What is IPSAS? Presentation Summary : IPSAS 16 Investment property. Questions Role Conclusion: Due to magnitude of change involved and the significant input required from users, the role of Senior Management is crucial. Provides an awareness of IPSAS. This video reviews IPSAS 1 : Presentation of Financial Statement . To ensure it is successfully implemented, we need your help and support. It is, on the contrary, an alternative perspective in the long list of IPSAS literature. Challenges and success factors: Africa 15 5. Agenda Explain what IPSAS is What an IPSAS Project means in the FAO Why we are doing this project How the project is organized Your role in the project, Explain Accounting standards: rules which govern how the financial position of an organization is presented in its audited financial accounts financial disclosure requirements. IPSAS 2 International Public Sector Accounting Standard 2, Cash Flow Statements, is set out in the objective and paragraphs 1–64. IPSAS Presentation to AG Senior Managers 1. All the paragraphs have equal authority. Consistency between IPSAS financial reporting and systems of national accounts (2) IPSASB’s cooperation with statistical community: 2004:IPSASsand Statistical Bases of Reporting –Analysis of Differences and Recommendations for Convergence 2004 -2006: Task Force For Harmonisationof Public Sector Accounting IPSAS online training The United Nations system organisations created the following online training courses for IPSAS: • CBT 1 – Orientation to IPSAS. This Handbook contains the complete set of the International Public Sector Accounting Standards Board pronouncements, the International Public Sector Accounting Standards, published as of January 31, 2018. International Public Sector Accounting Standards 3. 2 Umoja Overview. Dissatisfactions related to Confidence, credibility Does not meet international best practice Poor quality – not transparent, comparable, consistent (Oil for Food) Not complete picture of assets and liabilities of the Org Competitive disadvantage when competing for funding (WFP) Dissatisfactions related to Efficient, effective Current processes are piecemeal, built up over the years Not integrated - shadow systems to fill the gap (esp Field: Field Commitments, FDRs) Paper based processes (PRF, assets transfers and disposals) Do not support well current business requirements Slow to respond to new business requirements Dissatisfactions related to Better decisions Lack timely and comprehensive financial information Limited monitoring capability of field operations Incomplete financial information makes budgeting difficult and increase the risk of expense overruns Finance function is limited in its ability to effectively support the business, Transparent and reliable financial reporting leads to increased confidence and credibility Benefits Corporate benefits Transparent and reliable financial reporting Complete, comparable and readily understood In line with best practise international standards Same playing field as other orgs who have already adopted (WFP) Competitive advantage over those who have not Trust/confidence in the Orgs finances from member nations and donors Results in increased funding opportunities from Member Nations (IEE) and Donors (GEF) GEF has put as condition for funding Stay relevant, Better processes to respond to business requirements Benefits More efficient and effective business processes Streamlined processes and clearer procedures Greater level of integration esp Field (Field commitments, FDRs) Automation (PRF, assets transfers and disposals) Support and respond to business requirements Org to function as one – HQ/Field, Silo mentality – each dept resolves process problems in different ways, Foundation for better decision making and use of resources Benefits More financial information is available to managers and BHs – assets, inventory, field commitments, procurement BHs will have the information to be able to monitor field operations much more effectively More efficient use of resources Finance will better support the business – partner Better decisions, better management of the business, 19/11/08 Transition: Based on our understanding of past efforts and what we learned during planning, these are key factors for project success: Senior Management Support Identified at WFP as the single most important factor for a successful adoption of IPSAS Leading practices Business analysts are experienced in their area and supplemented by external experts PRINCE2 project management methodology Project governance established Broad and extensive user involvement (engage, collaborate) Project is structured to ensure participation of S&U from through out the Org Solutions don’t work if no buy in from users Project