Program description & objectives

Public sector organizations have long worked with a variety of financial reporting processes, many of which are principally cash-based accounting systems. The public sector has, therefore, encountered challenges posed by a lack of standardized international reporting practices. Designed for use in preparing general-purpose financial statements, IPSAS sets uniform guidelines for accounting in public sector entities. Such standards as established by IPSAS enable the comparison of data across organizations, and also improve financial accounting and transparency.

Flowing from the above, this program therefore aims to evaluate the impact of IPSAS on the reliability, the credibility, and the integrity of financial reporting in Nigeria. Under the auspicies of our Accounting and Finance experts, this program would introduce the conceptual framework on which IPSAS was premised. Furthermore, we would ascertain the impact of IPSAS on reliability, credibility and integrity of financial reporting using recent and relevant case studies; and through discussions on contemporary events on the subject matter.

Our experienced facilitators would identify and demonstrate that a properly implemented IPSAS would contribute immensely to the reporting standards in the Public Sector of the Nigerian State. Moreover, we would demonstrate that a properly and seamlessly  implemented IPSAS would facilitate an efficient internal control process and a result-based financial management function in the public sector.

Additionally, and in a give and take session, the facilitator(s) would show the various ways in which the implementation of IPSAS has contributed to, and can further enhance the Federal Government’s goal to significantly deliver services more effectively and efficiently. In a nutshell, and at the end of this program, delegates would begin to think of “Accountability, Integrity, and Transparency” anew.

 

Venues	Dublin	London	Dubai	Edmonton (CAN)	Lagos/Abuja
Dates	TBD	TBD	TBD	TBD	TBD
Cost	$4,000 per participant (USD)				(=N=)

For whom

• Finance Directors, Financial Controllers, and Treasurers
• Finance Managers & Accountants
• Auditors and Bursars
• Relevant Finance & Accounts Staff

Snapshot of course content

• Introduction and general overview
• The IPSAS Requirements
  • IPSAS 1 – Presentation of Financial Statements
  • IPSAS 2 – Cash flow Statement
  • IPSAS 3 – Acconting Policies, Changes in Accounting estimate and errors
  • IPSAS 4 – The 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 – Interest in Joint Ventures
  • IPSAS 9 – Revenue from Exchange transactions
  • IPSAS 10 – Financial Reporting in Hyperinflationary Economics
  • IPSAS 11 – Construction Contracts
• The IPSAS Standards
  • 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 of information about the General Government sector
  • IPSAS 23 – Revenue from Non-Exchange Transactions-Taxes and Transfer
  • IPSAS 24 – Presentation of Budget information in Financial Statements
  • 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
• Conduct of IPSAS gap analysis
  • Nigeria’s IPSAS Gap Analysis
• Transitioning to bridge the IPSAS Gap
  • Benefits of transitioning
  • Strategies to adopt for transitioning
• Nigeria’s IPSAS Gap Analysis
  • Identified Gap -Legal framework for cash basis accounting
  • Identified Gap -Accounting for external assistance
  • Identified Gap – Consolidation of the accounts of controlled entities
  • Identified Gap – Cash out of control
  • Identified Gaps– Correction of errors
  • Identified Gap – Reporting date – Timeliness of report
• Work programme to bridge the gaps
  • 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 the delegates’ workplace and job functions
• Conclusion