INTRODUCTION
The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and International Financial Reporting Standards (IFRS), as established by the International Accounting Standards Board (IASB), is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use.
IPSAS is becoming and will become the World standard for Public Sector entities. IFRS having replaced IAS is now becoming the world standard, but in many ways was not specific enough to the needs of the Public Sector. The United Nations and World Bank coming to this realisation have favoured IPSAS which is a modified form of IFRS tailored to the Public Sector.
This seminar will help our clients not only in meeting the challenges of introducing IFRS and IPSAS, but also to secure the benefits of improved financial management to help secure organisational objectives and goals of each public service organisation. It will also compare IFRS against IPSAS so that the participants can see the main differences.
The key topics covered are:
- Context of IFRS and IPSAS
- The basic concepts of accounting and financial reporting disclosures and varying reconciling and non-reconciling differences between GAAP and IFRS & IPSAS
- Financial statement presentation of IFRS & IPSAS
- Funding, revenue and expenditure of IFRS & IPSAS
- Asset and liability reporting of IFRS & IPSAS
- Entity consolidation and combination IFRS & IPSAS
- The scope, structure, contents and components of IFRS & IPSAS compliant financial statements, including underlying assumptions and related footnotes disclosures
- Measurement and recognition of the various elements of international accounting principles and standards, including transition concerns
- Disclosure and other matters
This 10-day seminar consists of the following two individually bookable modules of 5 days each:
- Week 1 (Days 01 – 05): International Financial Reporting Standards (IFRS)
- Week 2 (Days 06 – 10): International Public Sector Accounting Standards (IPSAS)
We highly recommend the delegates to attend both 5-day modules on consecutive weeks (i.e. register on 10-day seminar) to take full advantage of the topics covered.
SEMINAR OBJECTIVES
As a result of completing this 10-day seminar, participants will improve their knowledge, understanding and analytical skills by learning:
- Background to IFRS & IPSAS
- The Technical Bases
- Links and implications to and for broader strategies: Financial Management, Taxation, Asset Management, Governance and accountability
- The Standards
- Financial reporting
- How to satisfy donor & stakeholder requirements
- Implications for Internal and External Audit
- Impact on financial processes and systems
- Implementation
- How to formulate a documented action plan
- How to manage substantial financial resources
- How to develop skills to aid implementation, capacity development, benefits realisation and risk management plans
- How to provide wider training and how to contribute to the strategic consequences of IFRS & IPSAS
- How to implement
- How to reduce risk of qualified accounts
- To define and apply the transition process to IFRS or IPSAS and identifying the first-time exemption
- Exceptions relating to the financial statements of a transitioning organization
BENEFITS
Designed for finance professionals in the private & public sector the course will benefit anyone who requires an understanding of international financial reporting standards within the public sector. It is also suitable for:
- Accountants and finance staff at all levels involved in the preparation of financial statements
- IFRS and IPSAS implementation and maintenance teams
- Internal auditors and consultants dealing with financial reporting
- Financial executives
- Financial analysts
- Bankers
- Investment bankers
- Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS.
TRAINING METHODOLOGY
The seminar will combine presentations with interactive practical exercises, supported by video materials, activities and case studies. Delegates will be encouraged to participate actively in relating the principles of stress management to the particular needs of their workplace. Delegates will leave with a detailed understanding of the accounting requirements of IPSAS & IFRS.
SEMINAR SUMMARY
This comprehensive accounting standards training seminar will enable each participant to appreciate and understand the basics and certain complexities associated with IFRS & IPSAS along with topic terminology, concepts and applications.
In gaining a perspective of the origins of IFRS & IPSAS, the accomplishments, to date, in the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective organizations with respect to the adoption and utilization of these accounting standards.
- Unique learning and assessment seminar tailored for the private & public sector
- High quality and practical seminar developed by public sector financial reporting experts
- Learning that will help guide your organisation throughout the transition and embedding period
- Supports both direct IPSAS adoption and implementation of IFRS modified for the public sector
- Achieve a shared level of understanding of the standards across your organisation
The post Best Practice Financial Management & Reporting on IFRS & IPSAS appeared first on Britannia Training.
