IPSAS Fundamental Concepts have been developed to enhance the quality, consistency and transparency of public sector financial reporting worldwide. Issued by the International Public Sector Accounting Standards Board (IPSASB), they are cash-based standards and accruals standards used for the preparation of general purpose financial statements by governments and other public sector entities around the world.
IPSAS Fundamental Concepts is intended to enable the participants to understand IPSAS and the framework for public sector accounting. The training course provides an overview of the most important requirements for preparing financial statements and disclosures under IPSAS, with specific insight.
There are no pre-requisites to undertake IPSAS Fundamental Concepts. Designed for finance professionals in the public sector the course will benefit anyone who requires an understanding of international financial reporting standards within the public ;
In particular it is suitable for: Accountants and finance staff at all levels involved in the preparation of financial statements, IFRS and IPSAS implementation and maintenance teams, Internal auditors and consultants dealing with financial reporting
TARGET COMPETENCIES
The key topics covered are:
- Context of IFRSs and IPSASs
- Financial statement presentation
- Funding, revenue and expenditure
- Asset and liability reporting
- Entity consolidation and combination
- Disclosure and other matters.
WHO SHOULD ATTEND ?
The International Public Sector Accounting Standards (IPSAS) training course is suitable for, but not limited to:
- Public sector finance and accounting personnel
- Professionals seeking to develop their understanding of the public sector accounting methods
- Professionals who have a responsibility for auditing or working with public sector organizations
- Corporate governance directors
- Internal auditors
- Corporate compliance officials
- Board level members who wish to develop their understanding of IPSAS
COURSE OUTLINE
Module 1 – Introduction to IPSASB
- An overview of the work of the Board (IPSASB) including:
- The organization,
- The characteristics of public sector entities,
- The relationship between IPSAS ®
- The purpose of financial statements and any ongoing projects
Module 2 – 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
Module 3 – Other General Standards
- International Accounting Standards (IAS)
- International Financial Reporting Standards (IFRS)
- Generally Accepted Accounting Principles (GAAP)
- The current global adoption of Global Accounting Standards
Module 4 – Key Organizational Benefits
- Domestic best practice
- Global best practice
Module 5 – Effective Implementation Strategy
- The strategic planning process roadmap
- Mapping regional standards to Global Accounting Standards
- Resource planning
Module 6 – Migration to IPSAS
- Scoping dual reporting
- Financial function migration
- Phasing and specific functional challenges
- Strategy sense checks
Module 7 – 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
Module 8 – IPSAS Compliant Financial Statements
- Key IPSAS requirements within financial statements (IPSAS ® 1)
- Producing the statement of financial position
- Producing the statement of financial performance
- Producing the cash flow statement (IPSAS ® 2)
- Accounting policies, changes in accounting estimates, and errors (IPSAS ® 3)
- Reporting changes in net asset position
- Producing compliant notes to the accounts
Module 9 – Financial performance
- Provides an understanding of:
- Non-exchange revenue (IPSAS ® 23)
- Exchange revenue (IPSAS ® 9)
- Construction contracts (IPSAS ® 11)
Module 10 – Accounting for Assets and Liabilities
- Property plant and equipment (IPSAS ® 17)
- Intangible assets (IPSAS ® 31)
- Investment property (IPSAS ® 16)
- Impairment of cash generating assets (IPSAS ® 26)
- Impairment of non-cash generating assets (IPSAS ® 21)
- Borrowing costs (IPSAS ® 5)
- Inventories (IPSAS ® 12)
- Leases (IPSAS ® 13)
- Financial instruments (IPSAS ® 28, 29, 30)
- Provisions
- Contingent liabilities and contingent assets (IPSAS ® 19)
- Events after the reporting date (IPSAS ® 14)
- Employee benefits (IPSAS ® 25)
- Agriculture (IPSAS ® 27)
Module 11 – Consolidation
- Consolidated and separate financial statements (IPSAS ® 6)
- Interests in joint ventures (IPSAS ® 8)
- Investments in associates (IPSAS ® 7)
- Translation of financial statements of foreign operations (IPSAS ® 4)
- Financial reporting in hyperinflationary economies (IPSAS ® 10)
- Disclosure standards and other topics, presentation of budget information (IPSAS ® 24)
- Segment reporting (IPSAS ® 18)
- Related party disclosures (IPSAS ® 20)
- Disclosure of financial information about the general government sector (IPSAS ® 22)
- Service concessions (IPSAS ® 32)
Module 12 – Cash-Basis IPSAS ®
- Delivers training about Part 1 of the cash basis IPSAS ®, covering required information in:
- The statement of cash receipts and payments
- Disclosures
- Consolidation under the cash basis
- Presentation of budget information in the financial statements
- The additional (non-mandatory) disclosures encouraged in Part 2 of the cash basis IPSAS ®
Module 13 – First-Time Adoption of Accrual-Based IPSAS ®
- Migrating from cash to accrual basis
- First time adoption of IPSAS ® (IPSAS ® 33)
- Change management and the adoption of IPSAS ®
VENUE:
Choice between in-house / External Venue/ Live Online Classroom
Do you have more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save more on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customized learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
DURATION:
3 days
COST:
ZAR 18,999.00
Contact us for our discounted pricing for self-funded individuals
Course Features
- . 1
- Quiz 0
- Duration 30 hours
- Skill level All levels
- Language English
- Students 25
- Assessments Yes
Curriculum
- 1 Section
- 1 Lesson
- 3 Days
- TRAINING ENQUIRY FORM1
