Overview
International Public Sector Accounting Standards (IPSAS) are a set of accounting standards used by public sector entities globally to ensure transparency, accountability, and high-quality financial reporting. NCA College of Management offers a flexible program designed to provide an overview of the essential requirements of IPSAS and address practical issues commonly encountered when financial statements are prepared under IPSAS.
The duration of IPSAS courses may vary depending on the level of the course and the mode of delivery. At NCA College of Management, the Diploma course in IPSAS typically takes several months to complete, with intakes in January and June. However, students have the flexibility to appear for the exams at any time of the year. It's essential to note that candidates must achieve a minimum of 60 percent to complete the course.
Course Objectives:
The IPSAS course aims to equip financial professionals with robust financial management, financial reporting, and relevant budgeting skills. By the end of the program, candidates will be able to demonstrate their knowledge of cash basis IPSAS, accrual basis IPSAS, and its application to execute in public organizations. The course objectives are:
1. Wholly describe the financial reporting of the Public sector entities.
2. Label the requirements and their application to determine the appropriate events and transactions of financial statements.
3. Stronger understanding in public accounting, for improvising transparency and accountability.
4. Improve transparency and quality of financial reporting.
Salient Features of the IPSAS Course:
The IPSAS course offers a considerable prominence in developing forecasts/budgets, governance, financial performance, and cost analysis. Moreover, it provides further progression in the career front and leverages expertise in the technically demanding area. Candidates will also acquire formal recognition from the leading body.
IPSAS Course Structure:
The course structure of the IPSAS program is divided into four categories: Accounting policy & Financial Statement preparation, Financial Performance, Accounting for Assets & Liabilities, and Consolidation. The IPSAS course structure includes:
1. Accounting policy & Financial Statement preparation: The first category of the IPSAS program includes IPSAS 1, 2, 3, 18, and 24. These standards cover the preparation of financial statements and cash flow statements, accounting policies, changes in accounting estimates and errors, segment reporting, and disclosure of standards and presentation of budget information.
2. Financial Performance: The second category includes IPSAS 9, 11, and 23. These standards cover non-exchange revenue, construction contracts, and non-exchange revenue.
3. Accounting for Assets & Liabilities: The third category includes IPSAS 4, 4-10, 5, 10, 12, 13, 14, 16, 17, 19, 21, 26, 27, 28, 29, 30, 31, 32, and 39. These standards cover translation of financial statements of foreign operations, foreign operations and hyperinflationary economies, borrowing costs, financial reporting in hyperinflationary economies, inventories, leases, events after the reporting date, investment property, property plant and equipment, contingent liabilities and contingent assets, impairment of non-cash generating assets, impairment of cash-generating assets, agriculture, financial instruments, intangible assets, and service concessions and employee benefits.
4. Consolidation: The last category includes IPSAS 34, 35, 36, 37, 38, and 40. These standards cover separate financial statements, consolidated financial statements, investments in associates and joint ventures, joint ventures, disclosure of interests in other entities, and public sector combinations.
IPSAS Intakes:
Interested students can get admission to the IPSAS Diploma course in January or June. To complete the course, candidates must achieve a minimum of 60 percent. Students can appear for the exams any time of the year.
The IPSAS course offered by NCA College of Management is specifically designed for employers and employees of both private and public sectors who are willing to develop their learning in IPSAS and are looking for best application practice. The course structure covers all the critical aspects of IPSAS, including financial reporting, financial performance, accounting
