Description

ABOUT THE COURSE 

This course provides an in-depth understanding of IPSAS definitions, measurement recognition and disclosure requirements for financial reporting on employee benefits and provisions under accrual based IPSAS. The course topics are presented using exercises, illustrative financial statements, models, and case studies.

This course provides guidance on transitioning to the accrual basis pertaining to employee benefits and provisions.

• What are the current requirements for recognition, measurement and reporting on employee benefits?
• What are the current requirements for recognition, measurement and reporting for provisions?
• How to IPSAS compliant public-sector entities present employee benefits and provisions?
• What disclosures are IPSAS compliant public-sector entities providing on employee benefits and provisions?
• What overall guidance is provided in the IPSAS pertaining to employee benefits and provisions?
• How have the IPSAS recently changed?
• What practical issues commonly arise when implementing IPSAS 25 and 19?
• What are the recommendations for handling the transition from the cash to the accrual basis of accounting pertaining to IPSAS 25 and 19?

 COURSE BENEFITS

• Understand the impact of applying IPSAS 25 on accounting for retirement-benefit costs to Appreciate the impact of the ‘corridor’ method for amortizing unrecognized gain/loss
• Determine how to calculate the pension asset/liability in the statement of financial position
• Understand accounting for short-term benefits including compensated absences (e.g. holiday and sick time)
• Apply recognition rules to deferred compensation, bonus and profit-sharing arrangements
• Understand the pension asset and liability recognition requirements for entity combinations to Understand measurement for defined contribution plan and defined benefit plans
• Be up-to-date with latest developments regarding employee benefits and provisions

COURSE CONTENT

• Introduction to IPSAS
• A high level overview of Reporting and disclosure (IPSAS 1 Presentation of Financial Statements, IPSAS 2
• Cash Flow Statements, IPSAS 3 Net Surplus or Deficit for the Period - Fundamental Errors and Changes in
• Accounting Policies)
• IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets to relationship between provisions and contingent liabilities
• recognition of provisions to contingent liabilities
• measurement of provisions and risks and uncertainties to reimbursements and provisions
• application of the measurement and recognition rules for provisions to disclosure
• IPSAS 25 Employee Benefits)
• Treatment of Short-term Employee Benefits to Wages, salaries, etc.
• Compensated absences to Benefits in kind
• Bonus payments and profit-sharing payments
• Post-employment Benefits?Distinction between Defined to Contribution Plans and Defined Benefit Plans
• Pension Plans
• Classification of pension plans
• Accounting for defined contribution plans
• Accounting for defined benefit plans
• Determining current pension expense and related assets and liabilities to Utilizing the ‘corridor’ method to amortize actuarial gains and losses
• Recognition and Measurement?Plan Assets to Entity Combinations
• Curtailments and Settlements to Presentation
• Disclosure requirements to Illustrative disclosures
• Methods available to first-time adopters to Other Post-employment Benefit Plans
• Termination Benefits
• Deferred Compensation
• Transitioning to the accrual basis of accounting to Expected future developments.