IPSAS aim to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments and public organisation, thereby increasing transparency and accountability. 

The International Public Sector Accounting Standards Board (IPSASB) issues accounting standards and recommended practice guides relating to the financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. International Public Sector Accounting Standards (IPSASs) issued by the IPSASB are a comprehensive set of authoritative international financial reporting standards for governments and other public sector entities.

This 8 day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs. The program has been fully updated to follow the most recent IPSAS Handbook and incorporates standards issued in 2016 and 2017.

Accounting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the various standards is illustrated through the use of short case studies.

In addition to a review of current accrual basis IPSASs, our specialist instructors provide guidance on transitioning to the accrual basis. Course delegates also receive up-to-date information on the IPSASB’s Work Plan, including current Exposure Drafts and Consultation Papers.

This program answers questions such as:

  • What are the current requirements for presentation of accrual basis IPSAS financial statements and related disclosures?
  • Where can guidance on IPSASs be found?
  • How have the IPSASs recently changed?
  • What are the likely future requirements of IPSASs?
  • What practical issues commonly arise when implementing IPSASs?
  • What are the recommendations for transitioning from the cash to the accrual basis of accounting?

Many IPSASs are based on the International Financial Reporting Standards International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure. Other IPSASs have been developed to meet issues specific to the public sector, such as non-exchange transactions.

A number of countries have transformed their accounting systems to accrual accounting based on IPSASs. Several other countries have adopted the cash basis as a first step to future full accrual basis accounting. The European Commission (EC), the International Federation of Accountants (IFAC), and the Organization for Economic Co-Operation and Development (OECD) apply IPSASs. The United Nations (including all their agencies) are currently in the process of completing the transition to IPSASs.

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