We look forward to discussing your needs and interests in IPSAS in the coming months. You can contact me email Mark at m.neal67@ahoo.com Or +1 780-297-9569
This document discusses IPSAS (International Public Sector Accounting Standards) implementation. It explains that IPSAS aims to enhance transparency and accountability in public sector financial reporting. While implementing IPSAS requires substantial time and costs, the returns are higher through improved identification of assets, more active asset management, better decision making, and lower debt levels and interest rates. Over 40 countries have adopted IPSAS directly or indirectly through national standards. While challenges remain, IPSAS implementation strengthens fiscal transparency and management.
Introduction to IPSAS and conceptual frameworkFoluwa Amisu
Detailed and informative introduction to International Public Sector Accounting Standards for the preparation of general purpose financial statements by governments and other public sector entities around the world.
The document provides an overview of International Public Sector Accounting Standards (IPSAS) and the transition from International Financial Reporting Standards (IFRS) to IPSAS. Some key points:
- IPSAS are accounting standards developed for use by public sector entities based on IFRS. They aim to improve financial reporting and transparency.
- There are differences between cash-based and accrual-based accounting. IPSAS follows the accrual basis which recognizes revenues when earned and expenses when incurred rather than when cash is received or paid.
- Adopting IPSAS has benefits like standardizing definitions and measurements, improving resource allocation and internal controls, and providing more meaningful financial statements and transparency.
- The
presentation on INTERNATIONAL PUBLIC-SECTOR ACCOUNTING STANDARDS (IPSAS)MD. Mahmudul Hasan
In the current “global revolution in government accounting,” International Public-Sector Accounting Standards (IPSAS) are proposed for adoption by governments around the world. After describing the nature of IPSAS, the paper discusses conceptual issues concerning system capability and internal accountability, conceptual framework, emulation of business standards, accrual basis of accounting and consolidated financial statements. The institutional issues regarding the representation on the IPSAS board and the sole oversight by the International Federation of Accountants (IFAC) are also analyzes. Setting standards is a first step on the long road of fundamentally reforming government accounting practices around the world.
The document provides guidelines for internal audit ratings on a scale of Good to Unsatisfactory. It also includes samples of internal audit rating guides that define ratings on scales such as Strong to Critical. The guides provide attributes for each rating to determine where an audit falls based on the presence of issues, effectiveness of controls, and actions required to remedy weaknesses.
The document discusses the COSO internal control framework. It provides background on COSO, describing it as a joint initiative to provide guidance on internal controls. The framework was first published in 1992 and provides principles and attributes for internal controls relating to control environment, risk assessment, control activities, information/communication, and monitoring. It discusses changes in the updated framework to make it more relevant to today's business environment. Key changes include clarifying the role of objective setting, reflecting the increased relevance of technology, and enhancing governance concepts.
TECHNOLOGY FORESIGHT: Integration of FinTech and Agriculture for the Philippi...Edneil Jocusol
This is a technology foresight using the Scenario Planning method that addresses the focal issue: "How can we integrate fintech and agriculture so that low-cost and/or appropriately priced financial instruments and services are more accessible to PH farmers by the year 2027?" The Philippines remains as one of the top agricultural producers of the world. According to IndexMundi, the Philippines ranked 22nd in terms of agricultultural production with around USD 30.7 billion value of output created in 2018. The Philippines has 30 million hectares of land area, where 23 percent is agricultural land (Philippine Statistics Authority, 2017). The estimated contribution of the sector in the Gross Domestic Product (GDP) of the country is around 10 percent. However, the sector’s contribution to the GDP contributed by the sector is continually decreasing (Philippine Statistics Authority, 2021). The Philippines is in the best position to have an agriculture-driven economy. But the sight of it is far beyond as the sector has been pressed with persistent challenges. In order to conduct the technology foresight for the Agrifintech, three scenarios were created based on the identified Key Predictable Variables (KPV) and Critical Uncertainties (CU) which were clustered together to separate the high-impact, high uncertainty from the high-impact, low-uncertainty graph points.
This document discusses IPSAS (International Public Sector Accounting Standards) implementation. It explains that IPSAS aims to enhance transparency and accountability in public sector financial reporting. While implementing IPSAS requires substantial time and costs, the returns are higher through improved identification of assets, more active asset management, better decision making, and lower debt levels and interest rates. Over 40 countries have adopted IPSAS directly or indirectly through national standards. While challenges remain, IPSAS implementation strengthens fiscal transparency and management.
Introduction to IPSAS and conceptual frameworkFoluwa Amisu
Detailed and informative introduction to International Public Sector Accounting Standards for the preparation of general purpose financial statements by governments and other public sector entities around the world.
The document provides an overview of International Public Sector Accounting Standards (IPSAS) and the transition from International Financial Reporting Standards (IFRS) to IPSAS. Some key points:
- IPSAS are accounting standards developed for use by public sector entities based on IFRS. They aim to improve financial reporting and transparency.
- There are differences between cash-based and accrual-based accounting. IPSAS follows the accrual basis which recognizes revenues when earned and expenses when incurred rather than when cash is received or paid.
- Adopting IPSAS has benefits like standardizing definitions and measurements, improving resource allocation and internal controls, and providing more meaningful financial statements and transparency.
- The
presentation on INTERNATIONAL PUBLIC-SECTOR ACCOUNTING STANDARDS (IPSAS)MD. Mahmudul Hasan
In the current “global revolution in government accounting,” International Public-Sector Accounting Standards (IPSAS) are proposed for adoption by governments around the world. After describing the nature of IPSAS, the paper discusses conceptual issues concerning system capability and internal accountability, conceptual framework, emulation of business standards, accrual basis of accounting and consolidated financial statements. The institutional issues regarding the representation on the IPSAS board and the sole oversight by the International Federation of Accountants (IFAC) are also analyzes. Setting standards is a first step on the long road of fundamentally reforming government accounting practices around the world.
