International Accounting Standards: IPSAS, IFRS and implementation

In Procurement and Public Finance by publicadmin

Duration: 2 weeks
Dates: 1 to 12 July 2024
Tuition fees: £4,170 (exc. VAT)

About the workshop
International Public Sector Accounting Standards (IPSAS), geared to the public sector, and International Financial Reporting Standards (IFRS), for the private sector, are both concerned with the application of a common accrual-based approach to financial reporting to improve governance, transparency and accountability.

The Standards set out how and when transactions should be recognised, measured, reported and derecognised, irrespective of when the cash transactions occur. The aim is to provide more accurate information on financial performance and the financial position. This entails consistently applying accounting principles in revenue recognition, asset accounting, employee benefits, financial instruments, inventories, consolidation and foreign transactions.

The major challenge is to achieve the improvements in corporate governance, performance and accountability that are the real prize and without which there is little value to the Standards. In both public and private sectors, the pandemic has created increased need to understand and manage finances more effectively to meet the ongoing challenges created. This has reinforced the importance of accounting standards and their effective application in creating high standards of financial reporting. This workshop is aimed at assisting you with all three elements and equipping you to play a leading role in improving accounting in your organisation.

What the workshop will cover
This two-week workshop examines:
• The accounting treatments mandated by the Standards
• Practical approaches to the application of the Standards
• Implications for the management of assets, including cash, and how best to treat pensions and employee remuneration
• Practical advice to help you plan and implement the introduction of Accounting Standards in your organisation
• Implications for capital financing options, including the treatment of concessionary loans, hedging and guarantees
• Case studies to highlight the potential consequences of application.

How participants will benefit
The workshop will enable you to:
• Understand the implications of the Standards in terms of financial information, decision-making and resource allocation
• Undertake financial and resource management roles more effectively
• Understand the contribution of good corporate governance
• Improve budgetary control, monitoring and reporting
• Secure external investment and external grant aid and support.