International Public Sector Accounting Standards (IPSAS)

Private and Public Standards – how they have Evolved

• The background and evolution of financial standards around the world
• International Financial Standards for Private and Public Sectors compared
• Underlying financial and accounting principle
• Benefits to the organisations and investors
• Application of standards world-wide

IPSAS and IFRS Convergence

• IPSAS and IFRS – Board structures of Governing Bodies and Due Process
• IPSAS and IFRS – similarities and differences summarised
• Budgeting in the Private and Public Sectors compared
• Disclosure and transparency aspects
• Accounting issues covered by IFRS with no equivalent IPSAS?

IPSAS and IFRS Effective Implementation and Benefits

• Planning for transition and implementation – identification of key issues
• Choosing your approach – Big Bang or phased
• Scoping the project
• Project team structure and roles
• Milestone planning
• Managing issues and communication
• Critical success factors

Key principles of International Standards for the Public Sector

• Different users of public sector financial information
• Underlying financial and accounting principle
• Which public sector entities it should be applied to?
• Benefits to the organisations and stakeholders
• Cash-based or Accrual based – which is the route to take?

Preparation of IPSAS Compliant Financial Statements

• IPSAS 1 – disclosure and policies
• Statement of financial position – key features issues and content
• Statement of financial performance – key features issues and content
• Statements of changes in net assets/equity – key features issues and content
• Comparison with budgets