3-day ipsas workshop - pwc · pdf 3-day ipsas workshop organised by shasat, in...
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www.shasat.uk www.pwc.be
3-day IPSAS workshop
Organised by SHASAT, in collaboration with PwC 2014-2015
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Introduction
The increasing importance of IPSAS
The International Public Sector Accounting Standards (IPSAS) are being developed by the International
Public Sector Accounting Standards Board (IPSASB), which focuses on the accounting and financial-reporting needs of governments and public sector entities.
These public sector accounting standards set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events in the general-purpose financial statements of all public sector entities. IPSAS are inspired by International Financial Reporting Standards (IFRS) issued by the IASB but also deal with accounting issues that are specific to the public sector. This ensures that organisations in the public sector that adopt IPSAS have financial reports that are consistent and comparable with the private-sector entities and at the same time also benefiting from guidance and interpretation for specific public-sector issues such as revenue from non-exchange transactions, presentation of budget information in the financial statements, etc.
Lessons learned from the sovereign debt crisis and the increasing pressure on governments and public sector
organisations to better manage public resources, have made a global case for action, highlighting the need for
more transparent, consistent and globally comparable financial reporting in the public sector. IPSAS are
being adopted by a large number of public sector entities all over the world. International
organisations have been at the forefront of the move towards IPSAS, but the trend is also clear for
governments, with an increasing number of them adopting accrual accounting practices with IPSAS serving as
a reference point. In Europe, the European Commission is conducting a project to develop European Public
Sector Accounting Standards (EPSAS) with IPSAS also used as a reference point.
Understanding IPSAS and being able to apply them is therefore key for all public sector
accounting and finance professionals.
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Matching your needs
Why I should attend
IPSAS compliance demands full adherence with all the applicable standards. In order to be in compliance, an
organisation must faithfully represent transactions, events, and conditions in accordance with the
requirements set out in IPSAS. Auditors must determine that the accounting and reporting practices of the
public sector entity have been carried out in accordance with the requirements stated in the pertinent
standards within IPSAS. As a professional, you must have the required knowledge and skills to implement
IPSAS, and to be able to understand how this transition affects your entity’s reporting, and what it means
moving forward.
Key learning objectives
At the end of the course, you will be able to:
Understand the accrual accounting concepts, as well as key IPSAS recognition, measurement, presentation and disclosure requirements,
Understand real-life IPSAS financial statements,
Understand the strategic implications of IPSAS adoption,
Assess the impact of the application of IPSAS on your organisation,
Understand the practical implications and challenges of an IPSAS conversion project,
Implement and apply IPSAS in practice, drawing from best implementation practices learned during the course.
Grasp new career opportunities in relation to IPSAS.
Who should attend
This course is designed for:
Public sector senior executives: Chief Financial Officers, Finance Directors, Accountant General, Auditors General, etc.
Practitioners involved in public sector accounting: accountants, auditors, finance and non-finance staff, budget officers, controllers, treasurers, etc.
IPSAS project managers and experts, etc.
Academics, accountancy students, etc. and any person who wants to develop a good understanding and working knowledge of the IPSAS standards and its challenges.
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Key features of the workshop
Hands-on approach to learning, with real-life case studies, illustrative examples taken from the instructors’ practical experience in implementing and applying IPSAS, and group exercises.
Highly experienced IPSAS instructors, which bring a wealth of practical experience to the course.
An optimal balance between theory and practice.
Interactive training: participants are encouraged to participate through group discussions, question sessions and group exercises.
Top quality training material, hand-outs, examples and real life case studies.
All participants shall be given certificates signed by Shasat and PwC.
All participants will receive free of charge PwC’s IPSAS book “IPSAS in a nutshell - from principles to practice”, 226 pages, which explains in a clear and user-friendly way the key accounting and operational implications of IPSAS adoption.
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About the course
Instructors
All instructors are members of the PwC IPSAS global centre of excellence.
PwC has selected for you a team of highly specialised and experienced IPSAS instructors, who are able to make the best use of their cumulative IPSAS practical experience and expertise in delivering training sessions tailored to the diversity of your dynamic environment and the distinctiveness of the participants.
All team members have degree-level qualifications or higher (i.e. professional audit and accounting certification) and are specialists in finance and accounting and IPSAS. Our experts bring together a wealth of experience in IPSAS technical advice and practical IPSAS implementation experience to public sector clients (both governments and international organisations) across the globe.
