Certificate in International Public Sector Accounting Standards (IPSAS)
Accrual Accounting for Public Sector

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Course Overview

The Introduction to IPSAS course is designed to provide participants with a comprehensive understanding of the International Public Sector Accounting Standards (IPSAS) and their application in the public sector. IPSAS are a set of accounting standards issued by the International Public Sector Accounting Standards Board (IPSASB) that are used by governments and other public sector entities worldwide.

Successful completion of this IPSAS course will enable candidates to:

•Understand accrual-based IPSAS framework and its requirements
•Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues, and expenses
•Deploy key strategies for migration to IPSAS standards
•Learn the requirements for the presentation of IPSAS financial statements and related disclosures
•Adopt IPSAS disclosure requirements, including accounting policies

Key Takeaways

Understand the principles and concepts underlying IPSAS and their importance in public sector financial reporting.
Gain knowledge of the key IPSAS standards and their practical application.
Learn how to prepare financial statements in accordance with IPSAS.
Understand the requirements for accounting policies, estimates, and disclosures under IPSAS
Acquire practical skills to analyze and interpret financial information prepared under IPSAS.

Association of Chartered Certified Accountants (ACCA)
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The Association of Chartered Certified Accountants (ACCA) is a globally recognized professional accountancy body known for its forward-thinking approach. Established in 1904 to increase access to the accountancy profession ACCA. ACCA's respected qualifications, continuous learning, and insights are valued by employers in every sector. These programs equip individuals with the expertise and ethical judgment needed to create, protect, and report sustainable value for organizations and economies.

Course Outline

Part 1
Introduction to IPSAS and the IPSASB

•Overview of IPSASB and its role in setting accounting standards for the public sector
-Evolution and benefits of IPSAS adoption globally
-IPSAS Framework and Key Concepts
•Structure and contents of the IPSAS framework
-Accrual basis accounting vs. cash basis accounting
-Measurement bases: historical cost, fair value, and present value

Financial statements presentation and accounting policy

Develops an overview of:
•IPSAS  1: presentation of financial statements
-Objective and scope of IPSAS 1
-Components of financial statements: statement of financial position, statement of financial performance, statement of changes in net assets/equity, notes to the financial statements
-Recognition and measurement criteria for assets, liabilities, revenue, and expenses
-Presentation and classification of items in the financial statements
-Disclosure requirements for financial statements
-Comparative information and consistency in presentation
-Application on a real case study from public sector

Part 2

•IPSAS  2: cash flow statements
-Objective and scope of IPSAS 2
-Classification of cash flows: operating activities, investing activities, financing activities
-Direct method vs. indirect method of presenting operating cash flows
-Preparation and presentation of the cash flow statement
-Disclosure requirements for cash flows from operating, investing, and financing activities
-Reconciliation of operating profit or loss to net cash flows from operating activities
-Application on a real case study from public sector
•IPSAS  3: accounting policies, changes in accounting estimates and errors
Objective and scope of IPSAS 3
-Selection and application of accounting policies
-Accounting for changes in accounting estimates
-Retrospective application and restatement of prior period errors
-Correction of material errors in financial statements
-Disclosure requirements for accounting policies, changes in accounting estimates, and errors
-Case study to show error correction.


Part 3

•IPSAS  18: segment reporting
-Objective and scope of IPSAS 18
-Identification and aggregation of operating segments
-Determination of the primary and secondary segment reporting formats
-Measurement of segment assets, liabilities, revenues, and expenses
-Disclosure requirements for segment information
-Interim financial reporting for segments
-Application on a real case study from public sector
•IPSAS  24: presentation of budget information in financial statements
-Objective and scope of IPSAS 24
-Presentation of budget information in the financial statements
-Budget amounts, actual amounts, and variances
-Application on a real case study from public sector


Part 4
Financial performance

•IPSAS  9: revenue from exchange transactions
-Objective and scope of IPSAS 9
-Definition and recognition of revenue from exchange transactions
-Determining the transaction price
-Timing of revenue recognition for the provision of goods and services
-Measurement of revenue for long-term construction-type contracts
-Examples and cases on different revenue exchange transactions
•IPSAS  23: revenue from non-exchange transactions (taxes and transfers)
-Objective and scope of IPSAS 23
-Recognition and measurement of revenue from taxes
-Timing of revenue recognition for taxes
-Measurement of revenue from transfers of assets and other non-exchange transactions
-Presentation and disclosure requirements for revenue from non-exchange transactions
-Examples and cases on different revenue from non exchange transactions
•IPSAS  11: construction contracts
-Objective and scope of IPSAS 11
-Definition of a construction contract
-Recognition and measurement of revenue and costs for construction contracts
-Determining the stage of completion of a construction contract
-Accounting for variations, claims, and contract modifications
-Presentation and disclosure requirements for construction contracts

Part 5
Accounting for assets and liabilities

•IPSAS  12: inventories
-Definition and classification of inventories
-Measurement of inventories (including cost formulas and net realizable value)
-Cost allocation and recognition of inventory-related costs
-Disclosure requirements for inventories
-Case study for calculating cost of inventory
•IPSAS  17: property, plant and equipment
-Recognition and initial measurement of property, plant, and equipment
-Subsequent measurement (including cost model and revaluation model)
-Depreciation methods and useful life estimation
-Treatment of componentization and major repairs
-Disclosure requirements for property, plant, and equipment
-Accounting for infrastructure
-Accounting for infrastructure assets
•IPSAS  16: investment property
-Definition and classification of investment property
-Measurement of investment property (including fair value model and cost model)
-Treatment of transfers between categories
-Disclosure requirements for investment property
•IPSAS  31: intangible assets
-Recognition and initial measurement of intangible assets
-Measurement subsequent to initial recognition (including cost model and revaluation model)
--Treatment of internally generated intangible assets
-Disclosure requirements for intangible assets

