Training and Study Tour on IPSAS in Tanzania

Program Introduction

The Recent Global Financial Crisis along with severe fiscal constraints experienced by many countries has underscored the need for governments to transparently report all their assets and liabilities. Public Sector entities worldwide are encountering growing pressure for providing transparent and high-quality financial statements, fostering better decision-making processes and greater government financial accountability. Meanwhile, with an ever-increasing pace of globalization, the world faces a dire need for uniformity in financial statement production giving the rise to the development of International Public Sector Accounting Standards (IPSAS). IPSAS are the norms that govern the recognition, measurement, presentation, and disclosure requirements in relation to transactions and events in general purpose financial statements.

This training course provides a detailed understanding of IPSAS’s full suite and its individual standards. Technically complex topics including financial instruments are covered meticulously with particular attention to real-life application. The program aims to help participants comprehend the benefits and implications of adopting IPSAS, train them on key accounting topics, and facilitate organizational change by addressing possible challenges.

Target Audience

Training and Study Tour on IPSAS in Dar Es Salaam, Tanzania would be the best suit for:

• Finance and Accounting Managers of Public Sector Entities and other non-governmental organizations
• IFRS and IPSAS implementation and maintenance teams
• External auditors and Financial Reporting Consultants
• Senior budget holders and Policymakers
• Accountants and finance staff at all levels involved in the preparation of financial statements
• Members of governments and public sector entities, that are currently implementing or considering implementing IPSAS as a basis for accounting
• Professionals wishing to gain an overview of IPSAS and understand what implications adopting these standards may have on their organization
• Anyone who requires an understanding of international financial reporting standards within the public sector.

Program Objectives

Upon the successful completion of this training course, its participants will be able to:

• Appreciate IPSAS requirements, Accounting Policies, and Disclosures
• Demonstrate a comprehensive understanding of IPSAS principles and concepts
• Embed IPSAS Standards within the organization and evaluate the impact of IPSAS adoption
• Produce and Interpret Financial Statements and information (both IPSAS cash and accrual basis)
• Comprehend Links and implications to and for broader strategies: Financial Management, Taxation, Asset Management, Governance, and accountability
• Familiarize themselves with the Best Practices of IPSAS Application.

Program Contents

First Day – Financial Statements, Accounting Policy, and Financial Performance

• Financial statements (IPSAS 1)
• Cash flow statements (IPSAS 2)
• Accounting policies, changes in accounting estimates, and errors (IPSAS 3)
• Segment reporting (IPSAS 18)
• Disclosure standards and other topics, presentation of budget information (IPSAS 24)
• Non-exchange revenue (IPSAS 23)
• Exchange revenue (IPSAS 9)
• Construction contracts (IPSAS 11)

Second & Third Day – Accounting for Assets and Liabilities

• Property plant and equipment (IPSAS 17)
• Intangible assets (IPSAS 31)
• Investment property (IPSAS 16)
• Impairment of cash-generating assets (IPSAS 26)
• Impairment of non-cash generating assets (IPSAS 21)
• Borrowing costs (IPSAS 5)
• Inventories (IPSAS 12)
• Leases (IPSAS 13)
• Financial instruments (IPSAS 28, 29, 30)
• Provisions
• Contingent liabilities and contingent assets (IPSAS 19)
• Events after the reporting date (IPSAS 14)
• Employee benefits (IPSAS 39)
• Social benefits (IPSAS 42)
• Agriculture (IPSAS 27)
• Concessions
• Foreign operations and hyperinflationary economies (IPSAS 4, 10)
• Service concessions (IPSAS 32)
• Translation of financial statements of foreign operations (IPSAS 4)
• Financial reporting in hyperinflationary economies (IPSAS 10)

Fourth Day – Consolidation and Disclosure

• Separate Financial Statements (IPSAS 34)
• Consolidated Financial Statements (IPSAS 35)
• Investments in Associates and Joint Ventures (IPSAS 36)
• Joint Arrangements (IPSAS 37)
• Disclosure of Interests in Other Entities (IPSAS 38)
• Public Sector Combinations (IPSAS 40)
• Related party disclosures (IPSAS 20)
• Disclosure of financial information about the general government sector (IPSAS 22)

Fifth Day – Cash Basis IPSAS and First Time Adoption of Accrual-Based IPSAS

• The statement of cash receipts
• Payments
• Disclosures
• Consolidation under the cash basis
• Presentation of budget information in the financial statements
• The additional (non-mandatory) disclosures encouraged in Part 2 of the cash basis IPSAS
• Migrating from cash to accrual basis
• First-time adoption of IPSAS (IPSAS 33)
• Change management and the adoption of IPSAS

Sixth Day – Full-Day Study Tour and Exposure – Tanzania’s Journey to IPSAS Adoption

Tanzania is considered to be Africa’s IPSAS poster child. The country adopted IPSAS from 1 July 2004, both for local and central governments. Besides government business enterprises, all reporting entities in the public sector are required to apply IPSAS-based accrual accounting. From 30 June 2008, the local government effectively started generating accrual-based IPSAS financial statements. The central government started carrying through the global rules by introducing cash-basis IPSAS financial statements from the same date and began enacting accrual IPSAS statements from 2012.

This study tour is designed with the aim to equip training participants with practical, actionable insights regarding IPSAS adoption, transition, and successful implementation. Throughout the exposure, program delegates shall meet and connect with public sector finance and accounting managers, policymakers, and IPSAS implementation team members from Tanzania’s public entities. The participants will have a unique opportunity to network with fellow professionals and share their knowledge, experience, and the best practices in IPSAS application.

Program Methodology

Training and Study Tour on IPSAS in Dar Es Salaam, Tanzania is a highly interactive training workshop employing various contemporary adult learning tools and techniques. The presenter will lead the sessions through an open presentation, supporting it with numerous case studies, individual exercises, and group assignments.

To help participants gain practical insights regarding the IPSAS transition and the benefits of its adoption, Risalat will arrange a study tour for the delegates. During the exposure, they will become actively involved in panel discussions with the host organizations’ representatives.

Each training session will be finalized with the acquisition of the participant feedback with the aim to improve the performance of the coming sessions. As a result, Risalat strives to enhance the satisfaction of the delegates by offering them an individualized approach to the specific topics of their interest.