IPSAS aims 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 (IPSAS) and non-mandatory guidance in the form of Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments and agencies. These represent a comprehensive set of authoritative financial reporting standards for governments and other public sector entities.

This two-day course examines the most important presentation and disclosure requirements for preparers of IPSAS accrual basis financial reports. In addition to describing the principal presentation and disclosure requirements of financial statements prepared under IPSAS it also includes a comprehensive review the Recommended Practice Guideline (RPG 2) Financial Statement Discussion and Analysis.

The IPSASB’s goal is to serve the public interest by developing high quality accounting standards and guidance for use by public sector entities around the world in preparing general purpose financial reports. Many IPSASs are based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRSs to a public sector context, where appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.

The IPSAS accounting and disclosure requirements and guidelines are explained in clear, simple language and illustrated with model financial statements and real-world examples.

Application is illustrated through the use of short case studies.

In addition to a review of current accrual basis IPSAS, our specialist instructors provide guidance on transitioning to the accrual basis. This program answers questions such as:

  • What are the differences between mandatory IPSASs and non-mandatory RPGs and which types of entities and financial reports do they apply to?
  • What are the IPSAS requirements and best practices relating to presentation and disclosure?
  • In which areas are alternative presentations allowed?
  • What are the most important issues to consider when preparing disclosures?
  • How do the presentation and disclosure choices made affect your stakeholder perceptions?
  • Which entities are applying the RPGs?
  • Are there any upcoming changes in IPSAS relating to financial reporting, presentation and disclosure?

Learning Objectives:

  • Apply the IPSAS presentation and disclosure requirements and guidelines to the preparation of fully compliant IPSAS financial statements and reports
  • Specify the allowed alternatives in presentation of the key elements and demonstrate sound selection decisions in given scenarios
  • Prepare appropriate disclosures, applying the IPSAS requirements
  • 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