(IPSAS)

CERTIFIED INTERNATIONAL
PUBLIC SECTOR ACCOUNTING STANDARDS

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who should attend

A Must For All Government Ministries & Organs’, County Governments, Municipals,Parastatals In Finance,
Audit & Accounting Departments

County Goverment's

Machakos,
Lamu,
Bugoma,
Kisii,
Migori ,
Tana River,
Kwale,
Busia,
Nyandarua,
WestPokot,
Busia
and many more.. 

Parastatals

Tanzania Revenue Authority,
Kenya Revenue Authority,
Tanzania Meteorological,
Kenya Civil Aviation Authority,
Uganda Wildlife Authority,
National Water Conservation & Pipeline, Bomas of Kenya,
National Oil, Water Service Trust Fund,
HELB, Women Enterprise Fund , NHIF and NGO's: Communication Authority,National Aids Council - Kenya, Save the Children,
many more.. 

course outline

Module 1


Introduction to IPSAS and Financial Statements

Introduction to IPSAS
Scope of IPSAS and adoption
The IPSASB Conceptual framework
Resources and reference material on IPSAS
Public sector studies

Case study:
Most recent developments and changes to IPSAS as well
as a discussion of current problem areas and upcoming
changes

Presentation of Financial Statements (IPSAS 1)
Key components of IPSAS financial statements
Structure and content


Introduction to IPSAS and Financial Statements

Cash Flow Statements (IPSAS 2)
Cash and cash equivalents
Operating, investing and financing activities

Accounting policies, Changes in Accounting Estimates
and Errors (IPSAS 3)
Changes in accounting policies
Changes in accounting estimates
Correction of fundamental errors
Items requiring separate financial statements
disclosure

The Effect of Changes in Foreign Exchange Rates
(IPSAS 4)
Foreign currency transactions
Foreign operations 

COURSE OUTLINE

Module 2


Module 2- Non-current assets

Property, Plant and Equipment (IPSAS 17)
Initial recognition
Subsequent measurement
Depreciation
Infrastructure and heritage assets

Borrowing costs (IPSAS 5)
Expense vs Capitalisation

Leases (IPSAS 13) and Service concession arrangements
(IPSAS 32)
Benefits of operating and finance leases
Accounting for operating and finance leases
Sale and leaseback transactions
Service concession arrangements 

Investment Property (IPSAS 16/IAS 40)
Initial recognition
Subsequent measurement
Transitional provisions for initial adoption

NON-CURRENT ASSETS

Intangible Assets (IPSAS 31/IAS 38)
Initial recognition
Subsequent measurement

Impairment of Cash-Generating Assets (IPSAS 26)
Definitions
Identifying an asset that may be impaired
Measuring recoverable amount
Recognizing and measuring impairment loss
Reversing an impairment loss

Impairment of Non-Cash-Generating Assets
(IPSAS 21)
Identifying an asset that may be impaired
Recognizing and measuring impairment loss
Reversing an impairment loss

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards 

COURSE OUTLINE

Module 3


Revenue

Revenue from Exchange Transactions (IPSAS 9)
Accounting for exchange transactions

Construction Contracts (IPSAS 11/IAS 11)
Recognition of contract revenues
Allocation of contract costs

Revenue from Non-Exchange Transactions (IPSAS 23)
Recognition and measurement of revenue
from taxes and transfers
Effect of conditions and restrictions

REVENUE

Inventories (IPSAS 12)
Determination of cost of inventories in the
public sector
Inventories held at nominal or nil cost

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards 

COURSE OUTLINE

Module 4


Liabilities and Financial Instruments

Provisions and Contingent liabilities (IPSAS 19/IAS 37)
Definitions
Legal and constructive obligations
Disclosures

Employee Benefits (IPSAS 25/IAS 19)
Definitions
Short-term employee benefits
Post-employment benefits
Distinction between defined contribution plans
and defined benefit plans
Recognition and measurement of plan assets
Termination benefits
Presentation and disclosure 

LIABILITIES AND FINANCIAL INSTRUMENTS

Financial Instruments
Presentation (IPSAS 28/IAS 32)
Classification and measurement (IPSAS 29/IAS
39/IFRS 9)
Disclosures (IPSAS 30/IFRS 7)

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards

COURSE OUTLINE

Module 5


Group Accounting

Consolidated financial statements (IPSAS 35/IFRS 10)
Definition and determination of “control”
Consolidation procedures
Disclosures (IPSAS 38/IFRS 12)