The document provides guidelines for internal audit ratings on a scale of Good to Unsatisfactory. It also includes samples of internal audit rating guides that define ratings on scales such as Strong to Critical. The guides provide attributes for each rating to determine where an audit falls based on the presence of issues, effectiveness of controls, and actions required to remedy weaknesses.
The document discusses the COSO internal control framework. It provides background on COSO, describing it as a joint initiative to provide guidance on internal controls. The framework was first published in 1992 and provides principles and attributes for internal controls relating to control environment, risk assessment, control activities, information/communication, and monitoring. It discusses changes in the updated framework to make it more relevant to today's business environment. Key changes include clarifying the role of objective setting, reflecting the increased relevance of technology, and enhancing governance concepts.
TECHNOLOGY FORESIGHT: Integration of FinTech and Agriculture for the Philippi...Edneil Jocusol
This is a technology foresight using the Scenario Planning method that addresses the focal issue: "How can we integrate fintech and agriculture so that low-cost and/or appropriately priced financial instruments and services are more accessible to PH farmers by the year 2027?" The Philippines remains as one of the top agricultural producers of the world. According to IndexMundi, the Philippines ranked 22nd in terms of agricultultural production with around USD 30.7 billion value of output created in 2018. The Philippines has 30 million hectares of land area, where 23 percent is agricultural land (Philippine Statistics Authority, 2017). The estimated contribution of the sector in the Gross Domestic Product (GDP) of the country is around 10 percent. However, the sector’s contribution to the GDP contributed by the sector is continually decreasing (Philippine Statistics Authority, 2021). The Philippines is in the best position to have an agriculture-driven economy. But the sight of it is far beyond as the sector has been pressed with persistent challenges. In order to conduct the technology foresight for the Agrifintech, three scenarios were created based on the identified Key Predictable Variables (KPV) and Critical Uncertainties (CU) which were clustered together to separate the high-impact, high uncertainty from the high-impact, low-uncertainty graph points.
Measuring performance of the public sector-problems and appraochesminiverma1
The document discusses various approaches to performance measurement in government organizations. It describes traditional, uni-dimensional approaches that focus mainly on financial and output measures, and their limitations. It then introduces multi-dimensional approaches like the Balance Scorecard and Public Sector Value Model that provide a more holistic view of performance across financial and non-financial factors, and link performance measurement to organizational strategy and outcomes. Key benefits and challenges of these different performance measurement frameworks are also highlighted.
The document provides an overview of auditing the business process outsourcing (BPO) industry. It discusses the nature and background of the BPO industry, including how BPO works and the different types of services BPO companies provide. It notes that BPO remains a strong trend and accounts for 10-15% of the global BPO market, with the Philippines consistently ranking among the top destinations. The document outlines the objectives of understanding the specialized industry, learning Philippine statistics and updates, and identifying audit considerations.
Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. It consists of five components: control environment, risk assessment, control activities, information and communication, and monitoring activities. The components work together to help ensure reliable financial reporting, effective and efficient operations, and compliance with laws and regulations. Internal control is important for both management and external auditors, and while it cannot provide absolute assurance, it helps reduce risks of failure to achieve goals.
This document contains a table of contents listing accounting standards from the International Financial Reporting Standards (IFRS) framework and glossary terms from IFRS 1 through IFRS 15. The table of contents provides an overview of key concepts covered in each standard, such as recognition of assets and liabilities in IAS 1, measurement of inventories in IAS 2, and disclosure of operating segments in IFRS 8. The introduction also defines fundamental accounting concepts from the IFRS framework, including accrual basis, materiality, and recognition and measurement of financial statement elements.
This document discusses various approaches to constructing accounting theories, including pragmatic, syntactic, semantic, normative, and positive approaches. It also addresses differences between scientific and naturalistic perspectives. Accounting theory has evolved from a normative approach focused on deriving true income and decision usefulness to a more positive descriptive approach based on real-world experiences. Developing auditing theory mirrors this evolution and the document discusses early normative auditing theories as well as more recent positive experimental research on auditing judgments and decision making.
The era of nineties has created a new breed of entrepreneurs whose quest for finance is unending. The lending institutions, on the other hand, have become choosy due to, among other reasons, mounting Non-performing Assets (NPAs). All this has led to increased pressure on the availability of finance to the entrepreneurs. In this setting, careful consideration of Project Appraisal and Financing holds the key to survival.
COSO's Internal Control - Integrated Framework.
Includes:
Objectives;
Components;
Principles relating to the components and
Point of Focus assisting users in determining whether the principles are present and functioning
The document provides guidance on grant development and management processes for local NGOs in West Ethiopia. It discusses key topics such as conceptualizing grants, the grant lifecycle from the perspective of both grant makers and recipients, prerequisites for obtaining grants, types of grants, seeking grants proactively or reactively, and the grant proposal writing process. The three main stages of the grant management process for grant makers are presented as the pre-award, award, and post-award stages. For grant recipients, the key aspects include meeting grant requirements, reporting on progress and results, and closing out the grant. Detailed steps are provided for activities in each stage to help NGOs effectively develop, obtain, and manage grants.
Presentation by Vincent Tophoff, Senior Technical Manager, IFAC, for the Institute of Internal Auditors International Conference, in Vancouver, Canada, July, 5-8 2015.
The document discusses the purpose and functions of an internal audit department. It defines internal auditing as an independent process that evaluates risk management, controls, and governance to improve an organization's operations. An internal audit department is necessary to comply with regulations like SOX, ensure proper financial and risk controls, and review operations for effectiveness and compliance. The department performs several types of audits, including financial, operational, compliance, and special investigations audits. In conclusion, having an internal audit reduces risks for a company through systematic evaluation of controls, operations, and compliance.
