International Public Sector Accounting Standards (IPSAS)

The International Public Sector Accounting Standards (IPSAS) have been developed to enhance the quality, consistency, and transparency of public sector financial reporting worldwide. Issued by the International Public Sector Accounting Standards Board (IPSASB), these standards provide a globally recognized framework for public sector accounting. This training course equips participants with a thorough understanding of IPSAS, its framework, and its practical application in preparing financial statements and disclosures. Participants will learn best practices for implementing IPSAS effectively, helping their organizations meet compliance requirements and achieve strategic objectives.

This course is suitable for all personnel involved, directly or indirectly, with IPSAS matters, including: Heads of Departments, Directors, Senior Managers, and Managers. Accountants and Finance Professionals in public sector organizations. Members of Audit and Advisory Committees in public or private sectors. Senior officials in national, provincial, and local government. New or aspiring Board Members. Managers in regulators, state, and local government institutions. Business consultants and professional advisors.

Day 1: Introduction to IPSASB Overview of IPSASB and its regulatory environment. Purpose and objectives of financial statements. Background in financial accounting. Key principles of global accounting standards. Development and adoption of international accounting standards. Core financial principles, transparency, and disclosure aspects. Introduction to IFRS and GAAP. Global adoption of accounting standards. Day 2: IPSAS Standards Strategic planning roadmap for IPSAS adoption. Mapping regional standards to global accounting standards. Review of current IPSAS standards. Correct application of individual IPSAS standards. Overcoming challenges in implementation. Guidance and support from the International Federation of Accountants (IFAC). Key requirements for financial statements (IPSAS 1). Preparation of: Statement of financial position. Statement of financial performance. Cash flow statement (IPSAS 2). Day 3: IPSAS Financial Performance Accounting for Non-Exchange Revenue (IPSAS 23) and Exchange Revenue (IPSAS 9). Construction contracts (IPSAS 11). Accounting for assets and liabilities: Property, Plant, and Equipment (IPSAS 17). Intangible Assets (IPSAS 31). Investment Property (IPSAS 16). Impairment of cash-generating and non-cash-generating assets (IPSAS 26 & 21). Borrowing costs (IPSAS 5). Inventories (IPSAS 12). Day 4: Consolidation and Advanced Reporting Consolidated and separate financial statements (IPSAS 6). Interests in joint ventures (IPSAS 8) and associates (IPSAS 7). Translation of financial statements of foreign operations (IPSAS 4). Reporting in hyperinflationary economies (IPSAS 10). Disclosure standards and budget presentation (IPSAS 24). Segment reporting (IPSAS 18). Related party disclosures (IPSAS 20) and other key disclosures (IPSAS 22). Service concessions (IPSAS 32). Day 5: Cash Basis IPSAS & First-Time Adoption Preparation of the statement of cash receipts and payments. Cash-basis consolidation and disclosure requirements. Presentation of budget information in financial statements. Additional disclosures under Part 2 of Cash Basis IPSAS. Transition from cash to accrual basis accounting. First-time adoption of IPSAS (IPSAS 33). Change management strategies for successful IPSAS implementation.