Investment in associates and joint ventures
(IPSAS 36/IAS 28)
Equity method
Cost method 

LIABILITIES AND FINANCIAL INSTRUMENTS

Joint arrangements (IPSAS 37/IFRS 11)
Joint operations and Joint ventures
Accounting requirements
Disclosures (IPSAS 38)

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards


COURSE OUTLINE

Module 5


Group Accounting

Consolidated financial statements (IPSAS 35/IFRS 10)
Definition and determination of “control”
Consolidation procedures
Disclosures (IPSAS 38/IFRS 12)
Investment in associates and joint ventures
(IPSAS 36/IAS 28)
Equity method
Cost method 

LIABILITIES AND FINANCIAL INSTRUMENTS

Joint arrangements (IPSAS 37/IFRS 11)
Joint operations and Joint ventures
Accounting requirements
Disclosures (IPSAS 38)

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards

COURSE OUTLINE

Module 6


Presentation, Disclosures and Transition

Public sector specific disclosure standards
Disclosure of financial information about general
government sector (IPSAS 22)
Presentation of budget information in financial
statements – disclosures and comparison of budget
versus actual amounts (IPSAS 24)

Other presentation and disclosure standards
Financial Reporting in Hyperinflationary Economies
(IPSAS 10/IAS 29)
Events after the reporting date (IPSAS 14/IAS 10)
Segment reporting (IPSAS 18/IFRS 8)
Related party disclosures (IPSAS 20/IAS 24)

Recommended practice guidelines
Reporting on long term sustainability of an entity’s
finances (RPG 1)
Financial statement discussion and analysis (RPG 2)
Reporting service performance information (RPG 3)

LIABILITIES AND FINANCIAL INSTRUMENTS

Transition to accruals basis of accounting
Financial reporting under the cash basis of IPSAS and
transition from cash to accruals basis of accounting
First time adoption of accrual basis IPSAS (IPSAS 33)
and outgoing guidance
Transition exemptions and requirements
Implementation case studies and challenges

IPSAS – The Way Forward
Understanding the differences between IAS/IFRS and
IPSAS
Planning opportunities through awareness of likely
future IPSAS changes
Sources of IPSAS guidance that are available

Case study
Practical case studies outlining the IPSAS specific
implications of these selected standards

Course summary and close

Benefits of Attending this Program

WHAT WILL YOU LEARN FROM THIS SERIES OF COURSES?

This course summarizes the main accounting and disclosure requirements under International Public Sector Accounting Standards (IPSAS).
-It explains current IPSAS pronouncements in operating detail from the perspective of practitioners.
-It also compares main differences between IPSAS and IFRS.
It shows examples and surveys that are relevant in several jurisdictions.

This course aims to enhance the quality and transparency of public sector financial reporting by:

Establishing high-quality standards for use by public sector entities;
Promoting the acceptance, and the international convergence to, IPSASs;
Providing comprehensive information for public sector financial management and decision making; and
Providing guidance on issues and experiences in financial reporting in the public sector.

This course follows a very structured and public due process in the development of all International Public Sector Accounting Standards (IPSAS).
This process provides the opportunity for all those interested in financial reporting in the public sector or non-profit making organizations.

MEET OUR INTERNATIONAL TRAINER

SAKET MODI

ACA, CFA

Financial Trainer

Saket Modi is a financial trainer and consultant at Square Mile Global Consulting, based out of London. He has designed and facilitated workshops for finance professionals from over 50 countries in Europe, Middle East, Africa and Asia

PUBLICATIONS

Saket has written material on IFRS Accounting for Institute of Chartered Accountants in England and Wales (ICAEW) and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present on IFRS 9 Financial Instruments at their board meeting in New York

advanced accounting and financial analysis Specialist

Saket specializes in advanced accounting and financial analysis (IFRS/IPSAS), financial instruments, corporate finance and CFA® exam preparatory courses. He has spent considerable time working, advising and training in matters relating to international accounting and finance, and delivered workshops for banks and similar financial institutions, corporates, public sector organizations, and professional services firms. He regularly facilitates IPSAS courses for delegates from Africa

CFA® charterholder

Saket has previously worked with Lloyds Bank, Ernst & Young and PricewaterhouseCoopers. In addition to being a member of the Institute of Chartered Accountants of India, Saket holds IFRS certificate from the ICAEW and IPSAS Diploma from the Chartered Institute of Public Finance and Accountancy (CIPFA). He has an MSc in Multinational Accounting and Financial Management from UK and is a CFA® charterholder

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CERTIFIED INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS 

IPSAS


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