International Public Sector Accounting Standards

International Public Sector Accounting Standards

Euromoney Training
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Description

Attend this comprehensive 5–day training course and learn how to: Apply IPSAS standards to ensure improved accountability via providing a complete and accurate view of an entities operations and performance Improve overall management and planning via the application of more precise estimates of income and expenditure and effective usage of assets and liabilities Achieve greater transparency within your entity regarding your use of primary resources and resulting liabilities Provide a strong system of support for results-based management through achieving the development and utilisation of more comprehensive information about costs and cost budgets Achieve greater harmony within the entity’s …

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Attend this comprehensive 5–day training course and learn how to: Apply IPSAS standards to ensure improved accountability via providing a complete and accurate view of an entities operations and performance Improve overall management and planning via the application of more precise estimates of income and expenditure and effective usage of assets and liabilities Achieve greater transparency within your entity regarding your use of primary resources and resulting liabilities Provide a strong system of support for results-based management through achieving the development and utilisation of more comprehensive information about costs and cost budgets Achieve greater harmony within the entity’s reporting and financial statements as a way to encourage and enhance organisational goal congruence Plus: Pragmatic case studies and exercises on all major topics for participants to gain a working knowledge of how to apply and implement IPSAS and the challenges other entities face in adopting IPSAS and how those challenges are overcome. Course Description The recent financial crisis and associated financial safeguards implemented across all business sectors have seen even greater pressures exerted on public budgets with governments and public sector entities encountering growing pressure to provide high-quality transparent financial statements, clear and decisive financial management approaches and enhanced operational allocation and performance measures related to public funds. IPSAS (International Public Sector Accounting Standards) provides a sounds basis for public entities to demonstrate sound accrual accounting and budgeting techniques, and with its emphasis on performance-based management being a core competency, requires entities to adopt a fresh and innovative approach to developing new skill sets. This course offers the learner a comprehensive understanding of the essential elements of IPSAS; beginning by building on the foundations laid by the IASB’s mainstream IFRS standards and then looking at these concepts within the framework of the public entity. The course develops key skills competencies through the application of sound theoretical content within a practical, real-life inspired case-study based environment. Who should attend? This course has been specifically designed for the benefit of: Organisations, including governments and public sector entities, that are currently implementing or considering implementing IPSAS as a basis for accounting Organisations wishing to gain an overview of IPSAS and understand what implications adopting these standards may have on their organisation Financial professionals operating within the finance departments of public entities Increasing your staff’s awareness about IPSAS through considering the benefits and challenges associated Why not recommend this course to a colleague?
Day 1 Welcome and Introduction to Course Objectives IPSAS – Overview and Context Summary of recent pronouncements Exposure draft 42 improvement to IPSASs Exposure draft intangible assets Exposure draft entity combinations from exchange transactions Exposure draft financial instruments: disclosure Exposure draft financial instruments: presentation Exposure draft financial instruments: recognition and measurement Exposure draft agriculture Conceptual framework for general purpose financial reporting by public sector entities Exposure draft IPSAS 5 (revised) borrowing costs Accounting and financial reporting for service concession arrangements Social Benefits: disclosure of cash transfers to individuals and households Amendments to IPSAS 4 the effects of changes in foreign exchange rates Expected future developments IPSASB projects Consultation papers Projects in process Resources and reference material on IPSAS Research papers Public sector studies Case study: A specific case study looking at the most recent developments and changes to IPSAS as well as a discussion of current problem areas and potential upcoming changes Day 2 IPSAS – The Standards Considered (Technical