Course 3100

IFRS versus IPSAS (2 days)

Course Summary

This two-day course provides a detailed guide of the key similarities and differences between International
Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS), and
highlights technical issues faced by public sector organizations that have adopted IPSAS or are in the process of
adopting IPSAS. This event also gives an overview on the Accounting Standards Setting Bodies and cites main
differences among them and the ensuing accounting standards. This program complements Course 3200:
Overview of International Public Sector Accounting Standards IPSAS Accrual basis (3-day course).

The course covers, through the use of case studies and exercises, accounting issues encountered when applying
International Public Sector Accounting Standards (IPSAS) and how they compare to IFRS.

The program includes: Introduction to International Accounting Standards Board (IPSASB) and IPSAS
Accounting Standards Setting Bodies IPSAS and IFRS Equivalents Government Accounting Financial
Statement Presentation and Disclosure Property, Plant and Equipment Financial Instruments Leases
Provisions, Contingent Liabilities and Contingent Assets Revenue Recognition The Effects of Changes in
Foreign Exchange Rates Inventories First-time adoption IFRS/IPSAS Discussion of future developments

Introduction

There is an increasing interest amongst public sector bodies worldwide to produce their financial statements
according to International Public Sector Accounting Standards (IPSAS) issued by the IPSAS Board (IPSASB).
While some governments are developing their own standards based around IFRS, others are adopting IPSAS as
the basis of accounting by their public sector organizations.

This two-day course provides a detailed review of all major technical IPSAS requirements of relevance to public
sector entities, and includes comparison to IFRS, case studies, examples, and interactive participation from the
participants.

The program answers questions such as:

o What are the implications of transitioning to IPSAS, including change management issues?
o How are IPSAS financial statement requirements applied to public sector entities, including accounting policies
and disclosures?
o What are the rules relating to first-time adoption of IPSAS as compared to IFRS?
o When are assets, liabilities, revenues, and expenses recognized under IPSAS and how are they measured?
o Where are major similarities and differences found between IFRS and IPSAS?

Prerequisites

Understanding of International Financial Reporting Standards. No advance preparation is required for this course.

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Course Level

Overview

Topics

o Introduction to IPSASB and IPSAS

o Accounting Standards Setting Bodies
o Government Accounting
o IPSAS and IFRS Equivalents Frameworks and selection of accounting policies (IPSAS 3/IAS 8)
o First-time adoption IFRS/ IPSAS
o Overview of those IPSAS which are substantially similar to IFRS
o Key differences - Financial Statement Presentation and Disclosure
o Presentation of Financial Statements (IPSAS 1/IAS1)
o Segment Reporting (IPSAS 18 / IFRS 8)
o Related Party Disclosures (IPSAS 20/IAS 24)
o Key differences – IPSAS standards with no IFRS equivalent
o Budget Reporting (IPSAS 25)
o Disclosure of Financial Information About the General Government Sector (IPSAS 22)
o Impairment of non-cash generating assets (IPSAS 21)
o Borrowing costs (IPSAS 5)
o Revenue from non-exchange transactions (IPSAS 23)
o Inventories (IPSAS 12, IAS 2)
o Other issues
o Leases (IPSAS 13, IAS 17)
o Financial Instruments (IPSAS 28,29 and 30, IAS 32, IAS 39 and IFRS 7 and 9)
o IPSAS 6 and scope of consolidated financial statements under IPSAS
o Discussion of future developments focusing on where forthcoming changes in IFRS are not yet reflected in
the IPSAS workplan
o Exposure Drafts
o Draft Interpretations
o Discussion Papers
o IPSASB and IASB Exposure projects and agenda

Course Benefits

o Appreciate the implications of transitioning to IPSAS, including change management issues

o Learn to apply IPSAS financial statement requirements to public sector entities, including accounting policies
and disclosures
o Understand the rules relating to first-time adoption of IFRS and IPSAS
o Implement the IPSAS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and
losses
o Comprehend the major similarities and differences between IFRS and IPSAS