International Standards on Auditing - SummarizedFawad Hassan
The document provides an overview of International Standards on Auditing (ISAs) related to planning and conducting an audit. It discusses the objectives, definitions, and requirements of several key ISAs, including ISA 200 on overall audit objectives, ISA 210 on agreeing audit terms, ISA 230 on audit documentation, and ISA 300 on audit planning. The document is intended as reference material for understanding the international standards that govern audits.
Developments in performance budgeting - Zulkhairil Amar Mohamad, MalaysiaOECD Governance
This presentation was made by Zulkhairil Amar Mohamad, Malaysia, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
The document provides guidance on best practices for writing internal audit reports. It discusses the purpose of the report, recapping fieldwork, closing meetings, report format, spelling and grammar, review and delivery processes, and intended readership. The presentation covers sections to include in an audit report such as the executive summary, findings, and appendix. It emphasizes clear communication, accuracy, and timeliness.
It explains the IASB’s conceptual framework and the advantages and disadvantages of such a framework. It also gives vivid explanation on the contents of the conceptual framework
Integrating Gender in the M&E of Health Programs: A ToolkitMEASURE Evaluation
This document introduces an integrated gender toolkit for monitoring and evaluating health programs. The toolkit was developed to provide guidance on integrating gender considerations into health program M&E activities. It includes modules on developing a rationale, identifying stakeholders, building a gender-integrated M&E plan, and developing an implementation plan. Each module includes activities and tools to help programs collect sex-disaggregated data, analyze how programs impact gender norms and inequalities, and improve health outcomes. The overall aim is to equip programs with the resources needed to understand the relationship between gender and health and incorporate gender perspectives into their M&E practices.
This document is a project report submitted by Hitesh M Vekhande, a student of M.Com Part 1 at Ssss Arts, Commerce & Science College in Wada, India. The project is on International Financial Reporting Standards (IFRS) under the guidance of Dr. J.K. Kavtekar. It includes a declaration, acceptance, acknowledgements, table of contents and introduction on IFRS. The objectives of IFRS and elements of financial statements such as assets, liabilities and equity are discussed.
This document summarizes key findings from the 2019 Global Family Office Report. It was prepared by Campden Wealth Limited using proprietary data and analytics to profile family office characteristics. The information is intended solely for specific clients and is non-commercial in nature. It does not constitute investment research or advice. Certain services mentioned may be subject to legal restrictions in some jurisdictions. UBS and Campden Wealth Limited provided the information for informational purposes only and make no guarantees as to its accuracy or completeness.
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
Strategic Planning Models by Dr. Eusebio F. Miclat Jr. Development Planning &...Jo Balucanag - Bitonio
The document discusses various planning models and concepts:
1. It describes several planning models including rational, incremental, transactive, advocacy, and radical models.
2. It also summarizes different planning process models including situational analysis, goal setting, policy formulation, project identification, implementation, and evaluation.
3. Key components of planning are identified as information inputs, planning tools, organization, activities, and outputs which include plans, strategies, and performance evaluation.
A 2nd 90 minute webinar was hosted by the IAASB to discuss the key revisions to the auditor’s risk identification and assessment procedures, as introduced through the recently published ISA 315 (Revised) Exposure Draft. Listen to IAASB Task Force Chair Fiona Campbell as she goes through specific questions sent from stakeholders about the changes we are proposing.
The document discusses the accounting challenges faced by Indian companies in accounting for mandatory corporate social responsibility (CSR) activities required under Section 135 of the Companies Act. There are no clear accounting standards for CSR activities in India, which are considered "not-for-profit" in nature. Internationally, not-for-profit activities are governed by the International Public Sector Accounting Standards (IPSAS), while for-profit business activities follow the International Financial Reporting Standards (IFRS). The lack of accounting guidelines for CSR in India, as well as the need to comply with both IPSAS and IFRS for consolidated reporting, poses challenges for Indian companies in appropriately accounting for their CSR programs.
Measuring performance of the public sector-problems and appraochesminiverma1
The document discusses various approaches to performance measurement in government organizations. It describes traditional, uni-dimensional approaches that focus mainly on financial and output measures, and their limitations. It then introduces multi-dimensional approaches like the Balance Scorecard and Public Sector Value Model that provide a more holistic view of performance across financial and non-financial factors, and link performance measurement to organizational strategy and outcomes. Key benefits and challenges of these different performance measurement frameworks are also highlighted.
The document provides an overview of auditing the business process outsourcing (BPO) industry. It discusses the nature and background of the BPO industry, including how BPO works and the different types of services BPO companies provide. It notes that BPO remains a strong trend and accounts for 10-15% of the global BPO market, with the Philippines consistently ranking among the top destinations. The document outlines the objectives of understanding the specialized industry, learning Philippine statistics and updates, and identifying audit considerations.
Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. It consists of five components: control environment, risk assessment, control activities, information and communication, and monitoring activities. The components work together to help ensure reliable financial reporting, effective and efficient operations, and compliance with laws and regulations. Internal control is important for both management and external auditors, and while it cannot provide absolute assurance, it helps reduce risks of failure to achieve goals.
This document contains a table of contents listing accounting standards from the International Financial Reporting Standards (IFRS) framework and glossary terms from IFRS 1 through IFRS 15. The table of contents provides an overview of key concepts covered in each standard, such as recognition of assets and liabilities in IAS 1, measurement of inventories in IAS 2, and disclosure of operating segments in IFRS 8. The introduction also defines fundamental accounting concepts from the IFRS framework, including accrual basis, materiality, and recognition and measurement of financial statement elements.
This document discusses various approaches to constructing accounting theories, including pragmatic, syntactic, semantic, normative, and positive approaches. It also addresses differences between scientific and naturalistic perspectives. Accounting theory has evolved from a normative approach focused on deriving true income and decision usefulness to a more positive descriptive approach based on real-world experiences. Developing auditing theory mirrors this evolution and the document discusses early normative auditing theories as well as more recent positive experimental research on auditing judgments and decision making.
