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IPSAS Financial Instruments

  • Intermediate
  • 18 and older
  • $2,766.01
  • Live Online
  • 16 hours over 4 sessions

Start Dates (0)

  • $2,766.01
  • Live Online
  • 16 hours over 4 sessions
  • Price includes tax
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Class Description

Description

What you'll learn in this ipsas training:

This course provides an in-depth review of IPSAS 41, Financial Instruments published by the International Public Sector Accounting Standards Board (IPSASB) in 2018. IPSAS 41 replaces IPSAS 29, Financial Instruments: Recognition and Measurement for periods beginning on or after 1 January 2023.

There are currently three International Public Sector Accounting Standards that must be applied for accounting and disclosure of financial instruments by public sector entities: IPSAS 28, Financial Instruments: Presentation; IPSAS 29, Financial Instruments: Recognition and Measurement; and IPSAS 30, Financial Instruments: Disclosures.

The three IPSASs are primarily drawn from the International Accounting Standards Board’s (IASB) standards. The IASB replaced IAS 39, its equivalent standard to IPSAS 29, with IFRS 9 from 2018. In line with its practice, where appropriate, of maintaining consistency with IFRSs, the IPSASB published IPSAS 41. It is closely based on IFRS 9 but also includes public sector-specific guidance and illustrative examples. It addresses a number of public sector-specific issues, including financial guarantee contracts provided for nil or nominal consideration and concessionary loans.

Compared to IPSAS 29, IPSAS 41 has a logical, principles-based approach to classification and measurement of financial assets based on the management model and nature of the cash flows. The new forward-looking impairment model requires earlier and more timely recognition, and ongoing assessment of credit losses. The hedge accounting requirements are more principles-based and aligned to common risk management activities. This course provides an explanation of the requirements for accounting, reporting and disclosures for financial instruments in clear, simple language, illustrated with financial statements and other real-world examples.   

The course considers both requirements that will be applicable to most public entities; such as identifying which assets and liabilities and off balance sheet items are in scope of the standards and their recognition and measurement, as well as considering more advanced issues; such as the use of derivatives and hedge accounting. It also examines the extensive disclosure requirements required in IPSAS 30 as a result of IPSAS 41 and how these can be implemented in practice, considering the scale and complexity of different reporting entities.

The guidance published on some transactions which are unique to the public sector (Public Sector Specific Financial Instruments), such as monetary gold, currency in circulation, IMF quota subscriptions and special drawing rights (SDRs) is also covered.

This program answers questions such as:

  • What are financial instruments?
  • How should financial instruments in the public sector be classified and measured in IPSAS 41 and IPSAS 29?
  • How to measure the fair value of financial instruments?
  • How to account for and disclose concessionary loans?
  • What are the recognition, measurement and accounting requirements for public sector specific financial instruments, such as monetary gold, currency in circulation, IMF quota subscriptions and special drawing rights (SDRs)?
  • What are the principles for application of the expected credit loss impairment model in IPSAS 41 and how is it different to the IPSAS 29 impairment model?
  • What are the requirements for hedge accounting in IPSAS 41 and how are they different from IPSAS 29?
  • What are the requirements for transition to IPSAS 41 from IPSAS 29?
  • What will be the impact of IPSAS 41 and other possible changes in IPSAS?
  • What are the principal similarities and differences between IPSAS and IFRS in the area of financial instruments?

Learning Objectives

  • Apply the principles for presenting financial instruments as liabilities or equity
  • Comply with the principles for offsetting financial assets and financial liabilities
  • Classify and measure financial assets and financial liabilities in accordance with IPSAS 41
  • Analyse the impact IPSAS 41 has on current classification as per IPSAS 29
  • Evaluate the principles of fair value measurement
  • Understand and analyse in-depth the principles in relation to the requirements for the measurement of expected credit losses (impairment allowance) in IPSAS 41
  • Analyse the principles of accounting for the buying or selling non-financial items
  • Understand the uses of derivatives to manage risk
  • Determine whether to use hedge accounting
  • Understand the IPSAS 41 transition requirements
  • Learn how to implement the changes in IPSAS 41 and its impact on the financial statements
  • Evaluate the significance of the financial instruments in the entity's financial position and performance
  • Understand the nature and extent of risks arising from financial instruments to which the entity is exposed and how those risks are managed

Who Should Attend

Individuals with interests in or responsibilities for accounting for financial instruments in the public sector including:

  • Finance and accounting managers
  • Government officials and project managers responsible for IPSAS transition
  • Accountants and finance staff of entities in the process of adopting IPSAS or IPSAS 41
  • Internal and external auditors of entities that have adopted IPSAS or are in the process of doing so
  • Accounting academics
  • Staff with treasury responsibilities who wish to enhance their understanding of accounting
  • Risk and IT staff involved in IPSAS 41 implementation projects
  • First-time adopters of IPSAS, seeking to analyse the implications of adopting IPSAS 41 initially for accounting for their financial instruments

Remote Learning

This course is available for "remote" learning and will be available to anyone with access to an internet device with a microphone (this includes most models of computers, tablets). Classes will take place with a "Live" instructor at the date/times listed below.

Upon registration, the instructor will send along additional information about how to log-on and participate in the class.

Refund Policy

Cancellation/Refund Policies:
  • Provider reserves the right in its sole discretion to cancel or reschedule an Event, or to change the instructor without notice. You will be entitled to no compensation or damages in such a case.

  • If Provider cancels an Event (or reschedules it to a date inconvenient to you), we will provide a full refund within 30 days upon your written request, or at your option you may transfer the credit to another Provider Event or to another person.
     
  • If you cancel your registration in writing to Provider at least 14 days before the start of the Event, we will provide an 80% refund - the remaining 20% represents our administration fee. Alternatively, you are welcome to transfer the full credit to another course or to another person at no extra charge.
     
  • If you cancel your registration with less than 14 days prior written notice to Provider, or do not attend the Event for any reason whatsoever, no refund will be made and no Provider Content will be distributed to you. A transfer of the credit to another course or to another person may be possible, in Provider's sole discretion, at an extra charge equal to 20% of the original registration fee.

  • No refunds will be made after you have attended the Event. Nonetheless, the Provider is proud of its reputation in the marketplace and also of its level of customer service, and will always seek to address any concerns that you may have before, during or after the course.

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IASeminars

Whatever your requirements are for training in international accounting, you can be assured that IASeminars are ready to deliver. Offering topics such as IFRS, US GAAP, IPSAS, Management Accounting and Banking Regulation, here at IASeminars we are passionate about helping you progress your professional...

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