There is an increasing interest amongst public sector bodies worldwide to produce their financial statements according to International Public Sector Accounting Standards (IPSAS) issued by the IPSAS Board (IPSASB). While some governments and agencies are developing their own standards based around IFRS, others are adopting IPSAS as the basis of accounting.

This two-day course provides a detailed review of the major technical IPSAS requirements of relevance to public sector entities, by comparison to IFRS. It includes, case studies, examples, and interactive participation from the participants.

This course assumes participants are familiar with IFRS.

The program answers questions such as:

  • Which areas of accounting do IPSAS cover, which have no IFRS equivalent?
  • Which accounting issues covered by IFRS have no equivalent in IPSAS?
  • Which aspects of public accounting are not currently addressed by IPSAS and what proposals are there to address them?
  • How are IPSAS financial statement requirements applied to public sector entities, including accounting policies and disclosures?
  • What are the rules relating to first-time adoption of IPSAS as compared to IFRS?
  • When are assets, liabilities, revenues, and expenses recognized under IPSAS and how are they measured?
  • Where are major similarities and differences found between IFRS and IPSAS?

Learning Objectives:

  • Appreciate the implications of transitioning to IPSAS, including change management issues
  • Learn to apply IPSAS financial statement requirements to public sector entities, including accounting policies and disclosures
  • Understand the rules relating to first-time adoption of IFRS and IPSAS
  • Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
  • Comprehend the major similarities and differences between IFRS and IPSAS

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Skill Level: Beginner