Review and Application) Presentation of Financial Statements (IPSS 1 / IAS 1) Required financial statements Structure Content Cash Flow Statements (IPSAS 2/IAS7) Cash and cash equivalents Operating, investing and financing activities Accounting Policies, Changes in Accounting Estimates and Errors (IPSAS 3 / IAS 8) Changes in accounting estimates Changes in accounting policies Correction of fundamental errors Extraordinary items Items requiring separate financial statement disclosure Case study: A specific case study looking at the most recent developments and changes to IPSAS as well as a discussion of current problem areas and potential upcoming changes The Effect of Changes in Foreign Exchange Rates (IPSAS 4 / IAS 21) Foreign currency transactions Foreign operations Consolidated and Separate Financial Statements (IPSAS 6) Concepts of public sector control Consolidation requirements Determining whether control exists Case study: Practical case studies outlining the IPSAS specific implications of these selected standards Day 3 IPSAS - An in-depth Look at Key Standards Financial Reporting in Hyperinflationary Economies (if Required) (IPSAS 10/IAS 29) Criteria to be classified as hyperinflation Process of restatement Events after the Reporting Date (IPSAS 14/IAS 10) Adjusting events Non-adjusting events Segment Reporting (IPSAS 18/IFRS 8) Distinguishable activities Related Party Disclosures (IPSAS 20/IAS 24) Identification of related parties Disclosure requirements Disclosure of Financial Information about the General Government Sector (IPSAS 22) Disclosure requirements Presentation of Budget Information in Financial Statements (IPSAS 24) Required disclosures Comparison of budget and actual amounts Material differences; Assets and liabilities Investments in Associates (IPSAS 7 /IAS 28) Equity method of accounting Cost method requirements Interests in Joint Ventures (IPSAS 8/ IAS 31) Proportionate consolidation Allowed alternative equity method Course benefits Understand IPSAS requirements, including accounting policies and disclosures Implement the IPSAS recognition, measurement and disclosure rules for assets, liabilities, revenues and expenses Apply recent and revised standards Day 4 IPSAS – The Fundamental Building Blocks Property, Plant and Equipment (IPSAS 17/IAS 16) Initial recognition Subsequent valuation Depreciation Treatment of heritage assets Borrowing Costs (IPSAS 5/IAS 23) Expensing Capitalisation Leases (IPSAS 13/ IAS 17) Lessee and lessor financial reporting requirements Sale and leaseback transactions IPSAS 16, Investment Property (IPSAS 16/ IAS 40) Initial recognition Subsequent valuation Transitional provisions for initial adoption Inventories (IPSAS 12/IAS 2) Public sector entity inventories Inventories held for sale Inventories held for distribution at no or nominal charge Case study: Practical case studies outlining the IPSAS specific implications of these selected standards Impairment of Non-Cash- Generating Assets (IPSAS 21) Impairment identification Recognition and measurement Impairment reversals Disclosure requirements Financial Instruments: Disclosure and Presentation (IPSAS 15/IFRS 9) On-balance sheet instruments Off-balance sheet instruments Financial assets, liabilities or equity classification Provisions, Contingent Liabilities and Contingent Assets (IPSAS 19/IAS 37) Definitions Recognition and measurement Disclosures Case study: Practical case studies outlining the IPSAS specific implications of these selected standards Day 5 IPSAS – Essential Technical Components and the Way Ahead! Employee Benefits (IPSAS 25/ IAS 19) Definitions Short-term employee benefits Postemployment benefits Distinction between defined contribution plans and defined benefit plans Recognition and measurement of plan assets Termination benefits Presentation and disclosure Impairment of Cash-Generating Assets (IPSAS 26) Definitions Identifying an asset that may be Impaired Measuring recoverable amount Recognizing and measuring an impairment loss of an individual asset Cash-generating units Reversing an impairment loss Re-designation of assets Disclosure Income statement issues Revenue from Exchange Transactions (IPSAS 9) Accounting treatment for exchange transactions Revenue from Non-Exchange Transactions (Taxes and Transfers) (IPSAS 23) Recognition and measurement of tax revenue Recognition of revenue from transfers Reflecting conditions and restrictions in the financial statements Construction Contracts (IPSAS 11/ IAS 11) Commercial and non-commercial contracts Allocation of contract costs Contract revenue recognition Associates and joint ventures IPSAS – The Way Ahead Understanding of the differences between IAS/ IFRS and IPSAS Planning opportunities through awareness of likely future IPSAS changes Sources of IPSAS guidance that are available Case study: Practical case studies outlining the IPSAS specific implications of these selected standards
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