The era of nineties has created a new breed of entrepreneurs whose quest for finance is unending. The lending institutions, on the other hand, have become choosy due to, among other reasons, mounting Non-performing Assets (NPAs). All this has led to increased pressure on the availability of finance to the entrepreneurs. In this setting, careful consideration of Project Appraisal and Financing holds the key to survival.
COSO's Internal Control - Integrated Framework.
Includes:
Objectives;
Components;
Principles relating to the components and
Point of Focus assisting users in determining whether the principles are present and functioning
The document provides guidance on grant development and management processes for local NGOs in West Ethiopia. It discusses key topics such as conceptualizing grants, the grant lifecycle from the perspective of both grant makers and recipients, prerequisites for obtaining grants, types of grants, seeking grants proactively or reactively, and the grant proposal writing process. The three main stages of the grant management process for grant makers are presented as the pre-award, award, and post-award stages. For grant recipients, the key aspects include meeting grant requirements, reporting on progress and results, and closing out the grant. Detailed steps are provided for activities in each stage to help NGOs effectively develop, obtain, and manage grants.
Presentation by Vincent Tophoff, Senior Technical Manager, IFAC, for the Institute of Internal Auditors International Conference, in Vancouver, Canada, July, 5-8 2015.
The document discusses the purpose and functions of an internal audit department. It defines internal auditing as an independent process that evaluates risk management, controls, and governance to improve an organization's operations. An internal audit department is necessary to comply with regulations like SOX, ensure proper financial and risk controls, and review operations for effectiveness and compliance. The department performs several types of audits, including financial, operational, compliance, and special investigations audits. In conclusion, having an internal audit reduces risks for a company through systematic evaluation of controls, operations, and compliance.
International Standards on Auditing - SummarizedFawad Hassan
The document provides an overview of International Standards on Auditing (ISAs) related to planning and conducting an audit. It discusses the objectives, definitions, and requirements of several key ISAs, including ISA 200 on overall audit objectives, ISA 210 on agreeing audit terms, ISA 230 on audit documentation, and ISA 300 on audit planning. The document is intended as reference material for understanding the international standards that govern audits.
Developments in performance budgeting - Zulkhairil Amar Mohamad, MalaysiaOECD Governance
This presentation was made by Zulkhairil Amar Mohamad, Malaysia, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
The document provides guidance on best practices for writing internal audit reports. It discusses the purpose of the report, recapping fieldwork, closing meetings, report format, spelling and grammar, review and delivery processes, and intended readership. The presentation covers sections to include in an audit report such as the executive summary, findings, and appendix. It emphasizes clear communication, accuracy, and timeliness.
It explains the IASB’s conceptual framework and the advantages and disadvantages of such a framework. It also gives vivid explanation on the contents of the conceptual framework
Integrating Gender in the M&E of Health Programs: A ToolkitMEASURE Evaluation
This document introduces an integrated gender toolkit for monitoring and evaluating health programs. The toolkit was developed to provide guidance on integrating gender considerations into health program M&E activities. It includes modules on developing a rationale, identifying stakeholders, building a gender-integrated M&E plan, and developing an implementation plan. Each module includes activities and tools to help programs collect sex-disaggregated data, analyze how programs impact gender norms and inequalities, and improve health outcomes. The overall aim is to equip programs with the resources needed to understand the relationship between gender and health and incorporate gender perspectives into their M&E practices.
This document is a project report submitted by Hitesh M Vekhande, a student of M.Com Part 1 at Ssss Arts, Commerce & Science College in Wada, India. The project is on International Financial Reporting Standards (IFRS) under the guidance of Dr. J.K. Kavtekar. It includes a declaration, acceptance, acknowledgements, table of contents and introduction on IFRS. The objectives of IFRS and elements of financial statements such as assets, liabilities and equity are discussed.
This document summarizes key findings from the 2019 Global Family Office Report. It was prepared by Campden Wealth Limited using proprietary data and analytics to profile family office characteristics. The information is intended solely for specific clients and is non-commercial in nature. It does not constitute investment research or advice. Certain services mentioned may be subject to legal restrictions in some jurisdictions. UBS and Campden Wealth Limited provided the information for informational purposes only and make no guarantees as to its accuracy or completeness.
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
Strategic Planning Models by Dr. Eusebio F. Miclat Jr. Development Planning &...Jo Balucanag - Bitonio
The document discusses various planning models and concepts:
1. It describes several planning models including rational, incremental, transactive, advocacy, and radical models.
2. It also summarizes different planning process models including situational analysis, goal setting, policy formulation, project identification, implementation, and evaluation.
3. Key components of planning are identified as information inputs, planning tools, organization, activities, and outputs which include plans, strategies, and performance evaluation.
A 2nd 90 minute webinar was hosted by the IAASB to discuss the key revisions to the auditor’s risk identification and assessment procedures, as introduced through the recently published ISA 315 (Revised) Exposure Draft. Listen to IAASB Task Force Chair Fiona Campbell as she goes through specific questions sent from stakeholders about the changes we are proposing.
The document discusses the accounting challenges faced by Indian companies in accounting for mandatory corporate social responsibility (CSR) activities required under Section 135 of the Companies Act. There are no clear accounting standards for CSR activities in India, which are considered "not-for-profit" in nature. Internationally, not-for-profit activities are governed by the International Public Sector Accounting Standards (IPSAS), while for-profit business activities follow the International Financial Reporting Standards (IFRS). The lack of accounting guidelines for CSR in India, as well as the need to comply with both IPSAS and IFRS for consolidated reporting, poses challenges for Indian companies in appropriately accounting for their CSR programs.
