International Public Sector Accounting Standards (IPSAS) Course

Course Overview

The training on International Public Sector Accounting Standards (IPSAS) is designed to enhance the quality of financial reporting in public sector entities. By adopting IPSAS, organizations can make more informed assessments of resource allocation decisions, leading to improved governance and transparency. This course offers a comprehensive approach to understanding IPSAS guidelines and the new accounting framework for public sector entities. Participants will benefit from real-life case studies addressing financial reporting challenges and disclosure requirements under IPSAS. 

Target Audience

This IPSAS training course is suitable for:

• Public sector finance and accounting personnel
• Professionals seeking to deepen their understanding of public sector accounting methods
• Auditors and individuals working with public sector organizations
• Corporate governance directors and compliance officials
• Internal auditors and board members interested in IPSAS

If you are involved in public sector financial management, this course will provide you with the tools and insights to improve your practice. 

Course Objectives

Participants in the IPSAS training course will achieve the following objectives:

• Integrate IPSAS into Organizations: Identify how IPSAS fits within their organization.
• Understand Core IPSAS Values: Comprehend the fundamental values of IPSAS.
• Differentiate New Standards: Explain the key differences in the new standards.
• Recognize Compliant Statements: Understand what compliant financial statements look like.
• Strategize IPSAS Migration: Deploy key strategies for transitioning to IPSAS standards.
• Implement Disclosure Requirements: Adopt IPSAS disclosure requirements, including accounting policies.
• Set Implementation Steps: Establish clear steps for IPSAS implementation.

Key Outcomes

• Enhanced Financial Reporting: Improve the quality and transparency of financial reports.
• Strategic IPSAS Integration: Seamlessly integrate IPSAS standards into existing frameworks.
• Effective Compliance: Ensure compliance with global accounting standards.

Course Outline

Module 1: Introduction to Public Sector Entities 

• Understanding the nature of public sector entities and their differences from the private sector.
• Importance of budgeting and public financial management.
• Overview of IFAC, IPSASB, and introduction to IPSAS.

Module 2: Basis of Accounting 

• Discussing cash basis vs. accrual basis accounting.
• Exploring modified cash and modified accrual basis.

Module 3: Accounting for Assets 

• Guidelines for property, plant, and equipment, and intangible assets.
• Managing investment property, leases, and borrowing costs.
• Addressing impairment of cash and non-cash generating assets.

Module 4: Accounting for Revenue Recognition 

• Differentiating revenue from exchange and non-exchange transactions.

Module 5: Accounting for Liabilities 

• Understanding provisions, contingent liabilities, and lease liabilities.
• Managing employee benefits.

Module 6: Financial Instruments 

• Identifying financial assets, liabilities, and equity.
• Recognition and fair value measurement of financial instruments.

Module 7: Presentation of Financial Statements 

• Presenting financial statements and cash flows.
• Interim reporting and accounting policy selection.
• Consolidated financial statements and budget information.

Module 8: Financial Reporting under Cash Basis 

• Requirements for cash basis IPSAS presentation and disclosure.
• Transitioning from local cash basis standards to accrual basis IPSAS.

Module 9: First Time Adoption of IPSAS 

• Steps for adopting cash basis and accrual basis IPSAS.
• Transitioning from local standards to IPSAS.