IPSASs aim 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 International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve.

This five-day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. The program has been fully updated to reflect the most recent IPSAS Handbook.

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 IPSASs, 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 and Consultation Papers.

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 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.

Learning Objectives:

  • 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

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Skill Level: Beginner