International Public Sector Accounting Standards (IPSAS)

2016-03-28

 

 

(Above)- Ministry of Finance, Otjiwarongo, Namibia- Participants to the International Public Sector Accounting Standards (IPSAS) Training

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Purpose

The purpose of the course was to provide participants with  a comprehensive understanding of the essential elements of IPSAS; beginning by building on the foundations laid by the IASB’s mainstream IFRS standards and then looking at these concepts within the framework of the public entity. Presented to the Ministry of Finance, Republic of Namibia, the course also aimed at developing key skills competencies among the Ministry of Finance employees to achieve consistent and comparable financial information, improve transparency, develop a better system of performance / results measurement of costs, and cost budgets within the Public Sector. Knowledge of how to apply and adopt IPSAS within the Public Sector was well shared.

Theme

"Improving the quality and comparability of financial information in the Public Sector".

Course objectives

The course was designed to enable participants to be able to:

  • Demonstrate critical knowledge, skills, and competencies in accounting in the government showing great improvement in their effectiveness and financial stewardship within their departments.
  • Exhibit clear understanding of the requirements of the IPSAS and IFRS and to put in place an effective change process.
  • Apply main features of the State Finance Act, 1991 (Act 31 of 1991), and the treasury instructions
  • Identify and analyze major issues in public sector accountability, financial management, accounting, and budgeting and performance measurement.
  • Create visually powerful and informative financial presentations that aid decision making.

Relevance

Governments around the world including our Namibian Government are required to be more accountable for their public budgets and to produce accurate, meaningful and transparent financial statements. Public Sector Accounting Standards (IPSAS) enables public entities to show clear accrual accounting and budgeting techniques and demonstrate results-based monitoring and reporting.

Validity of the Design

This intensive five-day course was built around practical skills demonstrating clearly the Framework for the preparation of financial statements in accordance with IPSAS and understanding its applications and benefits. In presentation of each skill, our expert trainers presented the learning point, illustrated with demonstrations and delegates presented worked examples. The course was designed to ensure practice on real situation to aid learning.

Effectiveness

The training was organized and presented through sustained instructions designed to communicate a combination of experience, knowledge, skills and understanding of valuable real scenarios public sector accounting presentations to ensure the attainment of training objectives. To guarantee effective delivery, case-oriented participative approach that identified Financial Reporting challenges in the Public Sector and solutions thereof was adopted during training with the aid of IPSASB Guidelines.

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