The document discusses International Public Sector Accounting Standards (IPSAS) and the IPSAS project at the UN's Food and Agriculture Organization (FAO). It provides an overview of IPSAS and its importance, outlines what the FAO's IPSAS project will involve, including implementing a new accounting system and financial reporting, and lists some of the benefits IPSAS will bring such as increased confidence, credibility, effectiveness and better decision making. It also presents a timeline for the project and highlights the role and importance of getting support and involvement from stakeholders like the AG department.
Accounting Standards for Government Entities other than Government Business Enterprises (GBEs). This accounting standard is international standard for Governments, Government Autonomous bodies, Government Financial Institutions (not commercial entities). IFRS is international standard for Corporates, which is applicable to Government Business Enterprises. Different nations have adopted and adapted the IPSAS, Cash or Accrual or modified Cash IPSAS. Governments has named the standards by the name of respective Governments. The presentation covers IPSAS 1: Presentation of Financial Statement
IPSAS 2: Cash Flow Statement
IPSAS 3: Accounting Policies, Changes in Accounting Estimates & Errors
IPSAS 4: Changes in Forex Rate
IPSAS 5: Borrowing Cost
IPSAS 6: Consolidated and separate FS
IPSAS 7: Investments in Associates
IPSAS 8: Interest in Joint Venture
IPSAS 9: Revenue from Exchange Transactions
IPSAS 10: Financial Reporting in Hyperinflationary Economies
IPSAS 11: Construction Contract
IPSAS 12: Inventories
IPSAS 13: Leases
IPSAS 14: Events after the Reporting Date
IPSAS 16: Investment Property
IPSAS 17: Property, plant & Equipment
IPSAS 18: Segment Reporting
IPSAS19: Provisions Contingent Liabilities & Assets
IPSAS 20: Related Party disclosures
IPSAS 21: Impairment of Non-Cash Generating Asset
IPSAS 22: Disclosure of Financial Information About the General Government Sector
IPSAS 23: Revenue from Non-Exchange Transactions(Tax & Transfer)
IPSAS 24: Presentation of Budget information in FS
IPSAS 25: Employee Benefits
IPSAS 26: Impairment of Cash Generating Asset
IPSAS 27: Agriculture
IPSAS 28: Financial Instrument Presentation
IPSAS 29: FI: Recognition & Measurement
IPSAS 30: Financial Instrument Disclosure
IPSAS 31: Intangible Asset
IPSAS 32: Service Concession Arrangements: Grantor
Managed Services refers to the practice of using specialized service providers for executing specified operating tasks leading to cost & delivery efficiencies and releasing management bandwidth for mission critical activities.
Telecom, BFSI, IT, ITES, Consumer Products
Dankwambo transition to ipsas and their impact on transparency, a case study ...icgfmconference
The document summarizes Nigeria's transition to adopting International Public Sector Accounting Standards (IPSAS). It discusses Nigeria conducting a gap analysis between its existing accounting standards and IPSAS requirements. Several gaps were identified, including issues around the legal framework, accounting for external assistance, consolidation of controlled entities, and timeliness of financial reporting. Nigeria developed a work program to address the gaps through actions like consolidating controlled entity cash flows and improving timeliness of financial statement submission. Successful adoption of IPSAS requires conditions like a sound cash-based accounting system, political support, technical capacity, and automated information systems.
This document provides a summary of key International Public Sector Accounting Standards (IPSAS). It lists the IPSAS standards and their corresponding International Financial Reporting Standards (IFRS) standards. Some of the key IPSAS standards summarized include IPSAS 1 on the presentation of financial statements, IPSAS 2 on cash flow statements, and IPSAS 3 on accounting policies and errors. The document also highlights some of the differences between IPSAS and IFRS standards.
This document outlines store accounting procedures for a company. It discusses pricing of purchased and returned materials, material receipt accounting, issuing materials from the store, and physical verification of store stock. Key functions of the store include procurement, keeping, and accounting. Materials are priced according to their source and type of return. Physical verification is conducted annually to identify any differences in recorded and actual stock quantities.
Carlos Sousa has over 25 years of experience leading technology projects and ensuring alignment between business objectives and technology investments. He has a track record of successfully delivering projects on time and on budget across different industries. Sousa is passionate about strategy, governance, and results and has managed multi-million dollar budgets and teams of over 60 professionals.
1. Ivan Cindric is a Practice Director at ICCA Montreal providing accounting, financial consulting, and project management services.
2. He has over 15 years of experience in financial accounting, reporting, auditing, and compliance working for multinational companies.
3. His experience includes directing operations for Rio Tinto Alcan, executing due diligence for mergers and acquisitions, and providing consulting services to companies in various industries on financial reporting, internal controls, and process improvements.
This document is a resume for Ivan Cindric, who has over 15 years of experience in accounting, finance, and business leadership. He has held roles such as Project Controller, Practice Director, and Senior External Reporting Analyst. He has expertise in financial accounting, standards, reporting, IFRS, GAAP, audit, and consulting. He has worked with many large multinational companies and provided services including financial and tax strategies, compliance, internal controls, and resolving complex accounting issues.
Kaleena Hester has over 15 years of experience in finance and project management roles at J.P. Morgan. She is currently leading the CIB IAS Remediation Program and previously led the CIB NBIA Program. She has a proven track record of successfully implementing global programs and initiatives, developing governance structures, and partnering across business units. Prior to J.P. Morgan, she held various finance and accounting roles in industries such as insurance, telecommunications, and professional services.
This document provides a summary of an individual's experience and qualifications for a senior financial management role. Over 16 years of experience is highlighted across accounting, financial management, operations management, team leadership, and consulting roles. Specific experiences mentioned include managing accounting operations and teams, financial reporting, internal controls, process improvement, and client relationships. A range of core competencies are also listed such as accounting, business partnering, and issue management.
