Course 3285: IPSAS - For Employee Benefits and Provisions (1 day)

Transcription

1 Course introduction IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. The International Public Sector Accounting Standards Board (IPSASB) issues International Public Sector Accounting Standards (IPSAS) and Recommended Practice Guidelines (RPGs) relating to the financial reporting needs of national, regional and local governments and other agencies. This one-day course provides an overview of the most important requirements for preparing financial statements and disclosures under accrual based IPSAS with a specific focus on employee benefits and provisions. The IPSAS accounting and disclosure requirements are explained in clear, simple language and illustrated with model financial statements and real-world examples. Application of the standards applicable to employee benefits and provisions is illustrated through the use of short case studies. In addition to a review of current accrual basis IPSAS, our specialist instructors provide guidance on transitioning to the accrual basis relating to employee benefits and provisions. What are the current requirements for recognition, measurement and reporting on employee benefits? What are the current requirements for recognition, measurement and reporting on provisions and contingent liabilities? How should IPSAS compliant public-sector entities present employee benefits and provisions? What disclosures do IPSAS compliant public-sector entities provide on employee benefits and provisions? What is the impact of IPSAS 39 Employee Benefits, which replaces IPSAS 25 from 2018? What practical issues commonly arise when implementing IPSAS 39 and IPSAS 19? What are the recommendations for handling the transition from the cash to the accrual basis of accounting pertaining to IPSAS 39 and IPSAS 19? Topics Introduction to IPSAS Relevance of the IPSASB s Conceptual Framework Reminder of relevant aspects in relation to presentation and selection of accounting policies from IPSAS 1 Printed from on 20 Jul 2018 Page 1 of 5

2 Presentation of Financial Statements and IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors Expense recognition concepts in accrual accounting IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets Scope and issues in relation to social benefits Relationship between provisions and contingent liabilities Recognition of provisions Contingent liabilities Measurement of provisions and risks and uncertainties and use of discounting Reimbursements and provisions Application of the measurement and recognition rules for provisions to restructurings, onerous obligations and asset retirement (decommissioning) obligations Disclosure IPSAS 25 Employee Benefits Treatment of Short-term Employee Benefits Wages, salaries, etc. Compensated absences Benefits in kind Bonus payments and profit-sharing payments Post-employment Benefits Distinction between defined contribution and defined benefit plans Treatment of multi-employer plans and plans shared by entities under common control Insured schemes Accounting for defined contribution plans Accounting for defined benefit plans Funded and unfunded plans Actuarial method used to measure the plan liability Qualifying plan assets and their measurement Determining current pension expense Treatment of actuarial gains and losses Utilizing the corridor method to amortize actuarial gains and losses Curtailments and settlements Presentation Disclosure requirements Illustrative disclosures Printed from on 20 Jul 2018 Page 2 of 5

3 Transition by first-time adopters Other Post-employment Benefit Plans Types of benefits encountered Simplified method of accounting Termination Benefits Relationship with IPSAS 19 IPSAS 39 Employee Benefits (replaces IPSAS 25 for periods beginning on or after 1 January 2018) Differences between IPSAS 25 and 39 Defined benefit plans - recognition, presentation and disclosure Other changes Teaching method Group live instruction with interactive participation encouraged Review of the rationale, objective and scope of IPSAS Description and explanation of IPSAS requirements in clear and simple language Use of case studies and real-world examples to illustrate practical application of the standards Interactive participation will be encouraged All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials Prerequisites Understanding of basic accounting principles based on any national standards in the public sector. No advance preparation is required for this course. Course benefits Understand the impact of applying IPSAS 25 on accounting for retirement-benefit costs Appreciate the impact of the corridor method for amortizing unrecognized gain/loss Determine how to calculate the pension asset/liability in the statement of financial position Understand accounting for short-term benefits including compensated absences (e.g. holiday and sick time) Apply recognition rules to deferred compensation, bonus and profit-sharing arrangements Printed from on 20 Jul 2018 Page 3 of 5

4 Understand measurement for defined contribution plan and defined benefit plans Be up-to-date with latest developments regarding employee benefits and provisions Testimonials See what past participants said about this course: IASeminars contributed directly in my learning of relevant material presented and provided. Willem von Bratt, Senior Accounting Officer, International Organization for Migration (IOM), Switzerland Very accurate and comprehensive course for the time allocated. Truly professional. Cameron Woods Who should attend? Public sector controllers, accountants, finance professionals, consultants and auditors looking to expand their knowledge of the IPSAS requirements relating to the financial reporting of employee benefits and provisions. Public sector payroll and employee benefits staff. CPE / CPD Accreditation NASBA IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: Field of study: Accounting Printed from on 20 Jul 2018 Page 4 of 5

5 ICAEW Partner in Learning IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs. Texas State Board of Public Accountancy IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. In House To bring this course in-house please contact us and we will be pleased to assist Printed from on 20 Jul 2018 Page 5 of 5