IPSAS Milestone 3 Accrual Advanced

This program answers questions such as: What are the current and likely future requirements of the specific accruals-basis IPSAS? How to account for an investment in an associate in the public sector? What is a qualifying asset in the public sector in order to capitalize borrowing costs? How to define a segment in the public sector? Where can guidance on the specific accruals-basis IPSAS be found? What practical issues commonly arise when implementing the specific accruals-basis IPSAS? Prerequisites Understanding of basic accounting principles based on any national standards in the public sector. Knowledge of the related course IPSAS Milestone2 is highly recommended. No advance preparation is required for this course. Topics IPSAS 10 Financial Reporting in Hyperinflationary Economies Characteristics of a hyper inflationary economy Restating financial statements IPSAS 18 Segment Reporting Distinguish able activities IPSAS 20 Related Party Disclosures Identification of related parties Disclosure requirements IPSAS 22 Disclosure of Financial Information about the General Government Sector Disclosure requirements IPSAS 24 Presentation of Budget Information in Financial Statements Required disclosures Comparison of budget and actual amounts Material differences IPSAS 27 Agriculture Agriculture-related Definitions Recognition and Measurement Disclosure requirements Transitional Provisions Reporting and Disclosure IPSAS 5 BorrowingCosts Expensing Capitalisation IPSAS 13 Leases Lessee and lessors financial reporting requirements Sale and leaseback transactions IPSAS 16 Investment Property Initial recognition Subsequent valuation Transitional provisions for initial adoption IPSAS 12 Inventories Public sector entity inventories Inventories held for sale Inventories held for distribution at no or nominal charge IPSAS 15 Financial Instruments: Disclosure and Presentation On-balance sheet instruments Off-balance sheet instruments Financial assets, liabilities or equity classification IPSAS 31 Intangible Assets Intangible Heritage Assets Recognition and Measurement Recognition of an Expense Subsequent Measurement Useful Life Retirements and Disposals Disclosure Transitional Provisions Assets and Liabilities IPSAS 9 Revenue from Exchange Transactions Accounting treatment for exchange transactions IPSAS 11 Construction Contracts Commercial and non-commercial contracts Allocation of contract costs Contract revenue recognition Income Statement Issues IPSAS 7 Investments in Associates Equity method of accounting Cost method requirements IPSAS 8 Interests in Joint Ventures Proportionate consolidation. Allowed alternative equity method. Associates and Joint Ventures Exposure drafts IPSASB projects. Consultation papers. Projects in Process. Expected Future Developments Where to find information about IPSAS. Research Papers. Public Sector Studies Resources and reference material Course Benefits Understand the more advances accruals-basis IPSASs requirements, including accounting policies and disclosures. Be able to assess the specific differences with IFRS/IAS and key issues regarding the more complex accruals-basis IPSASs. Plan ahead for issues that arise when implementing the more complex accruals-basis IPSASs. 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.