Hajer Jaouani is an experienced internal audit consultant offering over 15 years of experience in internal audit, risk management, and compliance. She has expertise in a variety of industries including real estate, healthcare, and telecommunications. Jaouani has held senior roles at PricewaterhouseCoopers and Bell Canada where she led internal audit engagements, assessed risks, and tested internal controls. She is proficient in audit standards and frameworks including COSO and Sarbanes-Oxley.
David Cyr is an experienced Financial Services executive with over 35 years of experience leading teams and implementing transformational change initiatives. He has held executive roles at Royal Bank of Canada, IBM Canada, and Canadian Imperial Bank of Commerce. Some of his accomplishments include leading the implementation of new systems to support wealth management, rebuilding application teams, and launching a new US retail banking capability. He is recognized for his ability to effectively link technology, business processes, and people to deliver significant change.
Gregory J. Lengen has over 20 years of experience in financial services and technology consulting, currently serving as Director of Technology Management Services at Fidelity Investments where he leads programs in portfolio management, process improvement, and executive reporting. Prior to Fidelity, he worked for 10 years as a senior consultant at CGI-AMS providing program management, analysis, and project leadership for clients in the insurance industry. He holds an MBA in Finance and Accounting from the University of Connecticut and is a certified Project Management Professional.
Steven Carpenter is a senior business project manager with experience leading finance and procurement transformation projects across many industries. He has expertise in full project lifecycles from problem definition to implementation using both Waterfall and Agile methodologies. Steven enjoys stakeholder management and has led teams of up to 30 personnel on projects ranging from £200k to £1m. He is a PRINCE2 Practitioner and qualified accountant with a track record of delivering business transformation programs.
Exceptionally well qualified Senior IT Executive with PROVEN TRACK RECORD . Twenty (20) years’ experience, successfully leading programs, practices and business development as large as $60 million. Accustomed to large, complex initiatives, responsible for a hundred plus resources and multi-million dollar budgets. Proven track record of using varied business processes and technologies enabling clients to achieve their overall strategic, tactical goals and business cases. Strong ability to provide valued leadership and build effective, high energy teams needed to support the development of effective, complex global solutions for companies across matrixed management environments
Anthony Scarfo has over 20 years of experience in business transformation, shared services, and finance. He has established shared services centers for several large multinational companies and implemented SAP systems on a global scale. Some of his roles include interim head of shared services at Jimmy Choo, leading shared services projects at Tate & Lyle and Coca-Cola Hellenic, and programme managing a tax compliance project at Barclays. He possesses strong skills in process optimization, technology selection, and managing complex transformation programmes.
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Challenges for ipsas_adoption_-_final_-_1_nov_2011
1. Overcoming the Challenges of
IPSAS Transition
Transition Strategies for:
Successful IPSAS Implementation
2. Agenda
• Introductions
• Overall Planning and Project Management
– Transition scoping
– Methodology for implementation
– What is driving the decision to adopt IPSAS?
– Choices and Their Impacts on Implementation
– Who Should be part of the IPSAS transition team?
• High Impact Areas for IPSAS Transition
• Treatment of Presentation of Financial Statements
Considerations
• Treatment of Fixed Assets and Considerations
• Cash versus Accrual Accounting
• IPSAS PARTNER Demonstration
• Closing Remarks and Questions and Answers
3. Seminar Materials Disclaimer
• Presenters at the seminar have prepared materials for
the interest of participants. We trust that you will find
the materials useful, but given the changing nature of the
topic matter and the summary level of today’s
presentation, neither presenters, nor Issues Central, Inc.,
can warrant that the use of the materials would be
adequate to discharge the legal or professional liability of
participants in the conduct of their practice or business
operations.
4. About Issues Central, Inc.
• To support our IPSAS consulting practice, Issues Central introduced IPSAS
PARTNER. The world’s first transition product for IPSAS conversion. IPSAS PARTNER
is the leading software solution to help automate and streamline the transition
from local government accounting standards to IPSAS with ongoing IPSAS
compliant financial reporting.
•Global website: www.ipsaspartner.com
•To support our IFRS consulting practice in 2008 Issues Central introduced the
world’s first GAAP-‐to-‐IFRS transition product -‐ IFRS PARTNER. IFRS PARTNER is the
leading software solution worldwide to help automate and streamline the
transition from local GAAP to IFRS (and then provide ongoing IFRS compliant
financial reporting.
• Global website: www.ifrspartner.com
5. Seminar Presenter: Catherine Connally, CIA
• Catherine Connally has over twenty-‐five years experience in financial
management and compliance, internal audit and executive management. She
began her career in the extractive sector with internal audit responsibilities in
both the mining and oil & gas sectors with Atlantic Richfield and British
Petroleum.
• She is a well known technology and compliance sector entrepreneur having
started technology businesses in both the United States and Canada.
• She has provided seminars and workshop to over one thousand organizations
Catherine Connally around the world on IFRS transition and related financial compliance activities.
CIA • Catherine is a co-‐author and primary architect of industry leading financial
President of Issues transition and compliance products including IFRS PARTNER for GAAP to IFRS
Central, Inc and CFO PARTNER for Sarbanes-‐Oxley compliance.
• She graduated in finance with honours from the University of Colorado at
Boulder and is a Certified Internal Auditor.
• She has extensive knowledge of International Financial Reporting Standards
(IFRS) and her lead role in the development of the IFRS PARTNER product has
led to the market success of the product with over two hundred organizations
in all key business sectors. Ms. Connally is a frequent speaker on IFRS transition
and internal controls.
6. Seminar Presenter: Charley Best, MBA
• Charley Best has over 25 years of experience in executive management and
consulting roles across the manufacturing, technology, and services sectors. He is
an authority on the application of sound project management techniques to
complex projects such as the transition to international financial reporting
standards (IFRS) in various national settings.
