May 2024

IPSAS Training – Ipsas course

IPSAS Training

We offer IPSAS training for varying levels including

International Public Sector Accounting Standards (IPSAS) Workshop


ipsas training

There are 26 accrual based IPSAS and 1 cash based IPSAS currently in issue. Below is a summary of the IPSASs and their key objective.

Cash Basis IPSAS

Objective: To prescribe the manner in which general purpose financial statements should be presented under the cash basis of accounting. Compliance with the requirements and encouragements of this Standard will enhance comprehensive and transparent financial
reporting of the cash receipts, cash payments and cash balances of the entity. It will also enhance comparability with the entity’s own financial statements of previous periods and with the financial statements of other entities which adopt the cash basis of accounting.

Accrual Basis IPSASs

IPSAS No. 1: Presentation of Financial Statements

Objective: To set out the manner in which general purpose financial statements should be prepared under the accrual basis of accounting, including guidance on their structure and minimum requirements for content.

IPSAS No. 2: Cash flow Statement

Objective: To require the presentation of information about historical changes in public sector entity’s cash and cash equivalents by means of a cash flow statement that classifies cash flows during the period according to operating, investing and financing activities.

IPSAS No.3: Accounting Policies, Changes in Accounting Estimates and Errors

Objective: To prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosures of changes in accounting policies, changes in accounting estimates, and correction of errors.

IPSAS No. 4: The effects of Changes in Foreign Exchange Rates

Objective: To prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements.

IPSAS No. 5: Borrowing Costs

Objective: To prescribe the accounting treatment of borrowing costs.

IPSAS No. 6: Consolidated and Separate Financial Statements

Objective: To prescribe requirements for preparing and presenting consolidated financial statements for an economic entity under the accrual basis of accounting. To prescribe how to account for investments in controlled entities, jointly controlled entities and associates in separate financial statements

IPSAS No. 7: Investments in Associates

Objectives: To prescribe the investor’s accounting for investments in associates where the investment in the associate leads to the holding of an ownership interest in the form of a shareholding or other formal equity structure.

IPSAS No. 8: Interests in Joint Ventures

Objectives: To prescribe accounting treatment required for interests in joint ventures, regardless of the structures or legal forms of the joint ventures activities.

IPSAS No.9: Revenue from Exchange Transactions

Objectives: To prescribe the accounting treatment for revenue arising from exchange transactions and events

IPSAS No. 10: Financial Reporting in Hyperinflationary Economies

Objectives: To prescribe specific standards for entities reporting in the currency of a hyperinflationary economy, so that the financial information (including the consolidated financial information) provided is meaningful.

IPSAS No. 11: Construction Contracts

Objectives: To prescribe the treatment for revenue and costs associated with construction contracts in the financial statements of the contractor

IPSAS No. 12: Inventories

Objectives: To prescribe the accounting treatment of inventories under the historical cost system, including cost determination and expense recognition, including any write down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories

IPSAS No. 13: Leases

Objective: To prescribe for leases and lessors, the appropriate accounting policies and procedures to apply in relation to finance and operating lease.

IPSAS No. 14: Events after the Reporting Date

Objective: To prescribe when an entity should adjust its financial statements for events after the reporting date and disclosures about the date when financial statements were authorised for issue and about events after the reporting date.

IPSAS No. 15: Financial Instruments – Disclosures and Presentation

Objective: To enhance users understanding of the significance of on balance sheet and off balance sheet financial instruments to an entity’s financial position, performance and cash flows.

IPSAS No. 16: Investment Property

Objective: To prescribe the accounting treatment for investment property and related disclosures.

IPSAS No. 17: Property, Plant and Equipment

Objective: To prescribe the principles for initial recognition and subsequent accounting for property, plant and equipment (carrying amount, depreciation and impairment loss)

IPSAS No. 18: Segmental Reporting

Objective: To establish principles for reporting financial information by segments to better understand the entity’s past performance and to identify the resources allocated to support the major activities of the entity, and enhance the transparency of financial reporting.

IPSAS No. 19: Provisions, Contingent liabilities and contingent Assets

Objectives: To prescribe the appropriate recognition criteria and measurement bases for provisions, contingent liabilities and contingent assets, and to ensure that sufficient information is disclosed in the notes to financial statements.

IPSAS No. 20: Related Party Disclosures

Objective: To ensure that financial statements disclose the existence of related party relationships and transactions between the entity and its related parties.

IPSAS No 21: Impairment of Non Cash Generating Assets

Objective: To ensure that non cash generating assets are carried at no more than their recoverable service amount, and to prescribe how recoverable service amount are calculated.

IPSAS No. 22: Disclosure of Financial Information about the General Government Sector

Objective: To prescribe disclosure requirements for governments which elect to present information about the General Government Sector (GGS) in their consolidated financial statements.

IPSAS No. 23: Revenue from Non Exchange

Transactions (Taxes & Transfers) Objective: To prescribe requirements for the financial reporting of revenue arising from non exchange transactions that give rise to an entity combination.

IPSAS No. 24: Presentation of Budget Information in Financial Statements.

Objective: To ensure that the public sector entities discharge their accountability obligations and enhance the transparency of their financial statements by demonstrating compliance with approved budget.

IPSAS No. 25—Employee Benefits

Objective: To prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognize:

(a) A liability when an employee has provided service in exchange for employee benefits to be paid in the future; and
(b) An expense when the entity consumes the economic benefits or service potential arising from service provided by an employee in exchange for employee benefits.

IPSAS No 26—Impairment of Cash-Generating Assets

Objective: To prescribe the procedures that an entity applies to determine whether a cash-generating asset is impaired and to ensure that impairment losses are recognized. This Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures.