CIPSASCertificate in IPSAS – Accrual Accounting for Public Sector
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English
Intermediate
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Course Overview
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.
Key Takeaways
1
Improved knowledge and understanding of the global trends for public sector accountability and reporting.
2
Practical understanding of the transition challenges and approaches in moving to Internationally accepted reporting norms such as IPSAS.
3
Apply IPSAS standards to ensure Improved Accountability via providing a complete and accurate view of an entities operations and performance.
4
Achieve Greater Transparency within your entity regarding your use of primary resources and resulting liabilities.
5
Achieve greater harmony within the entityu2019s reporting and financial statements as a way to encourage and enhance organisational goal congruence.
National Association of State Boards of Accountancy
LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
Course Outline
DAY ONE
IPSAS – Overview and Context
Summary of current events in the area of public sector accountability and reporting
What IFAC and the IPSASB is all about
Discussion on the current status of the global adoption of IPSAS cash and accrual based standards – countries that have adopted and countries in the process of adoption
What IFAC and the IPSASB is all about
Discussion on the current status of the global adoption of IPSAS cash and accrual based standards – countries that have adopted and countries in the process of adoption
IPSAS – Concepts and Core Principles
Summary of current events in the area of public sector accountability and reporting
IPSAS principle based approach compared to rules based approach
Core concepts of assets, liabilities, equity
IPSAS principle based approach compared to rules based approach
Core concepts of assets, liabilities, equity
IPSAS – Implementation Challenges
How to best use lessons from the private sector
Implementation issues and practical solutions UK central government – transition to accrua
Implementation issues and practical solutions UK central government – transition to accrua
IPSAS Cash
Core concepts and principles
Scope of standards
Application of IPSAS
Cash IPSAS Cash / Modified Cash (not IPSAS compliant) and how to transition to full accrual based IPSAS
Scope of standards
Application of IPSAS
Cash IPSAS Cash / Modified Cash (not IPSAS compliant) and how to transition to full accrual based IPSAS
Presentation of Financial Statements (IPSAS 1 / IAS 1)
Required financial statements
Structure Content
Structure Content
Accounting Policies, Changes in Accounting Estimates and Errors (IPSAS 3 / IAS 8)
Selection of accounting policies
Changes in accounting estimates
Changes in accounting policies
Correction of errors
Items requiring separate financial statement disclosure
Changes in accounting estimates
Changes in accounting policies
Correction of errors
Items requiring separate financial statement disclosure
INTRODUCTION: Classification as Inventory or Property, Plant and Equipment
Core concepts and principles
Capitalisation thresholds
Practical application of grouping assets for capitalisation threshold
Capitalisation thresholds
Practical application of grouping assets for capitalisation threshold
DAY TWO
Inventories (IPSAS 12/IAS 2)
Public sector entity inventories
Inventories held for sale
Inventories held for distribution at no or nominal charge
Inventories held for sale
Inventories held for distribution at no or nominal charge
Property, Plant and Equipment (IPSAS 17/IAS 16)
Initial recognition
Subsequent valuation
Depreciation
Treatment of assets acquired in a non-exchange transaction
Treatment of heritage assets
Subsequent valuation
Depreciation
Treatment of assets acquired in a non-exchange transaction
Treatment of heritage assets
Intangible Assets (IPSAS 31/IAS 38)
Initial recognition
Subsequent valuation
Public sector issues
Subsequent valuation
Public sector issues
Borrowing Costs (IPSAS 5/IAS 23)
Expensing
Capitalisation
Capitalisation
DAY THREE
Investment Property (IPSAS 16/ IAS 40)
Initial recognition
Subsequent valuation
Transitional provisions for initial adopti
Subsequent valuation
Transitional provisions for initial adopti
Cash Flow Statements (IPSAS 2/ IAS7)
Cash and cash equivalents
Operating, investing and financing activities
Operating, investing and financing activities
Service Concession Arrangements: Grantor (IPSAS 32)
Core concepts and principles
Accounting treatment
Accounting treatment
Leases (IPSAS 13/ IAS 17)
Lessee and lessor financial reporting requirements
Sale and leaseback transactions
Sale and leaseback transactions
DAY FOUR
Impairment of Cash-Generating Assets (IPSAS 26/ IAS 36)
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
Disclosure Income statement issues
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
Disclosure Income statement issues
Impairment of Non-Cash-Generating Assets (IPSAS 21)
Impairment identification
Recognition and measurement
Impairment reversals Disclosure requirements
Recognition and measurement
Impairment reversals Disclosure requirements
Revenue from Exchange Transactions (IPSAS 9/ IAS 8 or IFRS 15)
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
Recognition of revenue from transfers
Reflecting conditions and restrictions in the financial statements
Construction Contracts (IPSAS 11/ IAS 11 or IFRS 15)
Commercial and non-commercial contracts
Allocation of contract costs
Contract revenue recognition
Associates and joint ventures
Allocation of contract costs
Contract revenue recognition
Associates and joint ventures
Presentation of Budget Information in Financial Statements (IPSAS 24)
Required disclosures
Comparison of budget and actual amounts
Material differences; Assets and liabilities
Comparison of budget and actual amounts
Material differences; Assets and liabilities
DAY FIVE
Provisions, Contingent Liabilities and Contingent Assets (IPSAS 19/IAS 37)
Definitions
Recognition and measurement
Disclosures
Recognition and measurement
Disclosures
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
Postemployment benefits
Distinction between defined contribution plans and defined benefit plans
Recognition and measurement of plan assets
Termination benefits
Presentation and disclosure
Financial Instruments: Disclosure and Presentation (IPSAS 15/IFRS 9)
Core issues relevant in the public sector (excluding financial services area)
Financial assets, liabilities or equity classification
Financial assets, liabilities or equity classification
Overview of Consolidation Process, Group Accounts, Investments in Associates and Joint Ventures (IPSAS 6, 7&8 / IAS 28, 31 & IFRS 10)
Concepts of public sector control
Equity method accounting
When to use joint venture accounting (rare in public sector)
Determining whether control exists
Equity method accounting
When to use joint venture accounting (rare in public sector)
Determining whether control exists
Disclosure of Financial Information about the General Government Sector (IPSAS 22)
Disclosure requirements
Events after the Reporting Date (IPSAS 14/IAS 10)
Adjusting events
Non-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 requirements
Service Concession Arrangements: Grantor (IPSAS 32)
Core concepts and principles
Financial liability model
Grant of a right to the operator model
Arrangements outside the scope where IPSAS 13 may apply
Postemployment benefit
Financial liability model
Grant of a right to the operator model
Arrangements outside the scope where IPSAS 13 may apply
Postemployment benefit
Who Should Attend?
This highly practical and interactive course has been specifically designed for
Organisations seeking improved credibility in the international arena with improving fiscal transparency and accountability
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 awareness about IPSAS through considering the benefits and challenges associated
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FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or register@leoron.com.
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.
Reviews
- Review:CIPSAS Certificate in IPSASDating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,Turki S. AlsahaanDir L&D, Talent Management at Mobily, Etihad Etisalat Company
- Review:CIPSAS Certificate in IPSASSince the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.Emad AlrajihVP, Business Winning at BAE Systems Saudi Development & Training
- Review:CIPSAS Certificate in IPSASIn recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!Nasser M. Al-SubaieCountry Learning & Development Manager at IKEA Saudi Arabia