• At Issues Central, Inc. (ICI) Charley has organized the company’s IFRS campaigns
across Canada, the United States and abroad to bring over 200 companies to the
new IFRS standards. Charley has worked extensively with companies and
regulators in Canada, the United States, South Africa, and recently Nigeria, to
Charley Best develop and deliver methodologies and tools to streamline costs and time-‐to-‐
MBA comply for areas such as IFRS transition, Sarbanes-‐Oxley Act of 2002, NI 52-‐109,
Vice President of and Executive Compensation Disclosure.
Issues Central, Inc.
• He is in charge of ICI’s IFRS activities in Nigeria and since November 2010 he and
(Toronto, Canada) and
his team have provided IFRS TRAINING and training to over 100 organizations
including regulators, NSE listed firms, government entities and external auditors.
• He is also the main project architect behind the IFRS Transition Program series for
Insurance, Manufacturing and other sectors in Nigeria. Charley is a best-‐selling
author of the Manufacturing Systems Implementation Methodology (MSIM) first
published in 1988. He has a BA from Queen’s University in Kingston, Ontario,
Canada and an MBA from York University in Toronto, Canada.
7. Seminar Presenter: Marc Neal, CMA
• Marc Neal has over 27 years of experience in accounting and
executive financial and project management roles.
• His international accounting experience includes ad Deputy
Director Finance for the Supply Division and Agency of the North
Atlantic Treaty Organization (NATO). In that role he successfully
transitioned NATO from cash accounting to full accruals accounting
using IPSAS. The project deliverables included application
standards for the 21 reporting entities, and sample disclosure notes
that would be adapted to individual entity reporting requirements.
Marc Neal, • This four year implementation of IPSAS also involved dealing with
the following related issues: refining and implementation of new
CMA
IPSAS PARTNER –
projects both IT and construction related; handling change
Product Manager management issues related to internal development projects;
successful implementation Oracle 7 ERP solutions; establishment of
Activity Based Costing (ABC); review of contracts, MOUs and
implementing agreements; oversaw the execution of operational
budgets in excess of 1.5 billion Euros; providing internal financial
management reports for the use of the board of directors and
senior management; and lastly the management of 32 staff.
• Marc is a graduate of the University of Ottawa, Ontario, Canada
and is a Certified Management Accountant (CMA).
9. Overall Planning
Transition scoping and diagnostic:
The overall steps to a successful IPSAS transition
encompass the following:
– Identification of an appropriate transition team
• All individuals who will participate as project team
members and advisors
– Identifying the optimal implementation criteria
across the entities impacted entities
10. Overall Planning (cont’d)
Transition scoping and Diagnostic
The overall steps to a successful IPSAS transition
encompass the following:
– Cross functional areas to be evaluated in addition
to the finance and accounting areas such as:
• Business processes,
• ITC requirements,
• the audit function,
• stakeholder management and
• change management areas
11. Overall Planning (cont’d)
The overall steps to a successful IPSAS transition
encompass the following:
– Engagement of the External Audit Function:
• Court of Auditors,
• internal auditors,
• audit committees, and
• senior financial expert body
12. Methodology for implementation
• The choices you make when implementing
across the various levels and entities are
critical
• There are many potential ways to approach
the adoption of IPSAS.
– Careful consideration should be taken to
evaluate the impact in the following areas:
• What is the time line for implementation?
• At what level will consolidation take place?
• What are the spheres of influence between entities?
• Can certain parts of the entity implement first without
an adverse impact on other areas?
13. Methodology for implementation (cont’d)
– Careful consideration should be taken to
evaluate the impact in the following areas:
• What are the future chart of accounts requirements?
• How will future changes in chart of accounts be
accommodated?
• What is the level of IPSAS competence within the
entities?
• Will a phased in approach be utilised?
• Will a phased-‐in approach be taken to accommodate
training requirements?
14. Choices and Their Impacts on Implementation
IPSAS versus a custom set of standards:
• Developing a set of national public sector
custom set of standards:
– Takes many years to develop
– Independence from international influence
– May put the organisation on its own as opposed
to part of the international community
• Very costly to develop in terms of staff
availability = high opportunity cost
15. Choices and Their Impacts on Implementation (cont’d)
• Adopting IPSAS has many benefits which include:
– Reduced time to implementation,
– Lower opportunity costs,
– Comprehensive set of standards:
• Developed with combined world-‐wide expertise
• Benefit of evolving over many years and
• Are in line with IFRS
– IPSASB is comprised of experts from around the world
• Board has very good process for evaluating and setting
standards
– Standards are internationally recognized
• The standards address most situations governments and
public sector organizations face
– IPSAS is promoted by the World Bank
16. Choices and Their Impacts on Implementation (cont’d)
Incremental versus “Big Bang” implementation:
• A decision to implement IPSAS incrementally
may require significantly longer than a “Big
Bang” implementation
– but often provides a smoother transition and
does spread the cost over a longer period of time
• Incremental implementation will have an
impact on the ability to consolidate financials
• Scheduling IT system upgrade requirements is
difficult with an incremental approach
17. Who Should be part of the IPSAS Transition Team?
• The IPSAS Transition Team should be:
– A multidisciplinary team with representation from budget,
accounting, IT, Business functional areas,
• The basic team should have reporting lines to a
decision making committee
– such as an audit committee with financial Experts
• The team will need access to:
– Audit authority, or
– external auditors,
– to ensure that decisions can be supported within the audit
• The team will need to provide regular updates to the
Executive Board
18. What are Team Responsibilities?
• Team responsibilities include:
– Responsibility for project management,
– Accounting policy development
– Support for implementation
– Change management activities,
– Communications with auditors and executive
committees
– Training
22. Fixed Assets Issues and Valuation
• Within many public sector organizations, fixed
assets poses a great deal of difficulty
– Difficulties arise in terms of:
– assessing an initial value for assets, particularly
for large assets such as infrastructure, heritage
assets, artwork and so on
• Valuation choices and options include:
– historical cost,
– independent evaluators/appraisers
23. Fixed Assets Issues and Valuation
• There are choices to make
– To depreciate the asset over its useful life or
– To revalue on a periodic basis
• Within IPSAS, the choice to amortize or
revalue are made for each class of assets
• IPSAS allows for a 5 year transition period for
fixed assets
– from the first year of presenting IPSAS compliant
financial statements
24. Accrual & Cash Basis Accounting
Discussion and Advantages/Disadvantages
25. Reasons for Change to Accrual Accounting
• What is driving the decision to move to
accruals accounting?
