IPSAS - Presentation, Disclosure and Financial Reports

IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. The International Public Sector Accounting Standards Board (IPSASB) issues International Public Sector Accounting Standards (IPSAS) and non-mandatory guidance including Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. These represent the first and only comprehensive set of authoritative international financial reporting standards for governments and other public sector entities.

This two-day course examines the most important presentation and disclosure requirements for preparers of IPSAS accruals based financial reports. In addition to describing the principal presentation and disclosure requirements of financial statements prepared under IPSAS it also includes a comprehensive review of the recently issued Recommended Practice Guideline on Financial Statement Discussion and Analysis and an introduction to RPG 1 Reporting on the Long-Term Sustainability of an Entity’s Finances. The program is fully up to date for 2014 and 2015 year ends.

The IPSASB’s goal is to serve the public interest by developing high quality accounting standards and guidance for use by public sector entities around the world in the preparation of general purpose financial reports. This will enhance the quality and transparency of public sector financial reporting and strengthen public confidence in public sector financial management. A number of countries have transformed their accounting systems to accrual accounting based on IPSAS as well as organisations including The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD). The United Nations (including all their agencies) are currently making the transition to IPSAS.

IPSAS are based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.

The IPSAS accounting and disclosure requirements and guidelines are explained in clear, simple language and illustrated with model financial statements and real-world examples.

Application is illustrated through the use of short case studies.

In addition to a review of current accrual-based IPSAS, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive a high level overview on the status of IPSASB’s current exposure drafts relating to presentation and disclosure.

This program answers questions such as:

• What are the differences between mandatory Standards and non-mandatory Guidelines and which types of entities and financial reports do they apply to?
• What are the IPSAS requirements and best practices relating to presentation and disclosures?
• In which areas are alternative presentations allowed?
• What are the most important issues to consider when preparing disclosures?
• How do the presentation and disclosure choices made affect your stakeholder perceptions?
• Which entities are applying the RPG’s?
• Are there any upcoming changes in IPSAS pertaining to financial reporting, presentation and disclosures?

The programme is fully up to date with the latest Standards issued by the IPSASB relating disclosures in separate financial statements and of interests in other entities (IPSAS 34 and IPSAS 38).

Teaching Method:

• Live group instruction with interactive participation encouraged
• Review of the rationale, objective and scope of IPSAS
• Description and explanation of IPSAS requirements in clear and simple language
• Use of case studies and disclosure checklists with real-world examples to illustrate practical application of the standards and guidelines
• Interactive participation will be encouraged
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites:
Understanding of basic accounting principles based on any national standards in the public sector. No advance preparation is required for this course.

Venue: 
All of our New York City seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.Detailed Joining Instructions are sent to all registered delegates by
email approximately one month before the event. 

The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. 

Coffee and lunch will be provided.