National Institute of Technology

International Public Sector Accounting Standard (IPSAS) Fundamentals

ACCOUNTING & FINANCIAL MANAGEMENT PROGRAMS 9

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


Duration3 Days
  
Course Style & AssessmentsHighly Participative with 70% practical application and 30% theory coverage and Participants’ Practical tasks assessed through Presentations
  
  BenefitsPractical skills and knowledge, stimulating, meals and refreshments, presentations, materials, certificate of attendance and Free two-months support service.

SPECIAL SERVICES FOR OUR INTERNATIONAL DELEGATES

In addition to the above listed benefits, the NIT Corporate Training and Events Management team will provide the following to our international delegates:

  • Facilitation for entry Visas where required
  • Transport from and to the International Airport on arrival and when going back
  • Accommodation reservations
  • Transport for shopping where needed
  • Transport, accommodation and meals to tour one of our Namibia’s beautiful Destinations (Coastal Towns -Swakopmund and Walvis Bay OR Etosha National Park
  • A Notepad/Tablet.

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


Introduction

International Public Sector Accounting Standard (IPSAS) aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. The International Public Sector Accounting Standards Board (IPSASB) issues accounting standards and recommended practice guides relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. The International Public Sector Accounting Standards (IPSAS) issued by the IPSASB represent a comprehensive set of authoritative international financial reporting standards for governments and other public sector entities. This five-day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual based IPSASs. The program has been fully updated to follow the 2016 IPSAS Handbook and incorporates the latest standards issued in 2016. The IPSAS accounting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the various standards is illustrated through the use of short case studies. In addition to a review of current accrual basis IPSAS, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive up-to-date information on the IPSASB’s Work Plan, including current Exposure Drafts. This program answers questions such as: What are the current requirements for presentation of accrual basis IPSAS financial statements and related disclosures? Where can guidance on IPSASs be found? How have the IPSASs recently changed? What are the likely future requirements of IPSASs? What practical issues commonly arise when implementing IPSASs? What are the recommendations for transitioning from the cash to the accrual basis of accounting? Many IPSASs are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure. Other IPSASs have been developed to meet issues specific to the public sector, such as non-exchange transactions. A number of countries have transformed their accounting systems to accrual accounting based on IPSASs. Several other countries have adopted the Cash Basis IPSAS as a first step to future full accrual IPSAS accounting. The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD) apply IPSASs. The United Nations (including all their agencies) are currently in the process of completing the transition to IPSASs. All the National Institute of Technology (NIT) training programmes have been developed by the industry experts to suit the needs of the industry and are aligned with the fundamental National Developmental Plans Goals of Namibia and those of all other SADC member countries thus effectively contributing towards the national and SADC regional economical, industrial and prosperity developments. Our course programs and delivery styles are very stimulating with practical based contents. They provide modern hands-on relevant skills and knowledge that empower all participants at all levels of every organization to practically apply the gained skills and knowledge in their respective duties without difficulties hence being productive, respected and valued by every employer and colleagues. Participants are assessed through group and/or individual tasks which involve presentations. NIT provides 2 months Free Support service to all the participants to support them in implementing or using the skills and knowledge gained from any of our course programs.

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


Upon completion of this workshop, participants will be able to;

  • Understand Accrual Based IPSAS requirements, including accounting policies and disclosures
  • Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues and expenses
  • Learn the requirements for presentation of IPSAS financial statements and related disclosures
  • Plan ahead for issues that arise when transitioning from the cash basis to the accrual basis of accounting
  • Identify transitional provisions in IPSAS standards
  • Increase planning opportunities through awareness of likely future IPSAS changes
  • Learn the sources of IPSAS guidance that are available

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


Who Should Attend

The course is primarily aimed at the following Public Service Officials:

  • Finance and accounting managers of public sector entities considering to adopt IPSAS
  • Government officials and project managers responsible for IPSAS transition
  • Accountants and finance staff of public sector entities and similar agencies (e.g. UN) in the process of adopting IPSAS
  • Accountants and finance staff moving from private to public sector environments
  • Internal auditors of entities that have adopted IPSAS or are in the process of doing so
  • Accounting practitioners, consultants and external auditors
  • Accounting academics

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


1.0 Introduction to IPSASs

  • Brief history
  • Scope of IPSASs
  • Sources of guidance
  • The Conceptual Framework

