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An Intensive 5-Day Training Course

Best Practice Financial Management and Reporting for the Public Sector (IFRS and IPSAS) – Fast Track

Ref Date Venue Fees CPE Credits Registration
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.

Best Practice Financial Management and Reporting 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.

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 5-day seminar covers both International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS)


WHO SHOULD ATTEND? 

Designed for finance professionals in the private & public sectors, this training 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.  

PROGRAMME OBJECTIVES 

As a result of completing this 5-day training course, 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
  • 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 and Reporting 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 & IFRS.


PROGRAMME SUMMARY 

This comprehensive accounting standards training course 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 programme tailored for the private & 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

PROGRAM OUTLINE
Day 1 - Evolution and Structural Framework of International Accounting Standards
  • International Financial Reporting Standards (‘IFRS’)
    • Introduction, History and Overview of Existing and Future Standards
    • Objectives and Structure of the International Accounting Standards Board (‘IASB’)
  • Framework, Demand and Adoption of IFRS
  • US GAAP vs IFRS
    • Rules-Based vs Principals-Based Accounting Standards (Lehman Bank Case Study)
  • The Conceptual Framework of IASB
    • The Objective of Financial Reporting
    • The Qualitative Characteristics of Financial Information
    • Accounting Policies and Underlying Assumptions
    • Basic Elements of Financial Statement
    • Measurement and Recognition of the Elements of Financial Statements
 
Day 2 - Preparation and Presentation of IFRS Financial Statements
  • Structure and Content of Both General and Specific Elements of  Financial Statements
    • IAS 1
    • Balance Sheet
    • Income Statement
    • Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)
    • Statement of Cash Flow
    • Consolidation Criteria and Requirements
  • Notes to Financial Statements and Related Disclosures
  • Revenue Recognition and Reporting Requirements
 
Day 3 - Impact of IFRS on Financial Statement Interpretations
  • Examining Substantive Differences between US GAAP and IFRS in Disparate Accounting Treatments
    • Inventory
    • Fixed Assets
    • Valuation
    • Revaluation
    • Depreciation
    • Deferred Taxes
    • Contingencies
  • Financial Analysis Tools and Techniques and the Implications of Different Accounting Standards
    • Trend Analysis
    • Ratio Analysis
    • Dupont Analysis
    • Investment Ratios
    • Cash Flow Ratios
  • Importance of Corporate Governance and Awareness of IFRS Best Practices
 
Day 4 - Introduction to IPSAS
  • Introduction
  • Public Sector Accounting
  • Why IPSAS
  • Benefits of Adopting IPSAS
  • Introduction to IPSAS Standards
  • IPSAS and Accounting Rules
  • Some IPSAS Key Concepts
  • Accrual vs Cash Accounting
  • Progress Towards Accrual Accounting
 
Day 5 - Implementation of IPSAS
  • IPSAS Implementation: Issues and Impact
  • Transition from Cash to Accrual Accounting by Governments
  • Reporting on the full cash basis (IPSAS statement: Financial Reporting under the  Cash Basis of Accounting)
  • Budgeting Under IPSAS
  • Auditing Under IPSAS
  • IPSAS 1
  • Revenues & Receivables
  • Inventories
  • PP&E
  • Leases
  • Provisions, Contingent Liabilities  and Contingent Assets

VAT Announcement: The Government of UAE have introduced Value Added Tax (VAT) on goods and services from 01-January-2018. In compliance with the legislation issued by the UAE Government, we will be applying a 5% VAT on the fees for all our programs and services offered from January 2018 as applicable and stipulated in the FTA circulars.

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