Part 6

•IPSAS  5: borrowing costs
-Recognition and treatment of borrowing costs
-Capitalization of borrowing costs as part of qualifying assets
-Measurement and subsequent treatment of borrowing costs
-Disclosure requirements for borrowing costs
•IPSAS  21: impairment of non-cash generating assets
-Recognition and measurement of impairment of non-cash generating assets
-Indicators of impairment and impairment testing
-Treatment of reversals of impairments
-Disclosure requirements for impairment of non-cash generating assets
•IPSAS  26: impairment of cash generating assets
-Recognition and measurement of impairment of cash generating assets
-Calculation of recoverable amount and impairment losses
-Treatment of reversals of impairments
-Disclosure requirements for impairment of cash generating assets
-Case study on EXCEL showing the exact calculation of the impairment losses using the numerical model
•IPSAS  19: provisions, contingent liabilities and contingent assets
-Recognition and measurement of provisions
-Treatment of contingent liabilities and contingent assets
-Criteria for recognition and disclosure of provisions, contingent liabilities, and contingent assets
-Disclosure requirements for provisions, contingent liabilities, and contingent assets
•IPSAS  13: leases
-Classification of leases as operating leases or finance leases
-Recognition and measurement of lease assets and lease liabilities
-Presentation and disclosure requirements for lessees and lessors

Part 7

•IPSAS  14: events after the reporting date
-Definition and identification of events after the reporting date
-Treatment of adjusting events and non-adjusting events
-Disclosure requirements for events after the reporting date
•IPSAS  10: financial reporting in hyperinflationary environments
-Definition and identification of hyperinflationary economies
-Determining the functional currency in hyperinflationary environments
-Restating financial statements in the reporting currency
-Recognition and measurement of items in hyperinflationary environments
-Disclosures required in hyperinflationary environments
•IPSAS  4: the effects of changes in exchange rates
-Definition and classification of foreign currency transactions
-Determining the functional currency
-Accounting for foreign currency transactions at the transaction date and at the reporting date
-Translation of financial statements of foreign operations
-Treatment of exchange differences and their impact on financial statements
-Case study for accounting for effects of changes in exchange rates
•IPSAS  27: agriculture
-Scope and definitions related to agricultural activities
-Recognition and measurement of agricultural assets
-Treatment of biological assets, including agricultural produce and bearer plants
-Disclosure requirements for agricultural activities
•IPSAS  32: service concession arrangements: grantor
-Definition and scope of service concession arrangements
-Recognition and measurement of assets and liabilities related to service concession arrangements
-Accounting for financial arrangements within service concession arrangements using the most used approaches by governments
-Disclosure requirements for service concession arrangements

Part 8

•IPSAS  39: employee benefits
-Classification and recognition of employee benefits (including short-term, post-employment, and other long-term benefits)
-Measurement of employee benefits (including actuarial assumptions, discounting, and remeasurements)
-Accounting for termination benefits and other employee benefits
-Disclosure requirements for employee benefits
•IPSAS  28: financial instruments – presentation
-Classification and presentation of financial instruments
-Initial recognition and subsequent measurement of financial instruments
-Accounting for derecognition and modifications of financial instruments
-Disclosure requirements for financial instruments
•IPSAS  30: financial instruments – disclosures
-Disclosure requirements for various categories of financial instruments
-Information about the significance of financial instruments in the financial statements
-Specific disclosures for different types of financial instruments (e.g., loans, equity instruments, derivatives)
-Disclosures related to credit risk, liquidity risk, and market risk
-Examples and real cases from practice
•IPSAS  41: financial instruments
-Scope and definitions related to financial instruments
-Classification and measurement of financial instruments (including initial recognition and subsequent measurement options)
-Hedge accounting and fair value option for financial instruments
-Disclosures required for financial instruments
-Examples on Excel to show the full application of measurement of financial instruments

Part 9

•IPSAS  35: consolidated financial statements
-Overview of consolidated financial statements
•IPSAS  36: investments in associates
-Introduction to investments in associates
-Equity method of accounting
-Determining significant influence
-Recognition and measurement of investments in associates
•IPSAS  37: joint arrangements
-Overview of joint arrangements
-Classification of joint arrangements
-Accounting for joint operations
-Accounting for joint ventures
-Measurement and recognition of joint arrangement assets, liabilities, income, and expenses
-Presentation and disclosure of joint arrangements
•IPSAS  34: separate financial statements
-Purpose and scope of separate financial statements
-Recognition and measurement of assets, liabilities, income, and expenses
-Presentation and disclosure requirements
-Differences between separate and consolidated financial statements
•IPSAS  38: disclosure of interests in other entities
-Definition and types of interests in other entities
-Disclosure requirements for joint ventures and associates
Disclosure standard
•IPSAS  20: related party disclosures
First-time adoption of accrual-based IPSAS
•IPSAS  33: first time adoption of accrual basis IPSAS

Who Should Attend?

This highly practical and interactive course has been specifically designed for

Finance professionals, accountants, auditors, and individuals working in the public sector who are responsible for financial reporting, budgeting, and financial management.

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