– According to recent studies, there is an
increased drive towards the adoption of
accrual based accounting standards for the
public sector.
• Top reasons cited include:
– Increased transparency
– Increased insight into the use of and stewardship of
the public’s tax payments and the assets entrusted
to the government
– Overall better information for decision making
purposes
26. Cash versus Accrual Accounting
Advantages of Cash Accounting
• Simpler to maintain
• Data can be taken from minimal sources:
– bank statements
– cheque books
– deposit book
• Preparation of financial reports requires less time
because minimal adjustments are required when
prepared from cash records
• People with limited accounting knowledge can more
easily understand the financial reports
• Finalized financial reports can be prepared on demand
without the need for adjusting entries
27. Cash versus Accrual Accounting (cont’d)
Advantages of Cash Accounting
• Simpler to maintain
• Data can be taken from minimal sources:
– bank statements
– cheque books
– deposit book
• Preparation of financial reports requires less time
because minimal adjustments are required when
prepared from cash records
• People with limited accounting knowledge can more
easily understand the financial reports
• Finalized financial reports can be prepared on demand
without the need for adjusting entries
28. Cash versus Accrual Accounting (cont’d)
Disadvantages of Cash Accounting
• Financial reports do not represent the true financial
position and performance of the business
• This method does not comply with the accounting
concept of the matching principle
• Financial institutions may not accept this accounting
method when making loan applications
• It is an unreliable financial analysis and decision
making tool due to an incomplete picture of financial
commitments
• Performance comparisons are difficult:
– With previous period results and
– Other organisational benchmarks
29. Cash versus Accrual Accounting (cont’d)
Advantages of Accrual Accounting
• Provides a truer and fairer representation of the
financial position and performance of the organization
• Complies with accounting standard requirements
• Financial reports have more credibility with financial
institutions and investors
• More reliable financial analysis and decision making
tool with valid comparisons with prior periods and
benchmarks
• Positions the organization for future growth
– Accrual accounting system will eventually need to be
adopted
30. Cash versus Accrual Accounting (cont’d)
Disadvantages of Accrual Accounting
• More transactions are required to record the same
number of financial events
• More complex with the requirements to calculate
and manage the 'end of period adjustments' .
• Often requires the professional accounting training
to assist in preparation of the financial statements
• Greater requirement to retain all source documents
to help identify the timing and scope of revenues
and expenses
• Financial reports take longer to prepare since
income/expense adjustments require additional
investigation
31. Cash versus Accrual Accounting (cont’d)
• The benefits of accrual accounting are to ensure
transparency to stakeholders
• With accrual accounting, there is greater visibility
on assets and liabilities,
– This does not exist with a cash basis presentation
• In other words, presentation is more accurate
under accrual based accounting and more
comparable world-‐wide
• As a result the organization has a greater ability
to develop and track key performance metrics
32. The IPSAS PARTNER approach to
meeting your transition requirements
A step-‐by-‐step, GAAP-‐to-‐IPSAS methodology delivered as an easy-‐to-‐
use product with support and assistance
33. Product Benefits
• Rapid to deploy
• Cuts through the IPSAS fog and gets you working
immediately
• Create policies quickly and accurately
• Impact Assessment documentation easily customized
• Reporting will help you to substantiate your decision
making for audit committees and external auditors
• Works with Microsoft Office® tools
• Proven product and very affordable
• Various options for deployment
34. IPSAS PARTNER -‐ GAAP to IPSAS Transition
Step 5: Generate IPSAS policy
impact assessment Step 6:
details for review Generate IPSAS policy impact assessment
details documentation for
measurement, disclosures, systems,
business activities and internal controls.
Step 4: Step 7:
Review ‘Clean Slate” Document policy
Draft IPSAS Policies decisions for review and
generate adjustments and
Step 3:
Generate Scoping & IPSAS elections.
Diagnostic Reports
Step 8:
Step 2:
Prepare opening balance
Capacity
sheet, notes and quarterly
Building
comparatives.
on IPSAS Step 1:
START HERE Develop
Project Plan
35. Two Options for IPSAS PARTNER
• Option One:
– IPSAS PARTNER Software + Content plus
– Training and Support
36. Two Options for IPSAS PARTNER
• Option Two:
– Tailored workshops with experts on IPSAS
delivering capacity building with your peers
– As part of the workshops, assistance in
completion of project deliverables
– IPSAS PARTNER software + Content
– Training and Support
37. What you are about to see
Brief product demonstration:
• Quick overview of IPSAS PARTNER structure
• Then focus on:
– IPSAS Draft Policies with elections
– Disclosure checklists
– Helpful templates for calculations and analysis
– Impact Assessment documentation
– Graphical reporting for project management and
auditors
40. Special Pricing Available until 31 December
• For the first 25 organisations who become
IPSAS PARTNER customers
– There is a special 33% discount available for
placing an IPSAS PARTNER software order by
31 December
– If this is of interest to you, please contact us after
this session and we will put together a proposal
specially tailored to your organisation
41. Discussion and Questions
Note: you can use the chat feature to ask questions
or email mneal@issuescentral.com
42. Contact Information
• For sales and pricing information please
contact:
– Charley Best – Vice President
• E-‐mail: charleybest@issuescentral.com
• Tel: +14169771496 ext 112
• For questions about today’s seminar materials
please contact:
– Marc Neal – IPSAS Product Manager
• E-‐mail: mneal@issuescentral.com