INTRODUCTION
This Britannia Training’s Ten day Financial Management and reporting training course will cover the following:
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 Britannia training course 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.Professionals and leaders are increasingly required to make business decisions under pressure in complex, uncertain and highly dynamic situations. Some decisions expect and allow thorough data gathering and analysis, some are made based on an educated guess or driven by intuition. What drives our choices and judgements? How do we improve the quality of our decisions? How do we influence others’ conclusions?
The Art of Influencing Business Decisions training course addresses a comprehensive range of topics related to business analysis and decision making. It is focused on the enhancement of essential knowledge and skills necessary to make and influence business decisions and equips participants with a toolbox of ideas and methodologies for business problem solving, persuasive analysis and influential communication.
Participants on the Art of Influencing Business Decisions training programme will develop the following competencies:
- Critical thinking and business needs analysis
- Business data collection, including design of questionnaires
- Business data analysis
- Feasibility studies
- Management problem solving and decision making
- Making decisions under risk and uncertainty
- Recognising and mitigating the effects of decision errors and biases
- Facilitating group decisions
- Influencing stakeholders through persuasive communication
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 and IPSAS
- Funding, revenue and expenditure of IFRS andIPSAS
- Asset and liability reporting of IFRS and IPSAS
- Entity consolidation and combination IFRS and IPSAS
- The scope, structure, contents and components of IFRS and 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 Best Practice Financial Management & Reporting for the Public Sector (IFRS & IPSAS) training course 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 (ie: register on 10-day programme) to take full advantage of the topics covered.
BENEFITS
Designed for finance professionals in the private and 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
SEMINAR OBJECTIVES
As a result of completing this Britannia Training’s 10-day training course, participants will improve their knowledge, understanding and analytical skills by learning:
- Background to IFRS and 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 and 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 and 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
TRAINING METHODOLOGY
The Best Practice Financial Management & Reporting for the Public Sector (IFRS & IPSAS) training course 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 and IFRS.
SEMINAR SUMMARY
This comprehensive Britannia Training’s accounting standards training course will enable each participant to appreciate and understand the basics and certain complexities associated with IFRS and IPSAS along with topic terminology, concepts and applications.
In gaining a perspective of the origins of IFRS &and 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 programme tailored for the private and public sector
- High quality and practical programme 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