2.0 Presentation and Disclosure

  • IPSAS 1 Presentation of Financial Statements
  • Required financial statements
  • Structure
  • Content
  • IPSAS 2 Cash Flow Statements
  • Cash and cash equivalents
  • Operating, investing and financing activities
  • IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors

3.0 Non-Current Assets

  • IPSAS 17 Property, Plant and Equipment
  • Initial recognition
  • Subsequent valuation
  • Depreciation
  • Treatment of infrastructure and heritage assets

IPSAS 16 Investment Property

  • Initial recognition
  • Subsequent valuation
  • Transitional provisions for initial adoption

IPSAS 31 Intangible Assets

  • Identifying relevant intangible assets and their initial recognition
  • Measurement

IPSAS 21 & 26 Impairment of Non-Cash-Generating Assets & Impairment of Cash-Generating Assets

  1. Impairment identification
  2. Recognition and measurement
  3. Reversals of past impairments
  4. Disclosure requirements

4.0 Revenues & Related Costs IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)

  • Recognition and measurement of tax revenue
  • Recognition of revenue from transfers
  • Reflecting conditions and restrictions in the financial statements

IPSAS 9 Revenue from Exchange Transactions

  • Accounting treatment for exchange transactions
  • IPSAS 12 Inventories
  • Public sector entity inventories
  • Inventories held for distribution at no or nominal charge

5.0 Liabilities and Expenses

  • General expense recognition principles and application to donations given

IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets

  • Definitions
  • Recognition and measurement
  • Disclosures

IPSAS 25 Employee Benefits

  • Short and long-term benefits
  • Recognition, measurement of pension obligations
  • Update on IPSAS 39 – replacing IPSAS 25 in 2018

6.0 Financing and Financial Instruments IPSAS 13 Leases

  • Lessee and lessor financial reporting requirements
  • Sale and leaseback transactions

IPSAS 32 Service Concession Arrangements

  • IPSAS 4 The Effect of Changes in Foreign Exchange Rates
  • Foreign currency transactions
  • Foreign operations
  • Financial Instruments
  • IPSAS 28 Financial Instruments Presentation
  • IPSAS 29 Financial Instruments: Recognition and Measurement
  • IPSAS 30 Financial Instruments: Disclosures

7.0 Consolidations and Interests in Other Entities IPSAS 35 Consolidated Financial Statements – Accounting for Controlled Entities

  • Consolidation boundaries and concepts of public sector control
  • Consolidation requirements

IPSAS 36 Accounting for Investments in Associates and Joint Ventures

  • Equity method of accounting
  • Cost method requirements

IPSAS 37 Accounting for Joint Arrangements

  • Distinguishing joint ventures from joint operations
  • Equity and joint operations accounting
  • Other Presentation and Disclosure Standards

IPSAS 18 Segment Reporting

  • Distinguishable activities

IPSAS 20 Related Party Disclosures

  • Identification of related parties
  • Disclosure requirements

IPSAS 24 Presentation of Budget Information in Financial Statements

  • Required disclosures
  • Comparison of budget and actual amounts
  • Material differences

8.0 Recommended Practice Guidelines

  • RPG 1 Reporting on the Long-Term Sustainability of an Entity’s Finances
  • RPG 2 Financial Statement Discussion and Analysis
  • RPG 3 Reporting Service Performance Information

9.0 Transitioning to the Accrual Basis of Accounting

  • Overview of IPSAS 33 First-Time Adoption of IPSAS
  • Guidance on the transition from the cash basis to the accrual basis of accounting

METHODOLOGIES

  • Live group instruction with interactive participation encouraged
  • Review of the rationale, objective and scope of IPSAS
  • Description and explanation of IPSAS requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation will be encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) FUNDAMENTALS


How to Register for this Training

To register, please complete the attached registration form and e-mail or fax it back with proof of payment to: The Conference Organizing Committee; contact Person: Mr. Frederick Chizu Simpungwe at:

  1. E-mail: info@nit-edu.org
  2. Fax No.: +264 886559294 & Cell: +264 81 3294977

We also have Conference Sponsorship and Exhibition Opportunities. If your organization is interested to sponsor or exhibit at this important conference, please contact the office on info@nit-edu.org

Please find attached herewith a registration form with rates and the conference draft program. If you need any further information, please feel free to contact the undersigned.

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