Introduction

Companies and Institutions reporting under International Financial Reporting Standards (IFRS) and IPSAS continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes from the annual improvements process (AIP). These affect different areas of accounting, such as recognition, measurement, presentation and disclosure. Some of the changes have implications that go beyond matters of accounting, potentially also impacting the information systems of many entities.

International Accounting Standards are a global response to a set of global problems, with IFRS primarily aimed at the private sector and IPSAS tailored to the specific circumstances of the public sector. In the modern world, it is essential that financial information can be assessed consistently. These standards are designed to assist organisations to improve their financial reporting, financial management, transparency and accountability, introducing a common accrual-based approach that should enhance financial accountability and corporate governance. Delegates will learn how to achieve improvements in financial management and reporting while moving to full compliance with the Standards. The course explores the Standards’ requirements and how they can be complied with. It will assist delegates to analyze the impacts on their organisations and to plan the journey towards compliance, using case studies to illustrate the practical application of the Standards.

Personal Benefit

Individuals who participate in this course will benefit in the following ways:

• Understand IPSAS and the structure and framework for public sector accounting
• Prepare and make financial statements and disclosures under IPSAS
• Migrate an entity toward IPSAS compliance
• Understand IPSAS for accrual basis of accounting and cash basis of accounting
• The financial services and markets Act 2000 (FSMA) ( as amended)  The regulatory structure
• The role of Financial Conduct Authority (FCA)
• The role of Prudent Regulatory Authority (PRA)

Organizational Benefit

Companies who get their employees to participate in this course can benefit in the following ways:

1. Enhanced knowledge and understanding of the global trends for public sector accountability and reporting
2. Establish the costs and benefits for implementing IPSAS and implications
3. Manage the system modifications and other changes required to implement IPSAS
4. Apply IPSAS standards to ensure Improved Accountability via providing a comprehensive and accurate interpretation of an entity’s operations and performance

Training Methodology

We at ICDRC talent solutions will work with the participants to create cultural and intercultural effectiveness to understand diversity. This will be achieved through a highly interactive presentation which will include several management games, paper-pencil exercises, activities, role plays, videos, and robust practice sessions. You get an opportunity to discuss, share, and learn from the ideas with other industry participants as well. Institute of Corporate Directors Research Center talent solutions follows the approach of Do-Review-Learn-Apply. Participants should end the workshop with a clearer sense of the options, constraints, opportunities and priorities in considering the next steps towards Corporate Governance Codes and its applicability to Human Resource. A great strength of the Institute of Corporate Directors Research Center training approach lies in the diversity of opportunities it provides for participants to learn. Those who learn most by doing and sharing can benefit from the innovative range of participatory exercises and case studies that this course will offer.

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