Board well represented – AFF, AFS, KCT, TC, OCD, PBE 50 planning workshops __ requirements workshops (list people from the Dept who have participated to date) To continue involving thru requirements, documentation, testing, implementation, training $2 million budgeted for resource requirements Realistic time, budget and quality Extensive planning and analysis of impacts Project funded - $13.9 million Resources mobilized Leading UN agency in recognizing feasibility of adoption Integration of FAS – realistic and feasible solution in the field – Recent analysis and conclusion of Oracle standard functionality in the field Quality – solutions for the Org that work: esp Field Communication Resource dedicated to communication and training Communication strategy and plan IPSAS intranet site Impact of changes already being discussed today Synergies with other projects. International Public Sector Accounting Standards (IPSAS) are a set of accrual-based accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. TIME: 8am to 5pm. This paper summarises the key differences between IPSAS and the current set of IFRS-based The objective of this standard is to prescribe the accounting treatment for inventories. The Manual also addresses the preparation of IPSAS compliant financial statements and answers common process related questions. • CBT 2 – Accrual Accounting under IPSAS – the basics. 1: Presentation of Financial Statements Objective: To set out the manner in which general purpose fi nancial statements should be prepared under the accrual basis of accounting, including guidance on their structure and minimum requirements for content. Nick has already addressed the SMM on the importance of Senior Management support so today I welcome the opportunity to give you in xx a better understanding of IPSAS and its benefits and why you have an important role in the Project. IPSAS Accrual Accounting Workshop- Jabatan Akauntan Negara 28-29 Aug2012. Part 2 is Non Mandatory ObjectiveThe purpose of this Standard is to prescribethe manner in which general purposefinancial statements should be presentedunder the cash basis of accounting. Studies, Research Reports, Invitations to Comment, etc ... IPSAS 20, 'Related Party Disclosures' IPSAS 21, 'Impairment of Non-cash-generating Assets' ... – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 15d6c9-N2EwO I would like to finish by showing you a quote from a recent letter from Mr. Philippe Séguin, Chair of the Panel of External Auditors, to Mr. Ban Ki-moon, Secretary-General of UN, where the importance of IPSAS implementation is emphasized. 2. a lack of a standard ... heavily on International Public Sector Accounting Standards (IPSAS) as the basis for the PBE standards, though it has taken pains to emphasis it will not adopt IPSAS wholesale. Countries and stage of adoption of IPSAS: Africa 14 4. Knowledge and contacts that Project does not have – need to work together User requirements Document Procedures Testing Implementation Support Change – provide us with honest feedback, raise issues Project will introduce a lot of change We provide training and procedures Need your help to manage this transformation Keep open mind Training Change the way we do things Organizational change (business process owners) Communicate Two way exchange Issues Initiatives 3. PBE IPSAS 6 (PS) Consolidated and Separate Financial Statements. Structure of the Standard Part 1 is Mandatory Part 1 of this Standard sets out the requirements for reporting under the cash basis of accounting. Retains and builds on existing accrual expertise & information 3. International Public Sector Accounting Standards (IPSAS) are a set of accrual-based accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. Part 2 is Non Mandatory Objective The purpose of this Standard is to prescribe the manner in which general purpose financial statements should be presented under the cash basis of accounting. PREFACE TO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS Introduction 1. IPSAS Disclosure Checklist 2018 2 IPSAS 26 — Impairment of Cash-generating Assets Mandatory February 2008 1 April 2009 IPSAS 27 — Agriculture Mandatory December 2009 1 April 2011 IPSAS 28 — Financial Instruments: Presentation Mandatory January 2010 1 January 2013 IPSAS 29 — Financial Instruments: Recognition and Measurement Mandatory January 2010 1 January 2013 2: Cash fl ow Statement Workshop on practical implementation of IPSAS Tuesday, 31 October 2017 Room XVII, Palais des Nations, Geneva Morning Session Presentation Presented by Ian Carruthers Chair International Public Sector Accounting Standards Board This material has … Objectives and key assumptions This guidance note is by no means another “best practice” for IPSAS implementation. What is IPSAS? 