IPSAS (International Public Sector Accounting Standards) are issued by an independent body called as International Public Sector Accounting Standards Board (IPSASB). IPSAS are accounting standards which should be applied for a public sector entity when they prepare and present the financial statements. In Tanzania NBAA requires non-profit making organizations to adopt IPSAS as well such as NGOs, societies and clubs. Despite the requirement to comply with IPSAS yet, most accountants are not conversant with application. To bridge the gap, this course intents to impart practical knowledge to practitioners, professionals and all individuals with direct or indirect involvement in finance of public sector and non-profit making organizations.   

Course Objective
To provide participants with an up to date, practical and detailed knowledge of application of IPSAS relevant to public sector and non-profit making entities and how they are interpreted and applied. Participants will also learn how to apply them, as well as the concepts and principles which underpin them.

Learning Outcome

By the end of this training, you should be able to:

• Understand the context of accrual basis in public sector
• Understand and apply key principles of conceptual framework for Financial Reporting
• Apply IPSAS in recognition, measurement and presentation of financial statements
• Learn and apply the requirement of IPSAS for public sector entities in financial reports and notes subsequent to the financial statements

Course Methodology

Lectures, Discussion and Practical Preparation of Financial Statements.

Course Contents

Module 1 – Introduction to IPSASB 

• An overview of the work of the Board (IPSASB) including: 

• The organization, 
• The characteristics of public sector entities, 
• The relationship between IPSAS
• The purpose of financial statements and any ongoing projects 

Module 2 – Introduction, Principles and Development 

• Background into financial accounting 
• Importance of standards 
• Economic drivers 
• Key principles of Global Accounting Standards 

• The development of Global Accounting Standards 
• Underlying financial principles 
• Disclosure and transparency aspects 

Module 3 – Other General Standards 

• International Accounting Standards (IAS) 
• International Financial Reporting Standards (IFRS) 
• Generally Accepted Accounting Principles (GAAP) 
• The current global adoption of Global Accounting Standards 

Module 4 – Key Organizational Benefits 

• Domestic best practice 
• Global best practice 

Module 5 – Effective Implementation Strategy 

• The strategic planning process roadmap 
• Mapping regional standards to Global Accounting Standards 
• Resource planning 

Module 6 – Migration to IPSAS 

• Scoping dual reporting 
• Financial function migration 
• Phasing and specific functional challenges 
• Strategy sense checks 

Module 7 – The IPSAS Standards 

• Review of current IPSAS Standards 
• The correct application of individual IPSAS Standards 
• Overcoming key challenges 
• Obtaining guidance and support from International Federation of Accountants 

Module 8 – IPSAS Compliant Financial Statements 

• Key IPSAS requirements within financial statements (IPSAS 1) 
• Producing the statement of financial position 
• Producing the statement of financial performance 

• Producing the cash flow statement (IPSAS 2) 
• Accounting policies, changes in accounting estimates, and errors (IPSAS 3) 
• Reporting changes in net asset position 
• Producing compliant notes to the accounts 

Module 9 – Financial performance 

• Provides an understanding of: 

• Non-exchange revenue (IPSAS 23) 
• Exchange revenue (IPSAS 9) 
• Construction contracts (IPSAS 11) 

Module 10 – Accounting for Assets and Liabilities 

• Property plant and equipment (IPSAS 17) 
• Intangible assets (IPSAS 31) 

• Investment property (IPSAS 16) 
• Impairment of cash generating assets (IPSAS 26) 
• Impairment of non-cash generating assets (IPSAS 21) 
• Borrowing costs (IPSAS 5) 
• Inventories (IPSAS 12) 

• Leases (IPSAS 13) 
• Financial instruments (IPSAS 28, 29, 30) 
• Provisions 
• Contingent liabilities and contingent assets (IPSAS 19) 
• Events after the reporting date (IPSAS 14) 

• Employee benefits (IPSAS 25) 
• Agriculture (IPSAS 27) 

Module 11 – Consolidation 

• Consolidated and separate financial statements (IPSAS 6) 
• Interests in joint ventures (IPSAS  8) 
• Investments in associates (IPSAS  7) 
• Translation of financial statements of foreign operations (IPSAS  4) 
• Financial reporting in hyperinflationary economies (IPSAS  10) 

• Disclosure standards and other topics, presentation of budget information (IPSAS  24) 
• Segment reporting (IPSAS  18) 
• Related party disclosures (IPSAS 20) 
• Disclosure of financial information about the general government sector (IPSAS 22) 
• Service concessions (IPSAS 32) 

Module 12 – Cash-Basis IPSAS

• Delivers training about Part 1 of the cash basis IPSAS 2, covering required information in: 

• The statement of cash receipts and payments 
• Disclosures 

• Consolidation under the cash basis 
• Presentation of budget information in the financial statements 
• The additional (non-mandatory) disclosures encouraged in Part 2 of the cash basis IPSAS 

Module 13 – First-Time Adoption of Accrual-Based IPSAS

• Migrating from cash to accrual basis 
• First time adoption of IPSAS (IPSAS  33) 

Change management and the adoption of IPSAS