Description

ABOUT THE COURSE

International Public Sector Accounting Standards (IPSAS) are accounting standards for use by public sector entities around the world in the preparation of financial statements. Published by the International Public Sector Accounting Standards Board (IPSASB), an independent organ of the International Federation of Accountants (IFAC), these standards focus on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies that they serve. Examples of IPSAS users include the European Union, the Organization of Economic Cooperation and Development (OECD), many national governments and the United Nations.

This course provides a comprehensive overview of the most important requirements for understanding and applying International Public Sector Accounting Standards (IPSAS) for non-financial assets.

The program includes:High level introduction to IPSASNon-current Assets (IPSAS 17 Property, Plant and

Equipment,  IPSAS 31 Intangible Assets, IPSAS 21 & 26 Impairment of Non-Cash-Generating &

Cash-Generating Assets)Current assets (IPSAS 12 inventory)Contingent Liabilities, Contingent Assets, IPSAS 25

Employee Benefits)Transitioning

The program answers questions such as:

What are the various methods and options that are permitted for asset measurement? What asset measurement requirements and alternatives should be considered by IPSAS first-time adopters? How can transition provision be applied? What practical issues commonly arise when implementing IPSAS for managing the reporting on non-financial assets? What are the latest IPSAS developments regarding asset measurement?

 COURSE BENEFITS

• Understand Accrual Based IPSAS requirements, for non-financial assets to Implement the IPSAS recognition and measurement rules for assets
• Learn the requirements for presentation and related disclosures on non-financial assets in IPSAS compliant financial statements
• Understand transitional provisions in IPSAS standards
• Increase planning opportunities through awareness of likely future IPSAS changes to Learn the sources of IPSAS guidance that are available

COURSE CONTENT

High level Introduction to IPSAS Explanation of Various Measurement Bases to Historical cost Current cost Realizable value to Present value Inventory (IPSAS 12) Initial cost Valuation methods Inventory write-downs Interim period valuation considerations to Public sector entity inventories Inventories held for sale Inventories held for distribution at no or nominal charge Property, Plant & Equipment (IPSAS 17) Initial recognition Subsequent valuation to Depreciation Treatment of heritage assets Capitalization of borrowing costs (IPSAS 5) Leases (IPSAS 13) Initial recognition Measurement considerations over the term of the lease to o Contingent rents Recent developments to Intangibles (IPSAS 31) Purchased intangibles Internally generated intangibles to Research and development Initial cost Subsequent expenditures to Amortization Revaluation model IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets to Impairment identification Recognition and measurement to Impairment reversals Disclosure requirements IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets First-time Adoption of and applying IPSAS for non-financial assets to Transition provisions Managing the transition process to Asset Valuation Disclosures New Developments