Course description
How well a government agency or other public organization manages public funds and other assets is measured by its financial reports. Financial reporting facilitates decision-making and fosters a culture of openness, transparency, and accountability.
What are the financial reporting standards?
Financial reporting standards, also known as International Financial Reporting Standards (IFRS), are accounting standards approved by the International Accounting Standards Board (IASB). They are considered the standardized method of defining a company’s financial position and performance in a way that is easily understandable across different international boundaries. They are most used by public companies listed on a public stock exchange, including fair presentation, accrual basis, no offsetting, materiality, and aggregation.
What is the difference between public-sector accounting and private-sector accounting?
While there are similarities between public and private sector accounting practices, the concepts differ. Public sector accounting deals with the activities of independent accountants who review a company’s financial documents and statements for completeness and accuracy before they are disclosed to the public. Private sector accounting involves recording business transactions and setting up systems integrated into a company’s financial statements; such statements are for the consumption of stakeholders and executives of the company as opposed to members of the public.
The Public Sector Financial Reporting and Accounting Certification Course by Rcademy is designed for participants with adequate knowledge and insights into public sector financial reporting practices and contribute to their understanding of proper public sector accounting practices and methodologies. Emphasis will be on public sector financial reporting and accounting utilizing the Public Sector Financial Reporting (PSFR) and International Public Sectors Accounting Standards (IPSAS). Participants attending this Rcademy course will also be exposed to the various processes involved in preparing and presenting financial statements, budgeting, and interpreting financial instruments.
Upcoming start dates
Suitability - Who should attend?
The Public Sector Financial Reporting and Accounting Certification Course by Rcademy will provide attendees with the in-depth knowledge and skills required to succeed within the public sector financial reporting and accounting field. At the close of the course, participants would have learned the following objectives on how to:
- Evaluate and assess the economy and its implication within public sector accounting practices
- Provide relevant solutions to outstanding financial obligations and commitments
- Understand the rudiments of financial reporting and the principles involved in the creation of financial statements
- Evaluate various international financial accounting instruments such as International Public Sector Accounting Standards (IPSAS)
- Understand the framework and principles vital in financial reporting within the public sector
- Assess and measure accountability concerning public sector financial reports
- Explain the differences between public-sector accounting and private-sector accounting
- Determine the circumstances under which assets and liabilities are in line with the International Public Sector Accounting Standards (IPSAS)
- Possess the necessary skills needed for navigating and managing cashflow statements, changes and errors, and accounting policies
- Understand the rudiments involved in working with financial teams and executing processes necessary for the creation of public financial statements
Training Course Content
Module 1: Introduction to Financial Reporting
- Definition of Terminologies
- Principles of Financial Reporting
- Fundamentals of Financial Reporting
- Key Concepts in Financial Reporting
– Assets
– Equity
– Liabilities
– Revenue
– Expenses - Types of Financial Reports
– Balance Sheets
– Cashflow Statements
– Income Statements
– Statement of Equity - Benefits of Financial Reporting
- Financial Reporting in Hyperinflationary Economies
- Structure of Financial Reporting Systems
Module 2: Fundamentals of Public Sector Accounting
- Introduction
- Principles of Public Sector Accounting
- Key Accounting Concepts
– Prudence
– Consistency
– Materiality
– Historic cost - Objectives of Public Sector Financial Management
- Role of fiscal policies
- Role of central treasury
- Budget preparations
- Budget approvals
- Annual/ mid-term budget
- Budget circle and formulation
Module 3: The Statement of Financial Position and Income Statements
- Financial assets and liabilities
- Types of financial assets
– Tangible Assets
– Intangible Assets - Inventories
- Revenue recognition principles
- Purpose, structure, and presentation of income statements
- Statements of changes in equity
- IASB Conceptual Framework
Module 4: Budgeting and Performance Reporting
- Public accountability
- Budget and Outturn Reporting (IPSAS 24)
- Program budgeting
- Performance budgeting and reporting
- Public sector budgeting
- Key stakeholders in budgeting formulation
- Revenue management
- Factors to control public revenue
Module 5: Interpretation and Analysis of Financial Reports
- Introduction to the fundamentals of analyzing financial reports
- Measuring and assessing profitability
- The shareholders’ value concept
- Measuring and managing liquidity
- The impacts of gearing on risks and shareholder values
- Risks
- Forecasting financial positions and financial performance
- Predicting corporate distress and failures
- Projection identification
- Benefits accruing in future
Module 6: Whole of Government Accounts (WGA)
- Consolidated financial statements
- Uses of consolidated financial reports
- Types of consolidated financial reports
- Whole government accounts
- Using the whole of government accounts to judge government and public sector financial performances
- Accounting for liabilities
- Current and non-current liabilities
- Provisions and contingent liabilities
- The special case of government liabilities
Module 7: Accounting for Public Assets Under IPSAS
- Current assets
- Leased assets
- Public-Private Partnerships (PPP)
- Accounting for PPP
- Heritage assets
- Non-current assets
- Uses of PPP
Module 8: Public Sector Governance
- Definition of public sector governance
- Consequences of poor governance
- Responsibilities of governors/board of directors
- Auditing public sector Enterprises
- Functions of audit committees
- Corporate governance principles
- Role of internal audit
- Internal control procedures
- Supreme audit institution
- Report of supreme audit institution
Module 9: Group Reporting and Statements of Cashflows
- Purpose, structures, and presentation of statement of cash flows
- Understanding business and cashflow drivers
- Leases
- Cashflow forecasting techniques
- Optimizing working capitals
- Debt capital and equity capital
- Purpose, structure, and presentation of group accounts
- Property plant and equipment
- Cashflow statements
- Public sector accounting standards
- Presentation of budget information in financial statement
- International Public Sector Accounting Standards (IPSAS)
Module 10: The IPSAS Financial Reporting Under the Cash Basis of Accounting
- Presentation and disclosure of requirements
- Consolidation
- Budget information
- Preparation of statements of comparative budget and actual amounts
- Foreign currency
- External assistance
- Cash receipts and payments
- Controlled entities
- Associates
- Joint ventures
Module 11: Presenting and Designing Effective Financial Reports
- Integrating Excel graphics in internal reports
- The limitations of financial reports
- Designing effective public reports
- Purpose and Structures of integrated reports
- Developments in Integrated Reporting (IR)
- Inflation
- Emerging issues
Course delivery details
The Public Sector Financial Reporting and Accounting Certification Course is participant-oriented and designed to meet participants’ expectations and improve their knowledge and skill of the subject matter. Different practical approaches to ensure attendees’ active and constant learning will be utilized to present this course. Renowned experts and professionals who have gathered years of practice and experience will teach the course within the field. The course modules are also drawn from exhaustive and meticulous research into the subject matter.
The Rcademy course on Public Sector Financial Reporting and Accounting Certification integrates practical and theoretical learning by providing attendees with cases, studies, lectures, slides on the concepts, and real-life scenarios. Participants will also engage in presentations, seminar workshops, quizzes, and regular feedback on lessons learned to confirm their optimum satisfaction.
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