This two-day course provides an in-depth review of the current IPSAS accounting and reporting requirements for financial instruments. IPSAS 28-30 on financial instruments provide a coherent set of requirements that enhance accountability for financial
instruments in the public sector.
The International Public Sector Accounting Standards Board (IPSASB) has published three International Public Sector Accounting Standards that cover most aspects of the accounting for and disclosure of financial instruments by public sector entities:
IPSAS 28, Financial Instruments: Presentation; IPSAS 29, Financial Instruments: Recognition and Measurement; and IPSAS 30, Financial Instruments: Disclosures.
The three IPSASs are primarily drawn from the International Accounting Standards Board’s (IASB) standards, but address a number of public sector-specific issues, including financial guarantee contracts provided for nil or nominal consideration and
concessionary loans. This course provides an explanation of the requirements for accounting, reporting and disclosures for financial instruments in clear, simple language, illustrated with financial statements and other real-world examples.
The course considers both requirements that will be applicable to most public entities; such as identifying which assets and liabilities and off balance sheet items are in scope of the standards and their recognition and measurement, as well as considering
more advanced issues; such as the use of derivatives and hedge accounting. It also examines the extensive disclosure requirements and how these can be practically implemented considering the scale and complexity of different reporting entities.
Some transactions which are unique to the public sector are not dealt with in IPSAS 28-30, such as currency in circulation, monetary gold and IMF quota subscriptions and special drawing rights (SDRs). IPSASB has a separate project to provide guidance
to fill this gap. In July 2016 it published a Consultation Paper, Public Sector Specific Financial Instruments.
The IASB replaced IAS 39, its equivalent standard to IPSAS 39, with IFRS 9 for 2018. In line with its practice, where appropriate, of maintaining consistency with IFRSs, the IPSASB published IPSAS 41 in August 2018. This standard will replace IPSAS
29 from 1 January 2022. It is closely based on IFRS 9 but also includes public sector-specific guidance and illustrative examples.
This program answers questions such as:
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