Applies to all controlled entities except Government Business Enterprises (GBEs)
GBEs use the accounting standards that are used in the private sector (IAS/IFRS):
Power to contract in own name;
Assigned authority to carry on a business;
Sells goods and services at a profit or full cost recovery;
Not reliant on continued government funding; and
Controlled by a public sector entity.
Dr. Jesse Hughes, CPA, COA, CGFM
Transition Steps for IPSAS Implementation Dr. Jesse Hughes, CPA, COA, CGFM 7. Prepare proforma Statement of Financial Performance. 6. Prepare IPSAS-compliant opening and closing Statements of Financial Position. 5. Pilot test IPSAS policies and procedures in the new/upgraded information system. 4. Prepare Policy and Procedures Manual for approved IPSAS policies. 3. Assess the information system changes required. 2. Train staff. 1. Develop organizational transition plan and coordinate with auditors. 8. Prepare proforma Statement of Net Assets/Equity. 9. Prepare proforma Statement of Cash Flows. 10. Prepare proforma Statement of Comparison of Budget to Actual Amounts. 11. Prepare proforma IPSAS-complaint statements for controlled entities. 12. Prepare proforma Consolidated Statements.