Chrome Consultants

International Public Sector Accounting Standards (IPSAS)

Public sector organizations have long relied on various financial reporting processes, many of which were principally cash-based systems. This has created challenges due to the absence of standardized international practices. IPSAS establishes uniform guidelines for accounting in public sector entities, enabling comparability across organizations while improving transparency and credibility. This program evaluates the impact of IPSAS on the reliability, credibility, and integrity of financial reporting in Nigeria. Participants will explore the conceptual framework of IPSAS, assess its role in strengthening internal controls, and examine how its implementation enhances government efficiency in delivering services. Case studies and interactive sessions will reinforce accountability, integrity, and transparency in public sector reporting.

Venues

Dates

Cost: $4,000 per participant (USD) (=N=)

For Whom

Snapshot of Course Content

Introduction and General Overview

  • The IPSAS requirements
  • IPSAS 1 – Presentation of Financial Statements
  • IPSAS 2 – Cash Flow Statement
  • IPSAS 3 – Accounting Policies, Changes in Accounting Estimates and Errors
  • IPSAS 4 – Effects of Changes in Foreign Exchange Rates
  • IPSAS 5 – Borrowing Costs
  • IPSAS 6 – Consolidated and Separate Financial Statements
  • IPSAS 7 – Investments in Associates
  • IPSAS 8 – Interests in Joint Ventures
  • IPSAS 9 – Revenue from Exchange Transactions
  • IPSAS 10 – Financial Reporting in Hyperinflationary Economies
  • IPSAS 11 – Construction Contracts

The IPSAS Standards (Core Areas)

  • IPSAS 12 – Inventories
  • IPSAS 13 – Leases
  • IPSAS 14 – Events after Reporting Date
  • IPSAS 15 – Financial Instruments: Disclosure and Presentation
  • IPSAS 16 – Investment Property
  • IPSAS 17 – Property, Plant, and Equipment
  • IPSAS 18 – Segment Reporting
  • IPSAS 19 – Provisions, Contingent Liabilities, and Contingent Assets
  • IPSAS 20 – Related Party Disclosures
  • IPSAS 21 – Impairment of Non-Cash Generating Assets
  • IPSAS 22 – Disclosures about the General Government Sector
  • IPSAS 23 – Revenue from Non-Exchange Transactions (Taxes and Transfers)
  • IPSAS 24 – Presentation of Budget Information
  • IPSAS 25 – Employee Benefits
  • IPSAS 26 – Impairment of Cash-Generating Assets
  • IPSAS 27 – Agriculture
  • IPSAS 28 – Financial Instruments: Presentation
  • IPSAS 29 – Financial Instruments: Recognition and Measurement
  • IPSAS 30 – Financial Instruments: Disclosures
  • IPSAS 31 – Intangible Assets
  • IPSAS 32 – Service Concession Arrangements: Grantor

IPSAS Gap Analysis and Transitioning

  • Conduct of IPSAS gap analysis
  • Nigeria’s IPSAS gap analysis
  • Transitioning to bridge the IPSAS gap
  • Benefits of transitioning
  • Strategies to adopt for transitioning
  • Identified Gap – Legal framework for cash basis accounting
  • Identified Gap – Accounting for external assistance
  • Identified Gap – Consolidation of controlled entities’ accounts
  • Identified Gap – Cash out of control
  • Identified Gap – Correction of errors
  • Identified Gap – Reporting date and timeliness
  • Work programme to bridge identified gaps

Migration and Implementation Issues

  • Preconditions for migration to IPSAS-based standards
  • Transition to IPSAS – Issues and challenges
  • Impact on transparency
  • Principles of fiscal transparency
  • Contemporary and topical issues relevant to delegates’ workplace
  • Conclusion