This EuroMaTech Ten day Financial Management and Reporting for the Public Sector (IFRS and IPSAS) 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 EuroMaTech 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 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.