Our instructors also have extensive experience in delivering IPSAS training and workshops to adult learners of all levels. Indeed, IPSAS training engagements are a core activity for the specialised public sector finance and accounting team within PwC. In addition, several members of our training team have academic credentials as current or former lecturers at reputable international universities.
Your feedback
All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows us to conduct trend analysis and continuously approve the quality of its learning solutions.
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IPSAS workshop
Day 1 - Introduction to IPSAS, presentation of IPSAS financial statements and accounting for non-financial assets
Introduction to IPSAS and public sector accounting developments, IPSASB conceptual framework
Overview of the IPSAS standards
Structure of the IPSAS standards and standard setting process
Current stage of IPSAS implementation across the globe (link with PwC global survey on government accounting and reporting)
Overview of the conceptual framework and key accounting principles
Accounting policies, changes in accounting estimates and errors
Presentation of IPSAS financial statements and specific disclosure requirements
The statement of financial position
The statement of financial performance
The statement of changes in net assets/equity
The statement of cash flows
Events after reporting date
Segment reporting
Related party disclosures
Presentation of budget information
Case study: analysis of IPSAS financial statements of a government or international organisation
Property, plant and equipment
Discussion of main items of PP&E
Analysis of PP&E life cycle
Recognition of PP&E - elements to be included in the acquisition cost, use of materiality thresholds, borrowing costs, self-constructed assets
Initial measurement and measurement subsequent to recognition - cost model versus revaluation model
Depreciation, applying the components approach
Impairment of cash-generating assets and non-cash-generating assets: how to distinguish them, how to apply the principles
De-recognition of items of PP&E
Illustrative examples: identification and measurement of PP&E
Key disclosure requirements
Investment property
Scope and definition, identification of investment property
Recognition and measurement
Practical examples
Key disclosures requirements
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Intangible assets
Key items of intangible assets in the public sector (concessions, development costs, etc.)
Recognition and measurement of intangible assets
Practical examples
Key disclosure requirements Leases
Classification of operating and finance leases
Accounting for operating leases:
Lessee accounting
Lessor accounting
Accounting for finance leases:
Lessee accounting
Lessor accounting
Practical examples:
Lease classification
Finance lease accounting and effective interest rate
Key disclosure requirements Practical implementation challenges
Discussion on practical implementation challenges (focusing on key issues for governments and other public sector entities: infrastructure and military assets, heritage assets, land and buildings, project assets, opening balance sheet preparation and availability of historical data, internally developed software, classification of lease contracts)
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Day 2 - Accounting for non-financial assets (continued),
Revenue and accounting for non-financial liabilities Inventories
Key items of inventory
Recognition and measurement: inventory valuation methods, net realisable value concept
Practical examples: inventory year-end valuation
Key disclosure requirements
Discussion on practical implementation challenges Revenue from exchange and non-exchange transactions (IPSAS 9 & 23) Revenue for non-exchange transactions
Definition non-exchange transaction transactions
Key sources of non-exchange revenue: taxes and transfers
Measurement of non-exchange revenue and performance obligations
Practical examples: accounting for tax revenue and transfers
Key disclosure requirements
Discussion on implementation challenges (evaluation of revenue taxes, grants, goods-in-kind, concessionary loans, impairment on receivables, etc.)
Revenue for exchange transactions
Definition exchange transaction transactions
Key sources of exchange revenue
Measurement of exchange revenue
Practical examples: revenue from the rendering of services
Key disclosure requirements
Provisions, contingent liabilities and contingent assets
Definition of a provision
Main categories of provisions
Recognition - concept of present legal or constructive (non-legal) and measurement of provision
Case study
Key disclosure requirements
Discussion on practical implementation challenges (environmental provisions, etc.)
Expenses from exchange and non-exchange transactions
Discussion main categories of expenses in the public sector:
Non exchange transactions : grant programmes, social benefits
Exchange transactions: receipt of goods and services, etc.
