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Training course overview
In today's economy, traditional public sector accounting is no longer sufficient. There is a pressing need for a model of business accounting that significantly differs from private sector practices. The recent adoption of International Public Sector Accounting Standards (IPSAS) enhances the quality and credibility of financial reporting, fostering public confidence.
This Coventry Academy training course offers a comprehensive approach to understanding IPSAS guidelines and the new accounting framework for public sector entities. Participants will engage with real case studies that address the challenges of financial reporting and disclosure requirements under IPSAS.
Key features of this training course include:
- Understanding International Accounting Standards (IAS)
- Learning Generally Accepted Accounting Principles (GAAP)
- Developing IPSAS strategies
- Implementing IPSAS standards
- Producing financial statements
What are the goals?
By the end of this Coventry Academy training course, participants will be able to:
- Understand the organizational of implementing IPSAS
- Comprehend the core IPSAS values
- Explain the key differences in the new standards
- Understand the financial reporting requirements under IPSAS
- Set clear steps towards IPSAS implementation
- Adopt the IPSAS disclosure requirements, including accounting policies
Who is this training course for?
This training course is suitable to a wide range of professionals but will greatly benefit:
- Board level members who wish to develop their understanding of IPSAS
- Auditing Professionals working with public sector organizations
- Corporate governance directors
- Internal auditors
- Corporate compliance officials
- Professionals seeking to develop their understanding of the public sector accounting methods
- Public sector finance and accounting personnel
How will this training course be presented?
This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes:
- Interactive Case Studies from the real world/delegates’ company
- Discussion and Evaluation of the latest international tools & techniques
- Role play
- Pre & Post Course Assessments
Participants will also be given a detailed set of handouts and examples in both printed and electronic format
Course Outline
Day One: Introduction to IPSASB and IPSAS
- The challenges of Accounting in the public sector
- The characteristics of public sector entities
- Presentation of the Board (IPSASB)
- IPSASB organization
- The relationship between IPSASB and IPSAS
- The purpose of financial statements and any ongoing projects
Day Two: Financial Statements Presentation and Accounting Policy
- Key IPSAS requirements within financial statements :IPSAS 1
- Producing the statement of financial position
- Producing the cash flow statement :IPSAS 2
- Accounting policies, changes in accounting estimates, and errors: IPSAS 3
- Segment reporting: IPSAS 18
- Disclosure standards and other topics, presentation of budget information :IPSAS 24
- Reporting changes in net asset position
- Producing compliant notes to the accounts
Day Three: Financial Information: Revenues, Cash & Budget
- Non-exchange revenue :IPSAS-23
- Exchange revenue :IPSAS- 9
- Construction contracts :IPSAS- 11
- The statement of cash receipts and payments
- Presentation of budget information in the financial statements
Day Four: Accounting for Assets and Liabilities
- Investment property, Property plant and equipment: IPSAS- 16&17
- Intangible assets and impairment :IPSAS- 31, 21 & 26
- Inventories: IPSAS- 12
- Borrowing costs Leases: IPSAS-5 & 13
- Financial instruments: IPSAS- 28, 29&30
- Provisions & Contingent liabilities and contingent assets :IPSAS 19
Day Five: Disclosures and Consolidation
- Disclosures
- Related party disclosures: IPSAS 20
- Disclosure of financial information about the general government sector:IPSAS 22
- Consolidation under the cash basis
- The additional (non-mandatory) disclosures
- Case studies
The certificate
- Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course