IPSAS Problem Solving Techniques

Course overview

What is the IPSAS? International Public Sector Accounting Standards is referred to by this abbreviation. They are published by the International Public Sector Accounting Standards Board, a non-governmental organization. When preparing and presenting financial accounts, a public sector institution should adhere to IPSAS, which are accounting standards.

Why do you need to take this course for certification in international public sector accounting standards? Governments typically use the cash foundation of accounting to create their reports. They went with this approach since it is surprisingly easy to use and create reports.

However, there are several drawbacks to this approach, not the least of which is that it does not detail the quantity of assets and liabilities a government has as well as their respective values. Accrual accounting is a different accounting approach. Because it is simple to monitor performance and reveals an organization’s genuine worth, accrual accounting is reliable.

Many nations now have plans to transition to accrual accounting, especially IPSAS. The need for finance experts with IPSAS credentials is rising internationally as more nations choose to use them.

Introduction

IPSAS (International Public Sector Accounting Standards) are a set of accounting standards developed to standardize reporting requirements for governmental entities around the world. International Public Sector Accounting Standards apply to all public sector organizations involved in activities that produce financial information, like government agencies, public corporations, and international organizations. IPSAS provides a set of criteria that governments must follow when preparing and presenting their annual financial statements, such as classification, measurement, and disclosure. By harmonizing public sector financial reporting, IPSAS helps stakeholders (like citizens and creditors) understand and evaluate the financial performance of their public sector organizations. Examples of IPSAS include information on revenue, expenses, assets, liabilities, and other comprehensive income.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing IPSAS Problem Solving Techniques, participants will be able to:

• Describe the setting in which public sector organizations use accrual accounting.
• Study the Conceptual Framework for Financial Reporting’s guiding concepts.
• Learn the regulations that apply to important financial statement components.
• Find out what information public sector organizations must disclose in financial reports and notes.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.
• Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Training Medium

This IPSAS Problem Solving Techniques training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What is the purpose of IPSAS?
• What are the different levels of IPSASs?
• What is the current version of IPSAS?
• How do IPSASs differ from other accounting standards?
• How are IPSASs developed and updated?
• What are the benefits of using IPSASs?

Course Modules

This IPSAS Problem Solving Techniques covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of Public Sector Organizations

• Public Sector Entities’ Nature
• Budgeting and Public Financial Management: Differences between the Public and Private Sectors

Module 2 – Principles of Accounting

• Basis of accounting on cash
• Modified Cash Basis for Accounting Accrual Basis

Module 3 – Keeping Track of Assets

• Plant, property, and equipment
• Supply Intangible Assets
• Investment Real Estate

Module 4 – Recognizing and Accounting for Revenue

• From Exchange Transactions, Income
• Gross Profit from Non-Exchange Transactions

Module 5 – Keeping Track of Liabilities

• Lease liabilities, Contingent Liabilities, and Provisions
• Employee advantages

Module 6 – monetary instruments

• Financial Liabilities, Financial Assets, and Equity
• Understanding Financial Instruments
• Measurement of Fair Value
• Assets in Financial Distress

Module 7 – Financial Statements are presented

• Financial Statements are presented
• Interim Financial Reporting Statement of Cash Flows
• Decisions Regarding Accounting Policies and Estimates

Module 8 – Financial Reporting Using the Cash Basis

• Requirements for Cash Basis IPSAS Presentation and Disclosure
• Normative Requirements
• First time switching from Local Cash Basis Standards to Accrual Basis IPSAS

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What are the key differences between IPSAS standards and other international accounting standards such as IFRS?
• What are some of the benefits of adopting IPSAS standards?
• How does IPSAS guidance help with financial reporting for governments/public sector entities?
• What are the key stages involved in the transition from other standards to IPSAS?
• What methodology should public sector entities follow when preparing financial statements under IPSAS?
• What are some of the reporting challenges that accompany the adoption of IPSAS?

Lessons Learned

The lesson learned from IPSAS is that it is important for public sector entities to implement and maintain financial systems and procedures that adhere to specific standards. This ensures that financial information is reliable and consistent for all stakeholders. IPSAS provides a common set of standards that enable governments and other public sector entities to effectively manage their resources and remain transparent in their financial reporting practices.

“IPSAS can help governments manage their public finances more effectively and responsibly.”