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IPSAS Milestone 2 Accrual Basis

This three-day course provides an overview of the core accruals-basis IPSASs. The covered accruals-basis IPSASs accounting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the standards is illustrated through the use of short case studies, questions and quizzes. This program answers questions such as:

What are the current and likely future requirements of the accruals-basis IPSAS? Which countries or entities apply the accruals-basis IPSAS? Where can guidance on the accruals-basis IPSAS are found? What are Government Business Enterprises and how are accounting requirements applied to such entities? What practical issues commonly arise when implementing the accruals-basis IPSAS? What is the difference between an adjusting and a non-adjusting event in the public sector? How to prepare a consolidated accruals-basis IPSAS compliant financial statement?

1.1.1.1 Prerequisites

Understanding of basic accounting principles based on any national standards in the public sector. Knowledge of the related course IPSAS Milestone 1 is highly recommended. No advance preparation is required for this course.

1.1.1.2 Topics

Resources and referencematerial Where to find information about IPSAS Research Papers Public Sector Studies

Reporting and Disclosure IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors Changes in accounting estimates Changes in accounting policies Correction of fundamentalerrors Extraordinary items Items requiring separate financial statement disclosure IPSAS 4 The Effect of Changes in Foreign Exchange Rates Foreigncurrency transactions Foreign operations IPSAS 6 Consolidated and Separate Financial Statements Concepts of public sector control Consolidationrequirements Determiningwhether control exists IPSAS 14 Events After the Reporting Date Adjusting events Non-adjusting events Assets and Liabilities IPSAS 17 Property, Plant and Equipment Initialrecognition Subsequentvaluation Depreciation Treatment of heritageassets IPSAS 21 Impairment of Non-Cash-Generating Assets Impairmentidentification Recognition and measurement Impairmentreversals Disclosurerequirements IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets Definitions Recognition and measurement Disclosures IPSAS 25 Employee Benefits Definitions Short-term Employee Benefits Postemployment Benefits Distinction between Defined Contribution Plans and Defined Benefit Plans Recognition and Measurement of Plan Assets

Termination Benefits Presentation and Disclosure IPSAS 26 Impairment of Cash-Generating Assets Definitions Identifying an Asset that may be Impaired Measuring Recoverable Amount Recognizing and Measuring an Impairment Loss of an Individual Asset Cash-Generating Units Reversing an Impairment Loss Redesignation of Assets Disclosure Income Statement Issues IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) Recognition and measurement of tax revenue Recognition of revenuefrom transfers Reflecting conditions and restrictions in the financial statements

1.1.1.3 Course Benefits


Understand the Accruals-Basis IPSASs requirements, including accounting policies and disclosures. Be able to assess the specific differences with IFRS/IAS and ley issues regarding the Accruals-basis IPSASs. Plan ahead for issues that arise when transitioning from the cash (or modified cash) basis to the accrual basis of accounting. Learn the sources of IPSAS guidance that are available.

1.1.1.4 Who should attend?

This course is especially interesting for:


Any professional in a Finance Position in the Public Sector. Auditors and Accountants serving the Public Sector. Consultants serving the Public Sector. Chief Accountants. Public Sector Finance Directors. Heads of Finance in the Public Sector Finance Managers in the Public Sector. Financial Controllers in the Public Sector.

1.1.1.5 Number of days and CPE Credits

This three days course is eligible for 24 CPE Credits.


Course IPSAS Milestone 2 IPSAS Milestone 2 IPSAS Milestone 2 IPSAS Milestone 2 IPSAS Milestone 2 IPSAS Milestone 2 Days 3 3 3 3 3 3 City Kuala Lumpur Port of Spain Beirut London Nairobi Karachi Country Malaysia Trinidad Lebanon United Kingdom Kenya Pakistan Start 24-7-2011 11-7-2011 22-8-2011 8-8-2011 8-9-2011 17-9-2011 Finish 26-7-2011 13-7-2011 24-8-2011 10-8-2011 10-9-2011 19-9-2011 Fee $2.250 $2.250 $2.250 $2.250 $2.250 $2.250