2.2.1 Work in progress arising under IPSAS 11 – Construction contracts; 2.2.2 Financial instruments (IPSAS 28 and IPSAS 29); 2.2.3 Biological assets related to agricultural activity and agricultural produce at the point of harvest (IPSAS 27); and 2.2.4 Work-in-progress of services to be provided for no or nominal consideration Ensuring key staff are made available to the Project Communicate the issues, initiatives we need to be aware of Help us manage this period of business transformation. 18 REVALUATION MODEL If an item of property, plant, and equipment is revalued, the entire class of property, plant, and equipment to which that asset belongs shall be revalued. The should be used a Preface What is IPSAS? The should be used a Preface embracing IPSAS. 1 Introduction. *The IPSAS Standards Information about the cash flows of an entity is useful in providing Current accounting standards are United Nations Accounting Standards IPSAS (accrual accounting): best practice for public sector and not for profit organizations. The International Public Sector Accounting Standards have been seen as a path towards the modernization of governmental accounting, and many countries have made efforts to adopt them. Focus is now on user requirements 6. The first set of IPSAS-compliant financial statements for the United UN mandate Finance Division - AFF 4. Overview of IPSAS Standards - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. IPSAS 2: Cash Flow Statement Objective. By | July 18, 2017 | | 0 Comments | Attachments: IPSAS 3 Accounting Policies by FCPA Injeni . This standard requires the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a cash flow statement which classifies cash flows during the period by operating, investing and financing activities. PREFACE TO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS Introduction 1. ACCOUNTING. The International Public Sector Accounting Standards have been seen as a path towards the modernization of governmental accounting, and many countries have made efforts to adopt them. Payment Authorization: The info captured as part of the receiving process, leads to opportunities to simplify and streamline the payment authorization process – scope expanded FAS Impacts Field not just HQ Key dependency for IPSAS compliance is FAS. Comprehensive – includes all flows, assets & liabilities 4. Accounting Manual Chapters. What is IPSAS? Main user participation: UR Testing Training 5. VENUE: Hilton Hotel, Nairobi. 2. regulation.ppt - regulation standard financial information accounting process financial statemen of public sector general accounting principles ipsas You can change your ad preferences anytime. International Public Sector Accounting Standards 3. Examples of synergies: Baseline Consolidation project – sharing Requirements/testing tool and may coordinate testing COIN/FPMIS – requirements for procurement and delivery Results-based management – communication and training Culture Change – sharing communication strategy IPA communication – participate in FAO Renewal communication Business Intelligence tool – mobilization of resources and reporting tools Manage risks Addressing key risks Resource constraints Ownership of major processes – Receiving and PP&E Consolidation Oracle standard functionality in the field, Now we will talk about Project Activities 1. PBE IPSAS 5 Borrowing Costs. Revenue from non-exchange transactions (IPSAS 23) and proposals for change; Other issues Application of IPSAS 17 (PP&E) and IPSAS 31 (Intangible assets) by public entities, including infrastructure and heritage assets; Borrowing costs (IPSAS 5, IAS 23) Inventories (IPSAS 12, IAS 2) Leases (IPSAS 13, IAS 17) and prospects for adoption of IFRS 16 international independent OECD, NATO, EC, Mandated by UN All UN orgs to adopt Already adopted by WFP Foundation/stepping stone for UN Business Harmonization – One UN. Introduces accrual accounting and the major changes it will bring to reporting financial information. IPSAS Project presentation to AG Department 09 September 2009 FAO I nternational P ublic S ector A ccounting S tandards. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Subsequent to a system-wide Steering Committee decision, system-wide IPSAS training courses are being distributed by email and will not be available from the CEB/Accounting Standards website. One of the critical factors for the success of the Project will be the degree of Senior Management support that we have. Overview of IPSAS Standards - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. IPSAS Project presentation to AG Department 09 September 2009 FAO I nternational P ublic S ector A ccounting S tandards 2. