International Public Sector Accounting Standards

Course Objectives

• Providing participants with modern knowledge and concepts in IPSAS.
• Empowering participants to identify fundamental changes in international accounting standards and how to operate the applicable international accounting standards.
• Providing participants with a detailed explanation of the international accounting standards and international financial Reporting standards issued for its history.
• Providing participants with practical situations and applications to learn how to use international accounting standards in the government business environment.

Who Should Attend?

• Heads of financial units, financial managers, assistants, directors-general of financial institutions, managers of the oversight, auditing and auditing sectors and financial advisors and external auditors and those responsible for making decisions on investment, procurement and funding in government sectors, and those who are rehabilitated to take over those positions, and those who wish to develop their skills in the field.

Course Schedule

Modern frameworks and concepts of international accounting standards

• A historic introduction for the development of international accounting standards.
• The International Accounting Standards Committee and its objectives.
• The International Accounting Standards Board.
• The Standards Advisory Board.
• Standard-setting mechanism.
• Advantages of applying international accounting standards.
• Amendments to international accounting standards.
• Cancelled and applied International accounting standards.

International Accounting Standards

• No. 1/2: Presentation of financial statements/inventory of goods.
• No. 7: Cash flow list.
• No. 8: Accounting policies and changes in accounting estimates and errors.
• No. 10: Events subsequent to the budget date.
• No. 11/12: Construction contracts/Income tax.
• No. 14: Sector reports.
• No. 16: Property, plant and equipment.
• No. 17/18 Leases/revenue.
• No. 18/19: Employees benefits.
• No. 20 Accounting for government grants.
• No. 21 Effect of changes in foreign exchange rates.
• No. 23 Borrowing costs.
• No. 24: Disclosure of the parties involved.
• No. 26: Accounting for retirement benefits programs.
• No. 27 Financial statements: consolidated and accounting for the affiliated establishments.
• No. 28: Accounting for investments in the establishment.
• No. 29: Financial reports in high-inflation economies.
• No. 31: Shares in joint ventures.
• No. 32: Financial instruments: supply.
• No. 33: Share of dividends.
• No. 34: Interim financial reports.
• No. 36: Depreciation of assets.
• No. 37/38 Allocations, liabilities and potential assets/intangible asset.
• No. 39: Financial instruments, recognition and measurement.
• No. 40: Real estate investments.

International accounting standard for government sector No. 1 (Presentation of financial statements) IPSAS1

• Introduction – goals – domain.
• Definition of government unit.
• Net assets/ownership..
• The purposes and responsibility of the financial statements.
• Components of the financial statements and their annexes.
• Financial status list and financial performance list.
• Asset and property change list and cash flow list.
• Disclosure of accounting policies.
• Comparison with IAS (1).
• Practical cases in the preparation of financial statements in accordance with the international accounting standard for government sector No. 1.

International accounting standard for government sector No. 2 (cash flow list) Ipsas2

• Introduction – domain – dash flow information.
• The structure of the cash flow list.
• Operational activities – investment – funding and report on each activity.
• Disclosure and methods of preparing the cash flow list.
• Practical cases on the preparing the cash flow list.
• Comparison with international Accounting Standard No. 7.

International accounting standard for government sector No. 24 (Presentation of budget information in financial statements)

• Introduction – domain – objectives.
• Approved budget – Fiscal and core budget – actual results.
• Budget comparison structure with actual results.
• Presentation and disclosure.
• Compare Budget sheet with actual results (on cash basis).
• Additional column approach (for budget and financial statements on an accrual basis).

International Financial Reporting Standards

• No. 1: The first application of the financial reporting standards.
• No. 2: Payment by stock.
• No. 3/4: Business integration, insurance contracts.
• No. 5: Non-current and retained assets for sale and non-continuing operations.
• No. 6: Evaluation of mineral assets.
• No. 7: Financial Derivatives (disclosures).
• No. 8: Sector report.