Introduction
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 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.
This IRES 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.
Duration
10 Days
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 Level:
Course Objectives
At the end of this IRES training course, participants will learn:
- 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
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-IPSAS Financial Performance
- Understanding of
- Non-exchange revenue (IPSAS 23)
- Exchange revenue (IPSAS 9)
- Construction contracts (IPSAS 11)
- Accounting for assets and liabilities
- Property plant and equipment (IPSAS 17)
- Intangible assets (IPSAS 31)
- Investment property (IPSAS 16)
- Impairment of cash generating assets (IPSAS 26)
- Impairment of non-cash generating assets (IPSAS 21)
- Borrowing costs (IPSAS 5)
- Inventories (IPSAS 12)
Module 10– 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
Related Courses
Course Administration Details:
METHODOLOGY
The instructor-led trainings are delivered using a blended learning approach and comprise presentations, guided sessions of practical exercise, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience, working as professionals and trainers in these fields. All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.
ACCREDITATION
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
TRAINING VENUE
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
ACCOMMODATION AND AIRPORT PICKUP
Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer.
- Email: [email protected]
- Phone: +254715 077 817
TAILOR-MADE
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
- Email: [email protected]
- Phone: +254715 077 817
PAYMENT
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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