International Financial Reporting Standards (IFRS)

Who should attend?

Managers and executives from the public sector, particularly those using or planning to use IPSAS and want to know acquire the tools needed to understand and apply the standards:

• Those who are new appointed into a senior financial role and want to find their way around the key standards

• Those who work in the public sector who are looking for best practice application of IPSAS

• Those who work in parts of the public sector who are or will be using IPSAS

• Accountants and finance staff at all levels involved in the preparation of financial statements for the public sector

• Financial analysts, auditors, accountants

• Audit team members who need to update their knowledge

Outcomes

• Describe the role, benefits and purpose of IPSAS

• Engage with all key stakeholders

• Ensure compliance with financial reporting obligations

• Identify the key steps in implementing the standards and develop a plan for migration

• Leverage the benefits to the organisation of IPSAS

Private and Public Standards - how they have Evolved

• The background and evolution of financial standards around the world

• International Financial Standards for Private and Public Sectors compared

• Underlying financial and accounting principle

• Benefits to the organisations and investors

• Application of standards world-wide

IPSAS and IFRS Convergence

• IPSAS and IFRS – Board structures of Governing Bodies and Due Process

• IPSAS and IFRS – similarities and differences summarised

• Budgeting in the Private and Public Sectors compared

• Disclosure and transparency aspects

• Accounting issues covered by IFRS with no equivalent IPSAS?

IPSAS and IFRS Effective Implementation and Benefits

• Planning for transition and implementation – identification of key issues

• Choosing your approach – “Big Bang” or phased

• Scoping the project

• Project team structure and roles

• Milestone planning

• Managing issues and communication

• Critical success factors

Preparation of IFRS / IAS Compliant Financial Statements

• Disclosure requirements and issues

• Statement of Profit or Loss – example and comments

• Statement of Financial Positions– example and comments

• Statement of Cash flows– example and comments

• Notes to the accounts

• Comparison with US GAAP

Working towards First Time Adoption of IFRS (IFRS 1)

• Critical Success Factors (CSF) in implementing IFRS

• Overview of the most important features of IFRS 1

• Engaging key stakeholders

• The opening IFRS statement of financial position

• Effective project management