IFRS and IPSAS Adoption
The global acceptance of IFRS as a basis for financial reporting for both public and private entities and other entities of public interest, such as state owned entities, non profit entities, creates a demand for highly trained financial professionals to implement such standards and principles. Even those with basic knowledge of IFRS and not involved in preparation of financial reports need to stay abreast of the current developments in financial reporting, as changes may affect the drafting of sales contracts and lease agreements, to name a few specific hot topics.
Currently over 9,000 European companies have converted to IFRS for financial reporting, countries such as Brazil, Canada, China, India, Japan, Malaysia, Nigeria, Russia, and the USA, are adopting or converging their financial reporting standards to IFRS. For public organisations and publicly traded private entities, IPSAS (International Public Sector Accounting Standards) provides a sounds basis to demonstrate sound accrual accounting and budgeting techniques, and with its emphasis on performance-based management being a core competency, requires entities to adopt a fresh and innovative approach to developing new skill sets. This course is appropriate for both the novice in IFRS financial reporting who needs to be up to date quickly, and the veteran financial professional who is looking for a refresher course which will address current issues and projects.
The course will be of value to professionals in the following areas:
- Financial managers.
- Managers of small and medium-sized enterprises.
- Senior managers.
- Tax accountants.
Upon completion participants will be able you to do:
- Understand IFRS reporting requirements for 2014 and beyond, the concepts and importance of both IFRS and IPSAS.
- Apply IFRS/IPSAS standards to ensure improved accountability via providing a complete and accurate view of an entities operations and performance
- Improve overall management and planning via the application of more precise estimates of income and expenditure and effective usage of assets and liabilities
- Understand the transition process from national GAAP to IFRS.
- Put theory into practice with real-world financial reports to compare and contrast along with case studies and exercises.
- Provide a strong system of support for Results-Based Management through achieving the development and utilisation of more comprehensive information about costs and cost budgets
- Achieve greater harmony within the entity’s reporting and financial statements as a way to encourage and enhance organisational goal congruence