Challenges and success factors: Asia 9 3. 2. REGULATION.ppt - … The European Commission decided to provide the administration with a modern ... To draft EC accounting rules which customise IPSAS / IAS to EC environment ... – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 17e734-ZDc1Z At this point, I am happy to answer any of your questions? Focus is now on user requirements 6. UN mandate Finance Division - AFF 4. 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 Countries and stage of adoption of IPSAS: Asia 8 2. 1 Introduction. Key success factor at WFP – “IPSAS implementation has been made possible with strong support from: Executive Board, External Audit, Senior Management and Business and Operations Departments” Conclusion: What is IPSAS What the Project means for FAO Why we are doing it How we are doing it Your role in the process. Project has mandate to streamline/automate where possible .We are addressing their needs. These standards are based on International Financial PREFACE TO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS Introduction 1. 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, … • CBT 2 – Accrual Accounting under IPSAS – the basics. IPSAS 2 should be read in the context of its objective, the Preface to International Public Sector Accounting Standards, and the Conceptual Framework for General 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 2: Cash Flow Statement Objective. 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. *Institutional Framework for Setting Standards The ACCA Certificate in International Public Sector Accounting Standards – known as Cert IPSAS - has been specifically developed to help you meet the challenges of implementing IPSAS® by: ®examining the fundamental requirements of accrual-based IPSAS on a standard-by-standard basis, for the benefit of preparers, auditors and users of 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. PBE IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors. 2. Priority IPA Project Governing bodies have recognized the importance to make the change Transition: Major change – changing accounting standards will have a impact throughout the Organization. 2. regulation.ppt - regulation standard financial information accounting process financial statemen of public sector general accounting principles ipsas *Issues towards Accrual Accounting, 100% found this document useful (2 votes), 100% found this document useful, Mark this document as useful, 0% found this document not useful, Mark this document as not useful, Save 2. 2013/SOM3/EC/PD2/003 New Zealand’s Experience with IPSAS Submitted by: New Zealand Policy Discussion on International Public Sector Accounting Standards 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. 2. International Public Sector Accounting Standards (IPSAS) Seminar. Objectives and key assumptions This guidance note is by no means another “best practice” for IPSAS implementation. 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 … 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 Project: (1) Encyclopedia article on IPSAS and IPSASB; (2) benefits of IPSAS adoption by United Nations system organizations; and. IPSAS 2 International Public Sector Accounting Standard 2, Cash Flow Statements, is set out in the objective and paragraphs 1–64. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. *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 2 What is IPSAS? By | July 18, 2017 | | 0 Comments | Attachments: IPSAS 3 Accounting Policies by FCPA Injeni . IPSAS 33 First-time adoption of accrual basis IPSAS IPSAS 31 Intangible assets. 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 *The Standards: IFRS and IPSAS IPSAS is a large project which will introduce change to the Organization. Overview of IPSAS Standards - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. 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. I am going to be brief - no more than 15/20 minutes - so as to leave plenty of time for questions. What is IPSAS? This Preface to the International Public Sector Accounting Standards (IPSASs) sets out the objectives of the International Public Sector Accounting Standards Board (IPSASB) and explains the scope and authority of the IPSASs. The UN IPSAS Implementation Project Page 2 of 216 OVERVIEW The United Nations is working towards the adoption of the International Public Sector Accounting Standards (IPSAS) in tandem with the move to IPSAS across the organizations of the United Nations System. Challenges and success factors: Asia 9 3. IPSAS No. 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. 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. International Public Sector Accounting Standards 3. Reporting via IPSAS Project Board Finance Committee Audit Committee, Involvement – Because this project is much wider than accounting our team will work closely with some of you or your staff throughout the life of the project We will always give you advance warning Some of your staff have already been involved in our workshops. 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. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. 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 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 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. Reporting under GFS, ESA 95 & accrual IPSAS 2. IPSAS 36 Investment in The objective of this standard is to prescribe the accounting treatment for inventories. • CBT 2 – Accrual Accounting under IPSAS – the basics. المالي واعداد الموازنا... Clipping is a handy way to collect important slides you want to go back to later. 85 IPSAS 2 Objective PUBLIC SECTOR The cash flow statement identifies the sources of cash inflows, the items on which cash was expended during the reporting period, and the cash balance as at the reporting date. 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. All the paragraphs have equal authority. 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. Retains and builds on existing accrual expertise & information 3. In particular he states "The Panel considers that the implementation of IPSAS is the single most important aspect of the United Nations management reform..." As this shows, IPSAS is vitally important to the UN and FAO. 2 Umoja Overview. Countries and stage of adoption of IPSAS: Africa 14 4. Based on detailed planning with wide user participation 4. 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 This video reviews IPSAS 1 : Presentation of Financial Statement . IPSAS online training The United Nations system organisations created the following online training courses for IPSAS: • CBT 1 – Orientation to IPSAS. IPSAS 27 Agriculture. Key areas where IPSAS will introduce change External Financial Statements: more extensive financial statements – incremental/additional does not change budget/donor reporting now, will in future Accounting policies and rules and revision of the Manual Section Financial Reporting: so much more financial and disclosure information, it requires an expanded financial reporting process Change to business processes New or significantly updated processes since current process do not support IPSAS. Questions Role Conclusion: Due to magnitude of change involved and the significant input required from users, the role of Senior Management is crucial. Countries and stage of adoption of IPSAS: Asia 8 2. *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 It is, on the contrary, an alternative perspective in the long list of IPSAS literature. 2: Cash fl ow Statement 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. Option 2: Accrual only PEMPAL Baku 2012 15 Accrual accounting system Reporting under accrual basis IPSAS and for GFS or ESA 95 Advantages 1. TIME: 8am to 5pm. Implementation of system and procedural solutions in Q4 2011 3. What is IPSAS? ACCOUNTING. Again we focus on org needs, not just accounting. Main user participation: UR Testing Training 5. International Public Sector Accounting Standards. The IPSAS team within your organization should be able to help you with information on IPSAS training timing and how to access such training. IPSAS Presentation to AG Senior Managers 1. Overview of IPSAS Standards - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Sutcliffe, Paul (2006), "International Public Sector Accounting Standards (IPSASs) 1996 to 2006 -Progress and Status", Journal of Financial Management, August 2006. Because there is an enormous gap between where we are and where we need to be . 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. Bindura University of Science Education. 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. Provides an awareness of IPSAS. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Therefore, FAS replacement has been integrated. 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. 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. 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