Impact of Coronavirus on IPSAS Financial Statements (Virtual Classroom)
This virtual training is being delivered live and online over 2 individual sessions, each of 4 hours’ duration 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?
Suitability - Who should attend?
This training course is especially suitable for:
- Accountants and public financial management (PFM) officials in finance and reporting teams that prepare IPSAS financial statements
- External and internal auditors of public sector entities that prepare accruals-basis IPSASs
- Consultants, analysts and academics with interests in public sector financial reporting
Outcome / Qualification etc.
After attending this course you will be able to:
- Identify which specific standards require consideration by your organisation for the impact of coronavirus when preparing IPSAS financial statements for 2020
- Set out the process for establishing whether the going concern basis of accounting is appropriate and draft relevant disclosures for material uncertainties identified
- Specify the accounting and disclosure requirements for coronavirus interventions by the entity
- Apply the requirements for testing financial and other assets for impairment
- Apply IPSAS to provisioning for closure and reorganisation costs, onerous contracts and possible insurance recoveries
This course is worth 8 CPD hours.
Training Course Content
This course is designed to cover the following key topics:
- Going Concern Basis
- Assessment of going concern status and treatment of material uncertainties (IPSAS 1)
- Events after the reporting period (IPSAS 14)
- IPSAS Financial Statements
- Presentation (IPSAS 1) – significant judgements and critical accounting estimates
- Accounting policies, changes in accounting estimates and errors (IPSAS 3)
- Establishment of newly formed government entities as a result of COVID-19 interventions (IPSAS 34-38)
- Valuation and Impairment of Assets
- Impairment of non-cash and cash-generating assets (IPSAS 21, 26)
- Property values (IPSAS 16, 17)
- Inventories (IPSAS 12)
- Liabilities and expenses
- Leases (IPSAS 13) – rent concessions
- Employee benefits (IPSAS 39) – employment support, holiday entitlement, termination benefits
- Provisions for re-organisation costs, onerous contracts, insurance recoveries (IPSAS 19)
- Transfer expenses (ED 72)
- Sovereign Debt Restructurings under IPSAS
- Financial Instruments
- Financial assets – classification (IPSAS 28-30, 41)
- Financial liabilities – modifications of contracts, concessionary loans (IPSAS 23, 28-30, 41)
- Impairment of financial assets (IPSAS 29, 41)
- Hedge accounting (IPSAS 28-30)
- Disclosures (IPSAS 30)
- Government Emergency Support
- Government grants and assistance (IPSAS 23 and ED 71)
- Guidance relating to broader reporting and transparency
- RPG 1, 2 and 3
Why choose IASeminars
We've trained over 18,000 participants since 2002.
50% of our business comes from returning clients.
We offer both instructor-led and self-study courses, with instructor-led training being delivered over Zoom during the pandemic.
The cost of this training course is £950.
IASeminars Offer Client Focus Training Solutions
Whatever your requirements are for training in international accounting, you can be assured that IASeminars are ready to deliver. Offering topics such as IFRS, US GAAP, IPSAS, Management Accounting and Banking Regulation we are passionate about helping you progress your...
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