IPSAS Milestone 2 Accrual Basis

This program answers questions such as: What are the current and likely future requirements of the accruals-basis IPSAS? Which countries or entities apply the accruals-basis IPSAS? Where can guidance on the accruals-basis IPSAS are found? What are Government Business Enterprises and how are accounting requirements applied to such entities? What practical issues commonly arise when implementing the accruals-basis IPSAS? What is the difference between an adjusting and a non-adjusting event in the public sector? How to prepare a consolidated accruals-basis IPSAS compliant financial statement? Prerequisites Understanding of basic accounting principles based on any national standards in the public sector. Knowledge of the related course IPSAS Milestone 1 is highly recommended. No advance preparation is required for this course. Topics Resources and referencematerial Where to find information about IPSAS Research Papers Public Sector Studies IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors Changes in accounting estimates Changes in accounting policies Correction of fundamentalerrors Extraordinary items Items requiring separate financial statement disclosure IPSAS 4 The Effect of Changes in Foreign Exchange Rates Foreign currency transactions Foreign operations IPSAS 6 Consolidated and Separate Financial Statements Concepts of public sector control Consolidation requirements Determining whether control exists IPSAS 14 Events After the Reporting Date Adjusting events Non-adjusting events Reporting and Disclosure IPSAS 17 Property, Plant and Equipment Initial recognition Subsequent valuation Depreciation Treatment of heritageassets IPSAS 21 Impairment of Non-Cash-Generating Assets Impairment identification Recognition and measurement Impairmentreversals Disclosurerequirements IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets Definitions Recognition and measurement Disclosures IPSAS 25 Employee Benefits Definitions Short-term Employee Benefits Postemployment Benefits Distinction between Defined Contribution Plans and Defined Benefit Plans Recognition and Measurement of Plan Assets Termination Benefits Presentation and Disclosure IPSAS 26 Impairment of Cash-Generating Assets Definitions Identifying an Asset that may be Impaired Measuring Recoverable Amount Recognizing and Measuring an Impairment Loss of an Individual Asset Cash-Generating Units Reversing an Impairment Loss Redesignation of Assets Disclosure Assets and Liabilities IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) Recognition and measurement of tax revenue Recognition of revenuefrom transfers Reflecting conditions and restrictions in the financial statements Income Statement Issues Course Benefits Understand the Accruals-Basis IPSASs requirements, including accounting policies and disclosures. Be able to assess the specific differences with IFRS/IAS and ley issues regarding the Accruals-basis IPSASs. Plan ahead for issues that arise when transitioning from the cash (or modified cash) basis to the accrual basis of accounting. Learn the sources of IPSAS guidance that are available. Who should attend This course is especially interesting for: Any professional in a Finance Position in the Public Sector Auditors and Accountants serving the Public Sector Consultants serving the Public Sector Chief Accountants Public Sector Finance Directors Heads of Finance in the Public Sector Finance Managers in the Public Sector Financial Controllers in the Public Sector This three days course is eligible for 24 CPE Credits.