International Public Sector Accounting Standards (IPSAS)

This course will cover the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS).

The course aims at providing a clear understanding on the global accounting standards.

Who should attend?

  • Auditors
  • Chief financial officers
  • Financial statement bookkeepers

  • Accountants & Chartered accountants

  • Financial managers, financial accountants & Contract accountants

  • Leasing administrators
  • Industrial asset managers & asset managers
  • Acquisition and merging companies
  • Fund managers

  • Financial services providers
  • Companies or organizations with IFRS background knowledge or IFRS compliant
  • Preparers and users of financial statements


Training Modules

New Standards, Interpretations and Amendments:

IFRS 8/IPSAS 18 Operating Segments:

  • Identification of operating and reportable segments
  • Specific disclosure requirements
  • Entity wide disclosures

IFRS 9/IPSAS 1 Financial Instruments:

  • Summary of IASB plans to replace
  • IAS 39 Financial Instruments: Recognition and measurement

  • New financial asset categories
  • Recognition and measurement of financial assets
  • Transitional provisions

IAS 1/IPSAS 1 Presentation of Financial Statements:

  • New definitions

  • Statement of comprehensive income
  • Comparative information
New disclosures

IAS 23/IPSAS 5 Borrowing Costs:

  • Identification of qualifying assets

  • Borrowing costs
  • Capitalization criteria
  • Suspension and cessation of capitalization

IFRS 3/IPSAS 6 Business Combinations:

  • Acquisition method

  • Recognition of acquire assets and liabilities
  • Determination of goodwill – new calculation
  • Determination of non-controlling interest
  • Business combinations achieved in stages

IAS 27 Separate Financial Statements:

  • Changes in degree of control
  • Loss of control

  • New disclosures

IAS 28/IPSAS 7 Interest in Associate

IAS 31/IPSAS 8 Investment in Joint ventures

IFRS 10 Consolidated Financial Statements:

  • Consolidating subsidiaries- New concept

IAS 7/IPSAS 2 Cash flow statements

IAS 36 Impairments of assets

IPSAS 21 impairment of non-cash generating units

IPSAS 26 impairment of cash generating Assets

IAS 37/IPSAS 19 Provisions, Contingents Liabilities & Contingent assets-measurement and recognition

IAS 33 Earnings per share

IAS 34/IPSAS 28 Interim Financial statements

IAS 24/IPSAS 20 Related Party Disclosures:

  • Clarification of definition
  • Exemption for government related entities
  • Consequential amendments:
  • Changes to other Standards as a result of the new Standards and amendments.

IAS 38 Intangible assets

  • Recognition & measurements
  • Amortization rules

IAS 8/IPSAS 3 Accounting Policies,

  • Changes in Accounting Estimates and Errors
  • Accounting policy determination
  • Accounting estimates

IAS10 Events after the reporting period

IAS 11/IPSAS 11 Construction Contracts

IAS 16/IPSAS 17 Property, plant and equipment:

  • Residual value

  • Recognition of subsequent expenditures

  • Componentization

  • Depreciation considerations
  • Removal, restoration and rehabilitation provisions

IAS 17/IPSAS 13/IFRS 16 Leases

  • Finance versus operating leases

  • Lease classification criteria

  • Operating leases and investment property

  • Accounting for leases


  • Defined benefits schemes & Defined contribution schemes

IFRS 2 Share Based Payment:

  • Equity settled share-based payment
 Cash settled share-based payment
 Vesting and non-vesting conditions
 Group share based payment transactions

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations:

  • Criteria to be held for sale
  • Measurement rules

  • Impairment and reversal of impairment

IFRS 7/IPSAS 15 Financial Instruments: Disclosure

  • Background to Standard

  • Disclosures of significance of financial instruments

  • Disclosure of risk exposure and management of risks

IAS 39 financial instruments: Recognition and measurement

Borrowing costs and the IFRS Annual improvements project
In this session we will consider some of the practical application issues Surrounding the new requirement to capitalize borrowing costs and we will also discuss the key change brought about by the annual improvements issued in 2008 and 2009 some of which are effective from 1 January 2009.

IAS 23 (R). Borrowing costs.

IAS 40 Investment Properties

IFRS 8 Operating segments

  • Definition & Accounting for operating segments

IAS 18 /IFRS 15 Revenue recognition

  • The new guidance in revenue recognition.

IFRS 13 Fair value measurement

IFRS 9-Replaces IAS 39 /IAS 39

  • Financial instruments- measurement & recognition Classification and measurement; and Fair value measurement.

Strategies & Quality of Risk Management

Audit-The New Best Practice

  • Rising expectations – internal audit moving on to the strategic level

  • Overview of the methodology – the Strategy level audit approach

  • Linking strategy and your audit plan

  • Independence and skills issues in strategy-based audits – case studies

  • Audit reports of strategy-based audits – a new way of reporting

How can Internal Auditors Evaluate the Quality of Risk Management Decision- Making?

Auditing typically has an historical dimension, and focuses on measuring results. Auditing risk – management decision-making moves the audit time dimension to the future: the outcome, as is risk management itself, is uncertain. So, how can one audit uncertainty? Doing so calls for a new approach, new tools, and old tools applied in new ways.


Way forward After the Training

 Participants will develop a work plan through the help of facilitators that stipulates application of skills acquired in improving their organizations. ASPM will monitor implementation progress after the training.


Training Evaluation:

Participants will undertake a simple assessment before the training to gauge knowledge and skills and another assessment will be done after the training in-order to demonstrate knowledge gained through the training.

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