1.     INTRODUCTION

This Africa Institute for Capacity Development Ten Day Financial Management and reporting training course will cover the following. The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and International Financial Reporting Standards (IFRS), as established by the International Accounting Standards Board (IASB), is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use.

IPSAS is becoming and will become the World standard for Public Sector entities. IFRS having replaced IAS is now becoming the world standard, but in many ways was not specific enough to the needs of the Public Sector. The United Nations and World Bank coming to this realisation have favoured IPSAS which is a modified form of IFRS tailored to the Public Sector.

This Africa Institute for Capacity Development training course will help our clients not only in meeting the challenges of introducing IFRS and IPSAS, but also to secure the benefits of improved financial management to help secure organisational objectives and goals of each public service organisation. It will also compare IFRS against IPSAS so that the participants can see the main differences.

2.     THE KEY TOPICS COVERED ARE:

• Context of IFRS and IPSAS
• The basic concepts of accounting and financial reporting disclosures and varying reconciling and non-reconciling differences between GAAP and IFRS & IPSAS
• Financial statement presentation of IFRS and IPSAS
• Funding, revenue and expenditure of IFRS andIPSAS
• Asset and liability reporting of IFRS and IPSAS
• Entity consolidation and combination IFRS and IPSAS
• The scope, structure, contents and components of IFRS and IPSAS compliant financial statements, including underlying assumptions and related footnotes disclosures
• Measurement and recognition of the various elements of international accounting principles and standards, including transition concerns
• Disclosure and other matters

This 10-day Best Practice Financial Management & Reporting for the Public Sector (IFRS & IPSAS) training course consists of the following two individually bookable modules of 5 days each:

• Week 1 (Days 01 – 05): International Financial Reporting Standards (IFRS)
• Week 2 (Days 06 – 10): International Public Sector Accounting Standards (IPSAS)

We highly recommend the delegates to attend both 5-day modules on consecutive weeks (ie: register on 10-day programme) to take full advantage of the topics covered.

3.     WHO SHOULD ATTEND?

Designed for finance professionals in the private and public sector the course will benefit anyone who requires an understanding of international financial reporting standards within the public sector. It is also suitable for:

• Accountants and finance staff at all levels involved in the preparation of financial statements
• IFRS and IPSAS implementation and maintenance teams
• Internal auditors and consultants dealing with financial reporting
• Financial executives
• Financial analysts
• Bankers
• Investment bankers
• Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS
• Finance managers, accountants and auditors engaged in public sector entities that implement IPSAS cash basis and IPSAS accrual basis of reporting as well as those who are in the process of migrating from IPSAS cash basis to IPSAS accrual basis of reporting.

4.     PROGRAMME OBJECTIVES

As a result of completing this Africa Institute for Capacity Development 10-day training course, participants will improve their knowledge, understanding and analytical skills by learning:

• Background to IFRS and IPSAS
• The Technical Bases
• Links and implications to and for broader strategies: Financial Management, Taxation, Asset Management, Governance and accountability
• The Standards
• Financial reporting
• How to satisfy donor and stakeholder requirements
• Implications for Internal and External Audit
• Impact on financial processes and systems
• Implementation
• How to formulate a documented action plan
• How to manage substantial financial resources
• How to develop skills to aid implementation, capacity development, benefits realisation and risk management plans
• How to provide wider training and how to contribute to the strategic consequences of IFRS and IPSAS
• How to implement
• How to reduce risk of qualified accounts
• To define and apply the transition process to IFRS or IPSAS and identifying the first-time exemption
• Exceptions relating to the financial statements of a transitioning organization

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Email:info@aicdtraining.com