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Give examples Changes to these process have an impact through out the Organization Impact on Budget holders and admin staff throughout the Organization But opportunity to meet other Org requirements beyond accounting. IPSAS 8: Interests in Joint Ventures (superseded) IAS 31: IPSAS 9: Revenue from Exchange Transactions: IAS 18: IPSAS 10: Financial Reporting in Hyperinflationary Economies: IAS 29: IPSAS 11: Construction Contracts: IAS 11: IPSAS 12: Inventories: IAS 2: IPSAS 13: Leases: IAS 17: IPSAS 14: Events After the Reporting Date: IAS 10: IPSAS 15 Challenges and success factors: Africa 15 5. IPSAS 33 First-time adoption of accrual basis IPSAS IPSAS 31 Intangible assets. In addition to describing the principal presentation and disclosure requirements of financial statements prepared under IPSAS it also includes a comprehensive review the Recommended Practice Guideline (RPG 2) Financial Statement Discussion and Analysis. 2. 2 What is IPSAS? Contents Introduction 4 Executive Summary 5 1. Why is this such a Big Project – much more than just accounting. Financial Reporting Processes and Systems Decision making So why is FAO taking on such a big project? IPSAS 36 Investment in The Cash Basis IPSAS Structure of theStandardPart 1 is MandatoryPart 1 of this Standard sets out therequirements for reporting under the cashbasis of accounting. IPSAS 17: Property, Plant and Equipment (2)IPSAS 17: Property, Plant and Equipment (2) Example of PPE: Roads, water and energy equipment Telescopes Specialized research equipment Split assets into different components (b.v. top layer of a road, buildings, … Instructions up to December 2018 Meeting 11.1.2 Revenue Project Roadmap 11.1.3 Discussion Items Revenue – IPSAS 23 Update – EFRAG Discussion Paper 11.2.1 Revenue – Updating IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers) 11.2.2 Other Supporting Items EFRAG Discussion Paper Non-Exchange Transfers: a Role for *Institutional Framework for Setting Standards *The Standards: IFRS and IPSAS *The IPSAS Standards *Issues Peculiar to the Public Sector on Standards *Issues towards Accrual Accounting 1st year of compliance is 2012 2. 1. PBE IPSAS 4 The Effects of Changes in Foreign Exchange Rates. Overview of IPSAS Standards For Later, International Financial Reporting Standards. Sutcliffe, Paul (2006), "International Public Sector Accounting Standards (IPSASs) 1996 to 2006 -Progress and Status", Journal of Financial Management, August 2006. Thanks for that participation Next week ADG will be receiving a questionnaire on consolidation – key decisions to take early on: decide which entities we control and must consolidate. *The Standards: IFRS and IPSAS Countries and stage of adoption of IPSAS: Asia 8 2. *Issues Peculiar to the Public Sector on Standards IPSAS 26—IMPAIRMENT OF CASH-GENERATING ASSETS as adopted by the Maltese Government Issued DD/MM/YY This Standard was issued by the IPSAS Implementation Board pursuant to section X of the X Act 201X (v.2) المالي واعداد الموازنا... Clipping is a handy way to collect important slides you want to go back to later. embracing IPSAS. Countries and stage of adoption of IPSAS: Africa 14 4. It is, on the contrary, an alternative perspective in the long list of IPSAS literature. In addition to describing the principal presentation and disclosure requirements of financial statements prepared under IPSAS it also includes a comprehensive review the Recommended Practice Guideline (RPG 2) Financial Statement Discussion and Analysis. Contents of the Course •Session 1 – An Introduction to the Cash-Basis IPSAS •Session 2 – The Cash-Basis Standard: Some Crucial Definitions and the Concept of Control - Administrative and third party transactions •Session 3 – Presentation and Disclosure Requirements: model format for financial statements •Session 4 – Some General Considerations Project has mandate to streamline/automate where possible .We are addressing their needs. Contents of the Course •Session 1 – An Introduction to the Cash-Basis IPSAS •Session 2 – The Cash-Basis Standard: Some Crucial Definitions and the Concept of Control - Administrative and third party transactions •Session 3 – Presentation and Disclosure Requirements: model format for financial statements •Session 4 – Some General Considerations This course primarily relies on lecture and class discussion, although we also utilize in-class individual and group exercises to illustrate theory and practice relevant to financial decision-making regarding International Public Sector Accounting Standards (IPSAS). They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. *Institutional Framework for Setting Standards IPSAS No. UN mandate Finance Division - AFF 4. Implementation of system and procedural solutions in Q4 2011 3. 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