International public sector Accounting Standards (IPSAS): Transition and Implementation

Description

Introduction

The goal of IPSAS is to develop high-quality accounting standards for use by public sector entities around the world, in preparation for the delivery of general-purpose financial statements. This will enhance public sector financial reporting quality and transparency and strengthen public sector financial management confidence.

Several countries have already adapted their accounting systems to accrual accounting based on IPSAS. Several other countries have adopted the cash basis IPSAS as the first step to future full accrual accounting based on the IPSAS

Course Content

• Overview: introduction to IPSAS, Reporting and disclosure.
• IPSAS 1 – presentation of financial statements
• IPSAS 2 – CASH flow statements
• IPSAS 3 – net surplus or deficit for the period – fundamental errors and changes in accounting policies
• Transitional provisions and implementation guidance and other implementation issues – disclosures and managing the IPSAS transition process

Learning Outcomes

• Understand the available policy options and their short-term and long-term consequences and discern the costs and benefits of various courses of action
• Implement practical strategies for managing the transition to IPSAS and avoid common pitfalls
• Determine the system modifications and other changes that will be required to implement IPSAS