In today's economy, the dubbed traditional public sector accounting no longer suffices. There is much needed attention for a role model in business accounting that differed significantly from private sector accounting. The recent adoption of International Public Sector Accounting Standards (IPSAS )underpins quality and credibility of financial reporting and public confidence.
This Coventry Academy training course provides a holistic approach in terms of comprehending the guidelines of IPSAS and new accounting framework of public sector entities. Delegates will benefit for real case studies tackling the challenges of financial reporting and disclosure requirements under IPSAS.
This Coventry Academy training course will feature:
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