Teaching Method

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o Live group instruction by expert instructors
o Review of the rationale and objective for IPSASB standards
o Description and explanation of IPSAS technical requirements in clear and simple language
o Presentation and comparison of current and likely future critical technical differences between accounting
principles under IFRS and IPSAS
o Use of case studies and real-world examples to illustrate practical application of the standards
o Interactive participation is encouraged
o All participants receive a comprehensive binder containing copies of the presentation slides, handouts and
other course materials

Continuing Professional Education (CPE)

16 hours

Venue

All of our New York City seminars take place in 4 star professional conference facilities, usually in city-centre
downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the
event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations
with bedroom rates where available.

Coffee and lunch will be provided.

Related courses

o 1691: International Accounting for Not-for-Profit Entities (3 days)

o 1750: Introduction to IFRS for the Public Sector (3 days)
o 3200: International Public Sector Accounting Standards (IPSAS) - Accrual Basis (3 days)
o 3250: International Public Sector Accounting Standards (IPSAS) - Cash Basis (2 days)
o 3281: International Public Sector Accounting Standards (IPSAS) - Hot Topics and Technical Update (2 days)
o 3500: International Public Sector Accounting Standards (IPSAS) - Transition and Implementation (2 days)

Booking Information

Duration (days): 2.00

Location: New York City
Price: USD 2,300

Available dates

29 Sep - 30 Sep 2011

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Instructor(s)

Alan Mayo [29 Sep - 30 Sep 2011 ]

Alan Mayo is a highly experienced instructor in the field of international financial reporting. He teaches seminars
around the world on subjects including International Financial Reporting Standards (IFRS) and International
Public Sector Accounting Standards (IPSAS). Alan is a UK chartered accountant with over 20 years of
experience as an auditor and consultant with PricewaterhouseCoopers in both London and Paris. He was
formerly a founding member of the PwC Client Training business in London, which delivered UK and international
GAAP courses to a wide range of multinational clients. Alan also managed a team within PwC that provided
training and change management support to the UK public sector as it transitioned from cash to accruals based
accounting, working with organizations such as the Foreign and Commonwealth Office and the Ministry of
Defence. An independent training consultant since 2001, Alan has been an associate instructor with IASeminars
since 2004. His recent public-sector consultancy work has focused on developing the financial management skills
of UK government agencies, and advising them during transition from UK to IFRS or IPSAS-based accounting
standards. Alan’s clients at IASeminars have included the United Nations, The Auditor General Of Canada, and
various governmental agencies from around the world.

Pateel Papazian [29 Sep - 30 Sep 2011 ]

Pateel H. Papazian has professional experience in both the USA and Lebanon. A Certified Public Accountant in
the state of California, she also holds an MBA degree from the American University of Beirut. Pateel worked in
public accounting for over nineteen years (including nine years in the USA), and she is familiar with IFRS, IPSAS
and US GAAP. For nine years, Pateel was a Director at KPMG in Lebanon, where her audit clients included
not-for-profit organizations and commercial companies reporting under US GAAP and IFRS. In 2008, Pateel
moved to the NGO sector as the Chief Financial Officer (CFO) of one of the leading microfinance institutions in
Lebanon. Recently, she joined the American University of Beirut as a Director of Reporting and Compliance in the
Comptroller’s office. Pateel has been involved in teaching and training IPSAS, IFRS and US GAAP courses
throughout her career. She was in charge of ‘Train the Trainers’ programs at KPMG Beirut, and is currently a
part-time instructor at the American University of Beirut, where she has been teaching accounting and auditing
courses since 1999. Pateel joined IASeminars on a part time basis in 2009, where she is involved in developing
and delivering the company’s IPSAS and not-for-profit curriculum.

For more information, please visit http://www.iaseminars.com/en/event/?Code=3100&VenueID=10

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