Course Overview
What is IPSAS? IPSAS is an acronym for International Public Sector Accounting Standards. They are issued by an independent body called as International Public Sector Accounting Standards Board. IPSAS are accounting standards which should be applied for a public sector entity when they prepare and present the financial statements.
Why do you need to attend this International Public Sector Accounting Standards Certification Course? Traditionally, Governments prepare their reports under the Cash basis of accounting. They chose this method because it is remarkably simple to apply and prepare reports.
But this method has a lot of disadvantages particularly, it does not specify how many assets a Government holds and liabilities it owes and the value of these items. The alternative method of accounting is Accrual accounting. Accrual accounting is robust because it shows the true value of an organization and it is easy to measure the performance.
At present many countries have plans for moving towards accrual accounting specifically IPSAS. With several countries opting for IPSAS, the demand for finance professionals with a qualification in IPSAS is increasing globally.
This Zoe training course will empower you in understanding public sector accounting with special emphasis on IPSAS by providing practical and detailed knowledge of the key IPSAS and how they are interpreted and applied.
Course Objectives
The objective of this training is to enable you in developing your knowledge and understanding of Public Sector Accounting with special emphasis on International Public Sector Accounting Standards. You will also learn how to apply them, as well as the concepts and principles which underpin them.
By the end of this training you should be able to:
- Describe the context for Accrual Accounting in public sector entities
- Learn the key principles of Conceptual Framework for Financial Reporting
- Learn the standards applicable to key elements of financial statements
- Learn the disclosure requirements for public sector entities in financial reports and notes
- Explain the requirements of cash Basis IPSAS
Training Methodology
Zoe Talent Solutions customises each training course to meet the learning expectations of the training audience and relate it with their professional backgrounds and experience. Classroom sessions with presentations by a highly competent trainer form a major part of the training.
However, participation is encouraged through group discussions, problem-solving exercises, group activities, projects, etc. Participants are also encouraged to share their experiences, issues, apprehensions and best practices from their respective organisations, which are discussed in detail by the course facilitator.
Zoe Talent Solutions follows the Do–Review–Learn–Apply Model.
Organisational Benefits
Companies who get their employees to participate in this course can benefit in the following ways:
- Enhanced knowledge and understanding of the global trends for public sector accountability and reporting
- Establish the costs and benefits for implementing IPSAS and implications
- Manage the system modifications and other changes required to implement IPSAS
- Apply IPSAS standards to ensure Improved Accountability via providing a comprehensive and accurate interpretation of an entity’s operations and performance
Personal Benefits
Individuals who participate in this course can benefit in the following ways:
- Understand IPSAS and the structure and framework for public sector accounting
- Prepare and make financial statements and disclosures under IPSAS
- Migrate an entity toward IPSAS compliance
- Understand IPSAS for accrual basis of accounting and cash basis of accounting
Who should attend?
- All accounting professionals working in the public sector involved in the preparation of financial statements
- IPSAS implementation and maintenance teams
- External auditors
- Consultants dealing with financial reporting
- Senior budget holders
- Policymakers
Course Outline
Module 1 – Introduction to Public Sector Entities
- Nature of Public Sector Entities
- Difference between Public Sector and Private Sector
- Importance of Budget
- Public Financial Management
- Financial Reporting in the Public Sector
- Introduction to IFAC, IPSASB
- Introduction to IPSAS
Module 2 – Basis of Accounting
- Cash basis of Accounting
- Accrual basis of Accounting
- Modified Cash Basis
- Modified Accrual Basis
Module 3 – Accounting for Assets
- Property, Plant & Equipment
- Inventory
- Intangible Assets
- Investment Property
- Leases
- Borrowing Costs
- Agriculture
- Impairment of Cash and Non-cash Generating Assets
- Service Concession Arrangements
Module 4 – Accounting for Revenue Recognition
- Revenue from Exchange Transactions
- Revenue from Non-Exchange Transactions
Module 5 – Accounting for Liabilities
- Provisions
- Contingent Liabilities
- Lease Liabilities
- Employee Benefits
Module 6 – Financial Instruments
- Financial Assets, Financial Liabilities & Equity
- Recognition of Financial Instruments
- Fair Value Measurement
- Impairment of Financial Assets
- Hedging and Hedge Accounting
Module 7 – Presentation of Financial Statements
- Presentation of Financial Statements
- Statement of Cash Flows
- Interim Financial Reporting
- Selection of Accounting Policies and Accounting Estimates
- Events after the reporting period
- Consolidated Financial Statements
- Presentation of Budget Information in Financial Statements
Module 8 – Financial Reporting under Cash Basis
- Cash Basis IPSAS
- Presentation and Disclosure requirements
- General Requirements
- First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
- Foreign Currency transactions and balances
Module 9 – First Time Adoption of IPSAS
- First time adoption of Cash Basis IPSAS
- First time adoption of Accrual Basis IPSAS from Cash Basis IPSAS
- First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
- First time adoption of Accrual Basis IPSAS from Local Accrual Basis Standards
