Financial Management and Reporting for the Public Sector (IFRS and IPSAS)

Created by LEC Team
Last updated Mon, 27-Mar-2023
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The decreasing differences in between typically approved audit concepts (GAAP), mainly developed by the Financial Audit Specification Board (FASB), and also International Financial Reporting Standards (IFRS), as developed by the International Audit Standards Board (IASB), are tightening at a much faster pace. IFRS is currently the globe's most widely approved as well as used accounting standard with greater than 100 countries currently requiring or allowing their usage.

IPSAS is coming to be and will certainly end up being the Globe standard for Public Sector entities. IFRS having actually replaced IAS is currently ending up being the globe criterion, but in lots of means was not specific enough to the requirements of the general public Market. The United Nations and also Globe Bank coming to this realisation have actually favored IPSAS which is an adjusted form of IFRS tailored to the Public Industry.

This training course will certainly assist individuals fulfill the difficulties of introducing IFRS and IPSAS, and also safeguard the benefits of enhanced economic management to assist safeguard organisational goals as well as goals of each civil service organisation. It will also compare IFRS versus IPSAS so that the individuals can see the major differences.

The key subjects covered are:


Context of IFRS and IPSAS


The basic concepts of audit and economic coverage disclosures as well as differing reconciling as well as non-reconciling differences in between GAAP as well as IFRS & IPSAS

Financial declaration presentation of IFRS as well as IPSAS


Financing, earnings, and expenditure of IFRS and IPSAS


Property as well as responsibility coverage of IFRS and also IPSAS


Entity debt consolidation and combination of IFRS and also IPSAS


The scope, structure, components, and also components of IFRS and also IPSAS compliant financial statements, including underlying assumptions and also relevant explanations disclosures


Dimension and also acknowledgment of the different elements of international accountancy principles and criteria, including change problems


Disclosure as well as various other matters


Training Objectives

History to IFRS and also IPSAS


The Technical Bases


Hyperlinks and also ramifications to and also for broader approaches: Financial Management, Tax, Asset Administration, Administration, and responsibility


The Specifications

Financial Reporting

Just how to satisfy benefactor and also stakeholder needs


Ramifications for Internal and also Exterior Audit


Influence on economic procedures as well as systems


Application

Exactly how to develop a documented activity plan


How to handle significant financial resources


How to create abilities to assist application, ability development, benefits realisation, and threat administration strategies


Exactly how to offer larger training as well as exactly how to contribute to the calculated repercussions of IFRS and IPSAS


How to apply


How to lower the threat of qualified accounts


To define as well as apply the change process to IFRS or IPSAS and also determine the newbie exception


Exemptions connecting to the economic statements of a transitioning company



Day 1
Evolution of International Accounting Standards

  • International Financial Reporting Standards ("IFRS”)

    • Introduction, History, and Overview of Existing and Future standards

    • Roles of the Various Accounting Standards Setting Bodies

    • Objectives and Structure of the International Accounting Standards Board (“IASB”)

  • Framework, Demand, and Adoption of IFRS

  • Convergence

    • Introduction and Historical Overview

    • Issues, Benefits, and Problems of Convergence

    • IASB / FASB Projects

    • U.S. SEC Adoption Timeline and Activities



Day 9
Implementation of IPSAS

  • The transition from Cash to Accrual Accounting by Governments

  • IPSAS IMPLEMENTATION – ISSUES AND IMPACT

  • The Standards

  • The Unified Chart of Accounts

  • Budgeting with IPSAS

  • The GPFS

  • Benefits of adopting IPSAS

  • Financial Statements

  • IPSAS 1

  • Revenues & Receivables

  • PP&E



Day 8
United Nations Case Study

  • IPSAS and Accounting Rules

  • Some IPSAS Key Concepts

  • Adoption of IPSAS at UNDP Case Study

  • UNSAS vs. IPSAS

  • Progress Report on the Adoption of IPSAS at UNDP, UNFPA, and UNOPS Case Study



Day 7
Why the need for IPSAS

  • Why IPSAS

  • Stewardship

  • Public Sector Accounting

  • Introduction to IPSAS Standards

  • Accrual vs. Cash Accounting



Day 6
Introduction To IPSAS

  • Introduction

  • The Conceptual Basis of Government Accounting

  • Reporting on the full cash basis (IPSAS statement: Financial Reporting under the Cash Basis of Accounting)

  • Progress towards accrual accounting

  • IFAC

  • Financial Reporting

  • Auditing



Day 5
Structural Framework for the Preparation and Presentation of Financial Statements

  • Purpose and Objectives, including Financial Statement Audit Impact

  • Scope, Structure, and Content of IFRS Financial Statements

  • Accounting Policies and Underlying Assumptions

  • Components of Financial Statements, including Qualitative Characteristics

  • Measurement and Recognition of the Elements of Financial Statements

  • Transition Concerns and Transition Plan Elements



Day 4
Preparation and Presentation of IFRS Financial Statements

  • Structure and Content of Both General and Specific Elements of  Financial Statements

    • IAS 1

    • Balance Sheet

    • Income Statement

    • Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)

    • Statement of Cash Flow

    • Consolidation Criteria and Requirements

  • Notes to Financial Statements and Related Disclosures

  • Revenue Recognition and Reporting Requirements



Day 3
Conversion Preparation to IFRS

  • Examining Substantive Differences in Disparate Accounting Treatments

    • Inventory

    • Fixed Assets

    • Valuation

    • Revaluation

    • Depreciation

    • Deferred Taxes

    • Contingencies

  • Performing Thorough Assessments

    • Technical Accounting and Tax Implications and Risks

    • Supporting Established Processes and Infrastructure Considerations

    • Adopting Implementation Plans

  • Conversion Issues and Concerns

    • Technical Accounting and Tax Conversion Issues

    • Designing Supporting Processes and Infrastructure Features

    • Developing Revised Organization Plans and Change Strategies

  • Conversion Maintenance

    • Implementing  Support Processes and Infrastructure Features

    • Change Management Execution Strategies

    • Conversion Transfers

    • Comparative Analysis of Companies Adopting or Not Adopting IFRS



Day 2
Impact of IFRS on Financial Statement Interpretations

  • International Accounting and Diversity Considerations

  • Financial Analysis Tools and Techniques

    • Common Size Statements

    • Trend Analysis

    • Ratio Analysis

    • Dupont Analysis

    • Z Scores

    • Investment Ratios

    • Cash Flow Ratios

    • Peer Group and Industry Comparisons

  • Importance of Corporate Governance and Awareness of IFRS Best Practices

  • Future IFRS Considerations



Day 10
Specific IPSAS Rules

  • Payables & Expenses

  • Inventories

  • Intangible Assets

  • Leases

  • Provisions, Contingent Liabilities, and Contingent Assets

  • Pre-Financing

  • Budgeting with the NCOA

  • GPFS – Cash Basis

  • GPFS – Accrual Basis

  • Interpretation of GPFS

  • The Impact of IPSAS on Auditors and Internal Control Systems

  • The Role of ICT

  • Other IPSAS Statement

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