Description

ABOUT THE COURSE

This course will explain and illustrate the key financial principles and accounting terminology in IPSAS in a very clear and practical way for managers and non-accountants. Participants will improve their understanding of the requirements of IPSAS financial reporting and accounting and build confidence when dealing with financial situations encountered as a Manager.

The IPSAS 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.

This program answers questions such as:

• What is accrual based IPSAS and how is it different from cash accounting?
• What do statements of financial position, income statement and cash flow statement show, how are they prepared and how do they interact?
• What are the current requirements for presentation of accrual-based IPSAS financial statements and related disclosures?
• Where can guidance on IPSAS be found?
• How have the IPSAS recently changed?
• What techniques should I be using to assess performance in my department (i.e. for IPSAS compliant public sector entity)?
• What practical issues commonly arise when implementing IPSAS outside the finance- accounting departments of public sector entities?

COURSE BENEFITS

• De-mystify IPSAS financial reporting and accounting terminology to Appreciate the difference between net income and cash
• Understand the purpose and content of the various financial statements and the accounting principles and rules that underpin their preparation
• Apply the use of ratios and financial analysis to understand the performance and position of a public sector entity
• Increase planning opportunities through awareness of likely future IPSAS changes
• Learn the sources of IPSAS guidance that are available

COURSE CONTENT

• Introduction to IPSAS
• Brief history
• Scope of IPSAS
• Sources of guidance
• Accounting for Government Business Enterprises (Not covered in this course as they apply IFRS)
• Understanding how the statements of financial position, income statement and cash flow statement interact
• Key financial ratios and financial analysis: A review of techniques that can be applied to assess performance in my department drawing on financial data available when a public sector entity is reporting under accrual based IPSAS
• Impact of the Transitioning to the IPSAS Accrual Basis of Accounting on non-accounting and finance departments
• Key issues
• A high level review of the IPSAS framework to Reporting & Disclosure
• IPSAS 1 Presentation of Financial Statements to IPSAS 2 Cash Flow Statements
• IPSAS 3 Net Surplus or Deficit for the Period - Fundamental Errors and Changes in
• Non-current Assets
• IPSAS 17 Property, Plant and Equipment to IPSAS 31 Intangible Assets
• IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-
• Generating Assets to Revenues & Related Costs
• IPSAS 9 Revenue from Exchange Transactions
• IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)
• IPSAS 12 Inventories to Liabilities and Expenses
• IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets to IPSAS 25 Employee Benefits
• Financing and Financial Instruments to IPSAS 13 Leases
• IPSAS 4 The Effect of Changes in Foreign Exchange Rates to Financial Instruments
• Consolidations and Strategic Investments
• IPSAS 6 Consolidated Financial Statements - Accounting for Controlled Entities to IPSAS 7 Accounting for Investments in Associates
• IPSAS 8 Financial Reporting of Interests in Joint Ventures to Other Presentation and Disclosure Standards
• IPSAS 18 Segment Reporting
• IPSAS 20 Related Party Disclosures
• IPSAS 24 Presentation of Budget Information in Financial Statements