that a lot of the materials I can now u...