Overview:
Duration: Two weeks
Modern governments require a deep understanding of how both the private and public sectors operate. Sound financial management requires financial reporting to be on a common platform to help with the allocation of resources in support of organizations’ strategic objectives. This applies to the management of the public sector but also applies to the regulation and supervision of the private sector and the overall management of the national economy.
This workshop demonstrates the need for efficient and effective financial management across governmental organizations: to clients, to their national executive and legislative bodies and to individual citizens and customers. We will consider the main requirements of IPSAS and, by demonstrating how they affect financial reports, will help you to apply IPSAS within your organization. (Time will be given to improving skills in the technical aspects of IPSAS.)
LEARNING OBJECTIVE & COURSE CONTENT
• Identify which IPSAS are likely to apply specifically to your organization and apply key requirements from each to your organization’s financial systems and published accounts
• Ensure compliance with relevant IPSAS
• Make necessary preparations for any introduction of resource accounting and budgeting.
• How common standards of financial reporting can help to make key financial judgments in different legal and financial jurisdictions
• The legal and ethical framework behind the development of international accounting standards
• How such standards apply across both the public and private sectors, and how modern governmental institutions need to understand the implications of both in terms of managing the public sector and supporting and regulating the private sector
• How governments, central banks and regulatory bodies have\responded to the international banking and credit crisis
• The background to the development of IPSAS, including the role of the International Accounting Standards Board (ISAB) and the application of the International Accounting Standards (IAS) in the private sector.
• The implications of using resource accounting and budgeting in public sector organizations
• Review of current developments in IPSAS and in specific technical areas