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 common set of principles and the requirements of the Standards, and devising a strategy for application, are a critical first step to achieving a successful implementation.

The Standards are designed to improve financial reporting, financial management, transparency and accountability, introducing a common accrual-based approach to enhance financial accountability and corporate governance.

The course explores the principles on which the Standards are based. We will examine the core standards that will impact on all organisations and how they can be complied with. It assists delegates to analyse impacts on their organisations and to plan the journey towards compliance.

Delegates will learn the requirements relating to accruals, provisions and liabilities, accounting for revenue capital accounting for tangible and intangible assets including recognition, depreciation, amortisation and impairment. During the week we will also examine the development of strategies for adopting the application of the Standards.

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 one of the Best Practice Financial Management and Reporting on IPSAS AND IFRS© Standards Toolkit.

Course Objectives

On completion, you will be able to:

• Understand the key principles and the application of the Standards in both the public and private sectors
• Implement the core accounting practices relating to the Standards
• Consider strategic approaches in applying the Standards
• Understand the core reporting requirements of the Standards

Key Topics

• History and development of the Standards and the principles on which they are based
• Core concepts - such as accruals, capital and revenue spending depreciation - and how they should be reported on
• Key options organisations have in adopting aspects of the Standards
• Actions affecting reported financial performance

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.