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.

 

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’s 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.
  

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
  

DAY 1

Registration commences at 8:30
Programme runs from 9:00 to 5:30 daily

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

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

Case study: Practical case studies outlining the IPSAS specific implications of these selected 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

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
• Disclosure

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
• Redesignation 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

Course Summary & Close

 

 

• Mike Turner

  Mike is a US Certified Public Accountant and Certified Financial Analyst (CFA) and is an expert facilitator specializing in IPSAS, IFRS and US GAAP.

  Mike is the co-founder, course designer, co-examiner and facilitator for the US-GAAP Diploma for Chartered Accountants Ireland, as well as designing and training various IPSAS, IFRS, US-GAAP, and CFA courses around the world from fundamental to advanced stages. Mike is currently engaged in the technical review of the draft version of a US-GAAP versus IFRS Diploma-level course that he has been developing since 2009.

  With over 20 years of experience spanning Big 4 accounting firms to private and public entities; Mike is a leading expert in IPSAS, IFRS and US-GAAP financial accounting including technical course development and delivery. Mike’s CFA training will be of added value to financial institutions through his extensive knowledge of financial instruments. More recently, Mike has added IPSAS to his areas of expertise, advising and training clients such as NATO.

  As a trainer, Mike’s experience took him to Romania and Hungary in 1998. There, Mike delivered ACCA, US-GAAP and IFRS courses to the Big 4 accounting firms and multinationals in Central and Eastern Europe.

  Prior to this, Mike was Audit Supervisor at Ernst & Young in Bucharest, Romania, where he was responsible for managing the audit of a wide range of clients including Efes Pilsen, Grey Advertising and McDonalds. He also developed and assisted in Ernst & Young’s internal training programmes. Mike has also worked as Audit Senior at Deloitte & Touche in Bucharest where he was responsible for the development of the audit department, the supervision of audit engagements including conversion of local statutory accounts to US-GAAP and IFRS.

  Mike also spent several years working in the auditing divisions of Deloitte & Touche’s Los Angeles and Durban offices.

  Mike’s creativity and ability to conceptualise solutions to complex scenarios will play a pivotal role in the effective design of the content required to deliver a tailored training program that is designed to exceed your expectations.

International Public Sector Accounting Standards (IPSAS)

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

Accounting for Derivatives

26-28 Sep 2012 (London, UK)

On this 3-day course learn about how derivatives and hedging issues impact on accounting standards

IFRS: International Financial Reporting Standards

1-5 Oct 2012 (London, UK)

On this 5-day course learn how to provide up to date, transparent and forthright financial reporting

Back Office Management

11-14 Sep 2012 (London, UK)

On this 4-day course you will learn how to streamline front to back operations, optimise STP and settlements and reduce risks

Corporate Governance

28-31 May 2012 (London, UK)
5-8 Nov 2012 (London, UK)

This practical 4 day training course examines current best practices of all aspects of corporate governance and their implementation.

Inflation Linked Products

9-10 Oct 2012 (London, UK)

Exploring Markets, Instruments and Strategies

Retail Credit Risk and Credit Scoring

1-4 Oct 2012 (London, UK)

Strategic Planning and Effective Budgeting and Cost Control

11-14 Jun 2012 (London, UK)
3-6 Dec 2012 (London, UK)

This course focusses on meeting business needs by effective cost management

International Payments and Cash Management

26-28 Nov 2012 (London, UK)

Generating new revenue from Cash Management and Transaction Banking

Ship Finance

18-20 Jun 2012 (London, UK)

Recovery strategies for the shipping Industry

Trade & Supply Chain Finance

26-28 Nov 2012 (London, UK)

London School of Corporate Banking

18-22 Jun 2012 (London, UK)

Reviewing the main challenges of corporate banking in the post 2008 and 2011 banking crisis environment

Compliance Risk Management

27-29 Jun 2012 (London, UK)
12-14 Dec 2012 (London, UK)

Developing and implementing a comprehensive and effective culture of compliance and compliance department

Corporate Treasury Management

18-21 Sep 2012 (London, UK)

Applying best practices in global cash, working capital and foreign exchange management.

OTC Derivatives Markets and the Regulatory Reform

16-17 Jul 2012 (London, UK)

Impact of Dodd-Frank and European Market Infrastructure Regulations

Emerging Market Risk Analysis

28-31 Aug 2012 (London, UK)

A 4-day expert emerging market risk analysis training course designed to equip delegates with the skills to analyse and mitigate country risk. Including techniques for the analysis of financial institutions in emerging markets.

Managing Risk in Asset Management

11-13 Jul 2012 (London, UK)

This 3-day, intermediate-level training course will review the industry events and regulatory developments, identify asset management risks, review appropriate risk frameworks and teach delegates the necessary skills to develop and implement risk management processes and techniques appropriate to their circumstances.

Finance for Non-Financial Managers

29-31 Aug 2012 (London, UK)

Improve your financial and accounting knowledge for effective business decision-making

Securities Lending, Repos and Collateral Management

24-26 Sep 2012 (London, UK)

A thorough guide to the market participants, the trade structures and risks in securities lending and borrowing and the repo markets.

Leveraged and Mezzanine Finance

22-24 Oct 2012 (London, UK)

Structuring and Risk Management