This one-day course provides an overview of the most important requirements for accounting for revenues under IPSAS. It focuses upon the application of IPSAS 23 Revenue from Non-exchange Transactions, where it considers issues relevant to recognition of taxes by government entities and the receipt and grant of donated goods and services, including assessed contributions, program and voluntary funds by other public bodies. Other areas covered include concessionary loans, the impact of principal or agent status on the recognition of revenues and expenses, IPSAS 9 Revenue from Exchange Transactions and IPSAS 11 Construction Contracts. The course also considers sources of guidance for recognition of expenses from non-exchange transactions, for example, by providers of grants and donated goods and services.

The IPSAS accounting, financial reporting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the various applicable standards is illustrated through the use of short case studies.

In addition to a review of current IPSAS, the course covers the IPSASB’s Consultation Paper Accounting for Revenue and Non-Exchange Expenses. This is the first stage of a longer-term project to improve guidance on accounting for all types of revenue and non-exchange expenses.

This program answers questions such as:

  • What are the current requirements for presentation of accrual-based IPSAS financial statements and related disclosures in terms of revenue?
  • What revenue and expense recognition challenges have been observed within public sector entities that have adopted IPSAS?
  • What disclosures are made by public sector entities that have adopted IPSAS in regards to revenues and expenses?
  • What is the difference between exchange and non-exchange revenue?
  • Where can guidance for unique revenue recognition situations be found?
  • What guidance is there to draw on to distinguish between revenue generated as a principal and revenue generated as an agent?
  • What guidance is available on expense recognition in IPSAS?
  • What upcoming changes are anticipated in accounting for revenue and non-exchange expenses?

Learning Objectives:

  • Understand Accrual Based IPSAS requirements, including accounting policy requirements and disclosures with a focus on revenues
  • Implement the IPSAS recognition and measurement rules for revenues
  • Plan ahead for issues that arise when transitioning from the cash basis to the accrual basis of accounting pertaining to revenues
  • Understand the key challenges of IPSAS compliant financial reporting on revenues
  • Understand how other public sector entities are reporting and disclosing revenues
  • 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