Exchange transactions: practical application of the delivery principle and year-end cut-off
Non-exchange transactions: recognition of multi-annual expenditure programmes, grant programmes, social benefits
Worked examples
Key disclosure requirements
Discussion on practical implementation challenges
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Employee benefits
Scope and classification of employee benefits
Recognition and measurement of short-term, long-term, post-employment and termination employee benefits
Defined contribution versus defined benefit pension plans
Worked example: accounting for public sector pensions
Key disclosure requirements
Discussion on practical implementation challenges (discount rate, actuarial assumptions, etc.)
Q&A Session
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Day 3 - Forex transactions, accounting for financial instruments, consolidation, first-time adoption of accrual-basis IPSAS and implementing IPSAS in practice
Foreign currency transactions
Definition of presentation and functional currency
Monetary and non-monetary assets
Measurement of foreign currency transactions
Worked example
Disclosure requirements
Discussion on practical implementation challenges
Financial instruments
Overview of financial instruments in the public sector
Classification of financial assets
Classification of financial liabilities
Recognition and measurement of financial assets
Recognition and measurement of financial liabilities
Worked examples:
Classification and measurement of financial assets and liabilities
Calculation of amortised cost
De-recognition of financial assets and financial liabilities
Disclosure requirements
Worked examples : disclosures on financial instruments
Consolidated financial statements
Definition of control and scope of consolidation - current and revised IPSAS standards
Joint control (joint ventures versus joint operations) and significant influence
Worked example: definition of scope of consolidation
Consolidation methods and processes: full consolidation (harmonisation of accounting policies, elimination of intragroup transactions and balances, best consolidation practices, etc.), equity method
Key disclosure requirements
Discussion on practical implementation challenges (application of the concept of control, government agencies, trust funds, government business enterprises (GBEs), etc.), concept of WoG -accounts
First-time application of accrual-basis IPSAS
Scope and definition (date of adoption, etc.)
General retrospective application rule and exemptions to this general rule (exemptions that affect fair presentation and compliance, and exemptions that do not affect fair presentation and compliance)
Comparative information
Period of transition - how to manage it, transitional IPSAS financial statements
Disclosure requirements
Worked example
Preparation of the opening balance sheet and first IPSAS financial statements: discussion on practical implementation challenges (availability and reliability of data, etc.)
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Implementing IPSAS in practice - the transition step by step
IPSAS conversion methodology
Gap analysis and roadmap - understanding the main challenges and developing the detailed
project plan
Conversion - implementing the change at all levels and preparing the first IPSAS compliant
financial statements
Embedding - ensuring changes last, adapting systems, processes, information flows to IPSAS
and making sure the IPSAS knowledge is spread across the organisation
Project planning and resources
Impact on IT systems and budgets
Discussion of implementation challenges
Recent IPSAS developments
IPSASB’s strategic direction and latest IPSAS approved by the IPSASB
Public Sector Financial Instruments project, including accounting guidance for public sector specific financial instruments
Social benefits project, including types of social benefits of governments which should be reflected in the financial statements
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Practical information
Venue
All the training courses are organised at one of the professional training facilities or training facilities at one of the 4 to 5 star hotels in the city. You will receive the joining instructions with venue details at least 2 weeks before the commencement of the training program. Tea/coffee, snacks and lunch will be provided during the duration of this course. You are responsible to organise your accommodation.
Changes to the conference
Shasat may (at its sole discretion) change the format, speakers, participants, content, venue location and program or any other aspect of the Conference at any time and for any reason, whether or not due to a Force Majeure Event, in each case without liability.
CPD hours
Each participant will be issued a training certificate, signed by Shasat and PwC, which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course
Payment methods and group discount
Fee for the 3-day IPSAS workshop: 2,900 GBP
In order to book this course you can either make the payment online through our website or you can opt to make the payment via bank transfer/demand draft/cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact with your selected course and will be happy to guide you through the payment process. Registration will be confirmed upon receipt of payment only.
Group discount
A 15% group discount will be offered if you book a course for 5 or more people. Please contact the customer services team at [email protected] to discuss further on how to obtain a group discount code.
Terms and conditions
Please read all the terms and conditions (http://www.shasat.co.uk/terms-conditions/) on our website including cancellation policy on our website.
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information. “PwC” is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate and independent legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. © 2014 PwC. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate and independent legal entity.
Register today!
By phone : +44 20 3070 3932
By fax : +44 20 3006 8932
Online : http://www.shasat.co.uk/product-category/courses/ipsas-master-class-3-days-with-pwc/
By email : [email protected]