International Public Sector Accounting Standards (IPSAS)

Rationale

In a world of increasing transparency, there is a growing pressure being placed upon the public sector to standardize financial accounting. Standards adopted are the basis for the ‘new world’ of public reporting – creating greater confidence that public money is being handled effectively.

The aim of this course is for participants to understand IPSAS and the framework for public sector accounting. This course provides an overview of the most important requirements for preparing financial statements and disclosures under IPSAS.

Course Methodology

Training sessions will actively and frequently involve delegates in practical exercises, case study analysis and discussions, assisted by carefully selected multi-media contributions from field leading experts. This will facilitate the development of analytical, evaluation, communication, team and leadership skills through self-directed discovery, peer assisted education and reflective learning.

Course Objectives

By the end of the 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

Target Audience

Public and private sector finance and accounting professionals, or managers seeking to develop their understanding of the public sector accounting methods including: professionals who have a responsibility for auditing or working with public sector organizations; corporate governance directors; internal auditors; corporate compliance officials; and board level members who wish to develop their understanding of IPSAS.

Target Competencies

• Implementing IPSAS standards
• Producing financial statements
• IPSAS Strategies
• International Accounting Standards (IAS)
• Generally Accepted Accounting Principles (GAAP)

Course Outline

• Introduction, principles and development
•          Background into financial accounting
•          Importance of standards
•          Economic drivers
•          Key principles of Global Accounting Standards
•          The development of Global Accounting Standards
•          Underlying financial principles
•          Disclosure and transparency aspects
• Other general Standards
•          International Accounting Standards (IAS)
•          Generally Accepted Accounting Principles (GAAP)
•          The current global adoption of Global Accounting Standards
• Key organizational benefits
•          Domestic best practice
•          Global best practice
• Effective implementation strategy
•          The strategic planning process roadmap
•          Mapping regional standards to Global Accounting Standards
•          Resource planning
• Migration to IPSAS
•          Scoping dual reporting
•          Financial function migration
•          Phasing and specific functional challenges
•          Strategy sense checks
• The IPSAS Standards
•          Review of current IPSAS Standards
•          The correct application of individual IPSAS Standards
•          Overcoming key challenges
•          Obtaining guidance and support from International Federation of Accountants
• IPSAS compliant financial statements
•          Key IPSAS requirements within financial statements
•          Producing the statement of financial position
•          Producing the statement of financial performance
•          Producing the cash flow statement
•          Reporting changes in net asset position
•          Producing compliant notes to the accounts