IPSAS aim is 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 course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. 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 the use of short case studies.

Learning Outcomes

• Understand Accrual Based 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 from the cash basis 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

Course Outline

• Concept and Nature of Public Sector Economics
• The Conceptual Bases of Government Accounting
• Accounting Policies Under IPSAS
• Accrual and Cash Bases in IPSAS
• Accounting for Revenue: Non-Exchange Transaction, Taxes and Transfers
• Financial Reporting: Cash, Non-Cash and Grants
• Presentation of Budget Information
• Disclosure in Financial Statements Information in Government Sector
• Challenges of IPSAS and Merging Point with IFRS

Who Should Attend

• Finance and accounting managers of public sector entities considering adopting 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

Methodology

• Group live instruction with interactive participation encouraged
• Review of the rationale, objective and scope of IPSAS
• Description and explanation of IPSAS requirements in clear and simple language
• Use of case studies and real-world examples to illustrate practical application of the standards
• Interactive participation will be encouraged
• All participants receive a comprehensive soft copies of the presentation slides, handouts and other course materials