Transition to International Public Sector Accounting Standards (IPSAS)

Introduction:

International Financial Reporting Standards (IFRS) is a global system that must be adhered to. In this International Public Sector Accounting Standards (IPSAS) course, participants will explore how these standards serve as useful tools to support a stable international regulatory environment and enhance financial data quality.

Participants in this International Public Sector Accounting Standards (IPSAS) training will improve and coordinate accounting rules and procedures for presenting financial data across countries. IFRS constitutes a system of measurement and disclosure rules for financial data elements or certain business or economic events requiring accounting and disclosure.

The International Public Sector Accounting Standards (IPSAS) are a set of accounting guidelines for the public sector that principles and standards for reporting financial data. Governed by the IPSAS Board, these standards aim to improve the quality of financial reporting worldwide, enabling transparency, accountability, and efficiency.

By adopting International Public Sector Accounting Standards (IPSAS), public sector entities can ensure that they communicate high-quality, comparable, and useful information for decision-making. IPSAS benefits include better financial management and enhanced trust in public financial information, paving the way for global public sector accounting.

Targeted Groups:

• Board members.
• Directors and members of financial departments.
• Directors and members of internal audit departments.
• Accountants and financial analysts.
• Regulatory compliance officers.
• Governance managers.
• Directors and members of legal departments.

Course Objectives:

At the end of this International Public Sector Accounting Standards (IPSAS) course, the participants will be able to:

• Understand International Public Sector Accounting Standards (IPSAS).
• Gain exposure to the key requirements for preparing financial statements and disclosures under IPSAS.
• Comprehend the main steps enabling the adoption and application of accrual accounting and International Public Sector Accounting Standards in the public sector.
• Acquire the skills necessary for compliance with International Public Sector Accounting Standards.

Targeted Competencies:

Participants competencies in this International Public Sector Accounting Standards (IPSAS) training will:

• Overview of IPSAS.
• IPSAS Accounting Standards.
• International Public Sector Accounting Standards for Government Financial Performance.
• International Public Sector Accounting Standards for Government Assets, Liabilities, and Properties.
• Prepare government financial statements and year-end accounts by international standards and their applications.

Course Content:

Unit 1: Overview of IPSAS:

• General idea about the IPSASB Council's work.
• The purpose of financial reporting in the government sector is to
• Key principles of International Public Sector Accounting Standards (IPSAS).
• International Financial Reporting Standards (IFRS) for financial reporting.
• A general framework for accounting in government entities.
• Aspects of disclosure and transparency.
• Generally Accepted Accounting Principles (GAAP).
• Foundations of measurement in governmental accounting.

Unit 2: IPSAS Standards:

• Review of current standards for International Public Sector Accounting Standards (IPSAS).
• Financial data are compliant with International Public Sector Accounting Standards.
• Requirements for implementing IPSAS in government institutions.
• Issuance of the Statement of Financial Position.
• Issuance of the Statement of Cash Flows.
• Accounting policies, changes in accounting estimates, and errors.
• International governmental accounting standards based on accrual and cash bases.
• General framework for International Accounting Standards in the government sector.

Unit 3: International Public Sector Accounting Standards for Government Financial Performance:

• Accounting for revenue from exchange transactions.
• Accounting for revenue from non-exchange transactions.
• Construction contracts.
• Accounting for wages, salaries, and employee benefits.
• Accounting for lease contracts.
• Expense and revenue recognition.
• Provision and trust fund accounting.

Unit 4: International Public Sector Accounting Standards for Government Assets, Liabilities, and Properties:

• Accounting for fixed assets and their depreciation.
• Accounting for intangible assets.
• Know how to account for inventory, obsolescence, and losses.
• Accounting for government investments.
• Explore accounting for the impairment of assets after acquisition.
• Accounting for allowances, liabilities, and contingent assets.
• Accounting for contingent liabilities and contingent assets.

Unit 5: Preparation of Government Financial Statements and Year-End Accounts by International Standards and their Applications:

• Closing government year-end accounts.
• Preparation and presentation of government financial statements.
• Presentation of cash flow statements.
• Events after the date of financial statement preparation.
• Disclosure of financial information about the public government sector.
• Presentation of budget data in statements and financial reports.