Description

ABOUT THE COURSE

This course provides an in-depth understanding of IPSAS requirements for financial reporting for financial reporting and disclosures. The course topics are presented using exercises, illustrative financial statements, models, and case studies. The course will strengthen your ability to produce IPSAS compliant financial reporting and thoughtfully prepared disclosures.

IPSAS aims 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 accounting standards and other guidance relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. The International Public Sector Accounting Standards (IPSAS) that have been issued by the IPSASB represent the first and only comprehensive set of authoritative international financial reporting standards for governments and other public sector entities.

IPSAS are based on the International Financial Reporting Standards (IFRS), formerly known as IAS. IFRS are issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.

This program answers questions such as:

• What are the IPSAS requirements relating to presentation and disclosures?
• In which areas are alternative presentations allowed?
• What are the most important issues to consider when preparing disclosures?
• How do the presentation and disclosure choices made affect your stakeholder perceptions?
• Are there any upcoming changes in IPSAS pertaining to financial reporting, presentation and disclosures?
• How might future reporting and disclosure change to reflect the concept of management commentary?

 COURSE BENEFITS

• Apply the IPSAS presentation and disclosure requirements to the preparation of fully compliant IFRS financial statements
• Specify the allowed alternatives in presentation of the key elements and demonstrate sound selection decisions in given scenarios
• Prepare appropriate disclosures, applying the IPSAS requirements to 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 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) Reporting & Disclosure IPSAS 1 Presentation of Financial Statements to Required financial statements Structure to Content IPSAS 2 Cash Flow Statements to Cash and cash equivalents Operating, investing and financing activities to Consolidations and Strategic Investments IPSAS 6 Consolidated Financial Statements - Accounting for Controlled Entities to Concepts of public sector control Consolidation requirements Determining whether control exists IPSAS 8 Financial Reporting of Interests in Joint Ventures to Proportionate consolidation Allowed alternative equity method Other Presentation & Disclosure Standards to Other Presentation and Disclosure Standards IPSAS 18 Segment Reporting to Distinguishable activities IPSAS 20 Related Party Disclosures to Identification of related parties Disclosure requirements IPSAS 24 Presentation of Budget Information in Financial Statements to Required disclosures Comparison of budget and actual amounts to Material differences Transitioning your financial reports to IPSAS compliant financial reports- a highlight