Training Course on International Public Sector Accounting Standards (IPSAS)

Course Description

IPSAS (International Public Sector Accounting Standards) has been developed to enhance the quality, consistency, and transparency of public sector financial reporting worldwide. Issued by the International Public Sector Accounting Standards Board (IPSASB), they are cash-based standards and accruals standards used for the preparation of general-purpose financial statements by governments and other public sector entities around the world.

This Training Course on International Public Sector Accounting Standards (IPSAS) offered by Phoenix Center for Policy, Research and Training is intended to enable the participants to understand IPSAS and the framework for public sector accounting. The training course provides an overview of the most important requirements for preparing financial statements and disclosures under IPSAS, with specific insight. This Training Course on International Public Sector Accounting Standards (IPSAS) offered by Phoenix Center for Policy, Research and Training will empower you in understanding public sector accounting with special emphasis on IPSAS by providing practical and detailed knowledge of the key IPSAS and how they are interpreted and applied.

Course Objectives

Upon the successful completion of this Training Course on International Public Sector Accounting Standards (IPSAS), participants will be able to:

• Describe the context for Accrual Accounting in public sector entities
• Understand the key principles of Conceptual Framework for Financial Reporting
• Understand the standards applicable to key elements of financial statements
• Understand the disclosure requirements for public sector entities in financial reports and notes
• Explain the requirements of cash Basis IPSAS

Training Methodology

The course is designed to be highly interactive, challenging and stimulating. It will be an instructor led training and will be delivered using a blended learning approach comprising of presentations, discussions, guided sessions of practical exercise, case study review, web-based tutorials, group work, exploration of relevant issues collaborative strength training, performance measurement, and workshops of participants’ displays, all of which adhere to the highest standards of training. The training technique is built on learning by doing, with lecturers using a learner-centered approach to engage participants and provide tasks that allow them to apply what they’ve learned. Experiential knowledge is also given equal importance within the format of training. Our facilitators are seasoned industry professionals with years of expertise in their chosen fields. All facilitation and course materials will be offered in English. 

Who Should Attend?

This Training Course on International Public Sector Accounting Standards (IPSAS) would be suitable for, but not limited to:

• IPSAS Implementation and Maintenance Teams
• Internal and External auditors
• Consultants in Financial Reporting roles
• Budget Holders
• Policymakers
• All accounting professionals working in the public sector involved in the preparation of financial statements

Course Outline

Module 1 – Introduction to Public Sector Entities

• Nature of Public Sector Entities
• Difference between Public Sector and Private Sector
• Importance of Budget
• Public Financial Management
• Financial Reporting in the Public Sector
• Introduction to IFAC, IPSASB
• Introduction to IPSAS

Module 2 – Basis of Accounting

• Cash basis of Accounting
• Accrual basis of Accounting
• Modified Cash Basis
• Modified Accrual Basis

Module 3 – Accounting for Assets

• Property, Plant & Equipment
• Inventory
• Intangible Assets
• Investment Property
• Leases
• Borrowing Costs
• Agriculture
• Impairment of Cash and Non-cash Generating Assets
• Service Concession Arrangements

Module 4 – Accounting for Revenue Recognition

• Revenue from Exchange Transactions
• Revenue from Non-Exchange Transactions

Module 5 – Accounting for Liabilities

• Provisions
• Contingent Liabilities
• Lease Liabilities
• Employee Benefits

Module 6 – Financial Instruments

• Financial Assets, Financial Liabilities & Equity
• Recognition of Financial Instruments
• Fair Value Measurement
• Impairment of Financial Assets
• Hedging and Hedge Accounting

Module 7 – Presentation of Financial Statements

• Presentation of Financial Statements
• Statement of Cash Flows
• Interim Financial Reporting
• Selection of Accounting Policies and Accounting Estimates
• Events after the reporting period
• Consolidated Financial Statements
• Presentation of Budget Information in Financial Statements

Module 8 – Financial Reporting under Cash Basis

• Cash Basis IPSAS
• Presentation and Disclosure requirements
• General Requirements
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• Foreign Currency transactions and balances

Module 9 – First Time Adoption of IPSAS

• First time adoption of Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Cash Basis IPSAS
• First time adoption of Accrual Basis IPSAS from Local Cash Basis Standards
• First time adoption of Accrual Basis IPSAS from Local Accrual Basis Standards
  

Requirements

• Participants should be reasonably proficient in English.
• Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

NOTE

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free
2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.
3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.
4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.
5. Approval of Course: Our Programs are NITA Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254737566961 

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.
2. Invoice: We can send a bill directly to you or your company.
3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.
2. Participants may cancel attendance 14 days or more prior to the training commencement date.
3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location. For further inquiries, please contact us on Tel: +254720272325 / +254737566961 or Email training@phoenixtrainingcenter.com  

Accommodation

Accommodation is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737566961