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NewAccounting Standards: IPSAS & IFRS
Governments are moving away from traditional cash-based accounting to accruals based financial reporting. Accruals accounting takes note of financial transactions regardless of when cash transactions take place because adjustments are made to capital assets over their lifetime and amendments are made for income and expenditure at the end of the financial year.
This enables public bodies to have a more accurate data of their performance. It also introduces consistency about the financial position of the organisation which cuts across variations such as the location of the organisation, currency and language. In addition to accruals, generally recognised accounting practices are applied to accounting for assets, depreciation, assets which can be traded, losses which are written off, pensions and valuation.
The standards outline rigorous presentation and disclosure obligations. This sort of compliance is ever more sought by international partners such as ECOWAS, OPEC, NATO and the World Bank. Supervision for the standards is enforced under the authority of International Public Sector Accounting Standards (IPSAS) which caters to the public sector and the International Financial Reporting Standards (IFRS) for the private sector.
Financial managers in the public sector.
5 DAY COURSE
£2,150 + VAT
St James’s Park, London
14 October 2019 Book
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