International Accounting Standards are being implemented widely across the world – IFRS primarily aimed at the private sector with IPSAS tailored to the public sector’s specific circumstances. Understanding the major applications areas, and systems and processes are key to ensuring that your organisation adopts and applies the Standards effectively – to optimise the benefits and remain compliant. The Standards are designed to improve financial reporting, financial management, transparency and accountability, and introduces a common accrual-based approach enhancing financial accountability and corporate governance.

This course builds on core knowledge relating to the Standards. It looks at particular major areas of accounting and sets out the Standards’ requirements and their implications for organisations. The areas examined will include Foreign Currency, Financial Instruments, Public Private Partnerships, Pensions, Agriculture and Oil and Gas. The course will also examine how to achieve compliance and the full benefits of improved financial management.

The course will address the actions that are required to make a success of adopting the Standards. This will include the use of systems and the development of the organisations’ capability and capacity in dealing with the Standards. It will examine the reporting and decision-making implications and benefits of the application of the Standards and explore the assurance processes including with respect to External Audit.

In order to ensure the highest learning standards for delegates, Crown Agents delivers training courses using excerpts from the official IFRS Standards under licence from the IFRS Foundation.

This is week two of the Best Practice Financial Management and Reporting on IPSAS AND IFRS© Standards Toolkit.

Course Objectives

On completion, you will be able to:

• Understand financial reporting under the IFRS and IPSAS regimes and the consequences for governments, organisations etc.
• Explain the specific requirements of the Standards in key areas
• Apply new approaches and improve financial management
• Enhance systems to improve financial monitoring and control in an accruals environment
• Understand systems requirements and plan for successful implementation

Key Topics

• The Standards’ requirements relating to major specific areas that affect many organisations
• Approaches to achieving compliance and improved financial and resource management including project management, training and changes to governance arrangements
• Role and application of systems in supporting compliance
• Enhancing reporting, decision making and assurance processes
• Adoption actions, lessons and implementation planning

All courses will be conducted entirely in English. A proficient level of both spoken and written English is required by all delegates so that they are able to fully benefit from the course and participate in our interactive style of training.