The fourth round of IPSAS Training of Trainers Program (ToT) was held in Batumi, Georgia, from January 20 to January 24, 2020. —Scope and applicability of IPSAS —Fundamental differences between cash and accrual accounting —Differences and commonalities between International Financial Reporting Standards (IFRS) and IPSAS <> <>/Pattern<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> endobj Government Business Enterprise (GBE) and supporting guidance • Removal of statement in most IPSAS that GBEs apply IFRS • Focus on non-commercial public sector entities with explanation and characteristics in IPSAS Preface. Furthermore, one third of the oversight mechanisms do not meet all the requirements of the international standards that have been emphasized by JIU in a series of recommendations over past decades. Note that there can be cases were an IPSAS stipulates that, in order to meet the objectives of financial reporting, other resources or other obligations have to be recognized in the financial statements (even if they do not meet the definition of an element). Companies that must comply. llentesque dapibus efficitur laoreet. Get IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition now with O’Reilly online learning. endobj IPSASB UPDATE 24 Social Policy Obligations •Disclosed liability: present value of future cash flows to all eligible participants at reporting date •No present obligation in respect of individual goods and services (e.g. A key goal of the WHO Reform is to improve managerial accountability, internal controls and the dissemination of financial information to stakeholders. The International Public Sector Accounting Standards (IPSAS) sets out recognition, measurement, presentation and disclosure requirements dealing with transactions and events in the general-purpose financial statements of all public sector entities. 24 Presentation of Budget Information in Financial Statements N/A Cash Financial Reporting Under the Cash Basis of Accounting No IFRS/IAS equivalent *The IAS are gradually being replaced with the corresponding IFRS and this table will be amended as these changes takes place. Venue: Ufanisi Hotel – Kisii . <> 6 0 obj (IPSAS or equivalent), benefits and challenges 18 Part 3: The future of the government finance function 30 List of survey respondents 38 Let’s talk 40. It has become mandatory for GAIN Ethiopia to adopt IPSAS to meet its financial reporting requirement. As a result there is no IFRS equivalent. explain the requirements of cash Basis IPSAS. However, there are a number of provisions 24: Presentation of Budget Information in Financial Statements. Exposure Draft 69, Public Sector Specific Financial Instruments, Amendments to IPSAS 41, Financial Instruments provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector. 5 0 obj IPSAS 24 is an IPSAS specifically for the public sector. In the bid to promote transparency and good governance in the public service, the Public-Sector Accounting Standards Board was constituted and the International Public Sector Accounting standards were endorsed in Kenya. Annex 4 shows the relationship between standards setting bodies. a) Briefly discuss the reporting requirements of IPSAS 24: Presentation of Budget Information, and justify the relevance of this standard in governmental budgeting and accountability b) The concept of Value for Money (VFM) in the public sector has been associated with the 5Es. <> IPSAS No. Transactions (Taxes & Transfers) Objective: To prescribe requirements for the financial reporting of revenue arising from non exchange transactions that give rise to an entity combination. It is based on the information available at the time it was completed in November 2013. IPSAS 24 requires a comparison of budget amounts and the actual amounts arising from execution of the budget to be included in the financial statements of entities which are required to, or elect to, make publicly available their approved budget(s) and for which they are, therefore, held publicly accountable. 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