International Public Sector Accounting Standards IPSAS
This course is set to understand IPSAS and the framework for public sector accounting. It provides an overview of the most important requirements for preparing financial statements and disclosures under IPSAS. Training sessions will actively and frequently involve delegates in practical exercises, case study analysis and discussions, assisted by carefully selected multi-media contributions from field leading experts. This will facilitate the development of analytical, evaluation, communication, team and leadership skills through self-directed discovery, peer assisted education and reflective learning.
· Identify how IPSAS will fit with their organization
· Comprehend the core IPSAS values
· Explain the key differences in the new standards
· Recognize what compliant statements will look like
· Deploy key strategies for migration to IPSAS standards
· Set clear steps towards implementation
· Adopt IPSAS disclosure requirements, including accounting policies
Introduction, principles and development
· Background into financial accounting
· Importance of standards
· Economic drivers
· Key principles of Global Accounting Standards
· The development of Global Accounting Standards
· Underlying financial principles
· Disclosure and transparency aspects
Other general Standards
· International Accounting Standards (IAS)
· Generally Accepted Accounting Principles (GAAP)
· The current global adoption of Global Accounting Standards
Key organizational benefits
· Domestic best practice
· Global best practice
Effective implementation strategy
· The strategic planning process roadmap
· Mapping regional standards to Global Accounting Standards
· Resource planning
Migration to IPSAS
· Scoping dual reporting
· Financial function migration
· Phasing and specific functional challenges
· Strategy sense checks
The IPSAS Standards
· Review of current IPSAS Standards
· The correct application of individual IPSAS Standards
· Overcoming key challenges
· Guidance and support from International Federation of Accountants
IPSAS compliant financial statements
· Key IPSAS requirements within financial statements
· Producing the statement of financial position
· Producing the statement of financial performance
· Producing the cash flow statement
· Reporting changes in net asset position
Producing compliant notes to the accounts
Public and private sector finance and accounting managers; professionals who have a responsibility for auditing or working with public sector organizations; corporate governance directors; internal auditors; corporate compliance officials; and board level members who wish to develop their understanding of IPSAS.