*Institutional Framework for Setting Standards 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. Challenges and success factors: Asia 9 3. To ensure it is successfully implemented, we need your help and support. What is IPSAS? 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. IPSAS Presentation to AG Senior Managers 1. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. 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. It is, on the contrary, an alternative perspective in the long list of IPSAS literature. Arial MS PGothic Calibri Wingdings Times New Roman Garamond Verdana IPSAS Template 1_IPSAS Template 2_IPSAS Template 3_IPSAS Template Edraw.Document Microsoft Excel Chart Microsoft Excel Worksheet UN IPSAS Project PowerPoint Presentation UNSAS – IPSAS Differences Challenge: Much “more” than UNSAS Why IPSAS - The benefits (A/60/846 Add.3) PowerPoint Presentation IPSAS: … Subsequent to a system-wide Steering Committee decision, system-wide IPSAS training courses are being distributed by email and will not be available from the CEB/Accounting Standards website. Nick has already addressed the SMM on the importance of Senior Management support so today I welcome the opportunity to give you in xx a better understanding of IPSAS and its benefits and why you have an important role in the Project. 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. *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 Retains and builds on existing accrual expertise & information 3. Comprehensive – includes all flows, assets & liabilities 4. 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. These standards are based on International Financial IPSAS 2 GROUP PRESENTATION.ppt - Group Members 1.Chigodo Maria P B1543784 2.Chikanya Memory B1440263 3.Ganda Linda B1542922 4.Mutinha Richard B1439168 | Course Hero. Because there is an enormous gap between where we are and where we need to be . 1 Introduction. This video reviews IPSAS 1 : Presentation of Financial Statement . Bindura University of Science Education. 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. Overview of IPSAS Standards For Later, International Financial Reporting Standards. The should be used a Preface IPSAS is a large project which will introduce change to the Organization. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Provides an awareness of IPSAS. 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, … It is, on the contrary, an alternative perspective in the long list of IPSAS literature. UN mandate Finance Division - AFF 4. UN mandate Finance Division - AFF 4. DATE: 13 th-14 th July 2017. embracing IPSAS. Group Members 1.Chigodo Maria P B1543784 2.Chikanya Memory B1440263 3.Ganda By | July 18, 2017 | | 0 Comments | Attachments: IPSAS 3 Accounting Policies by FCPA Injeni . Countries and stage of adoption of IPSAS: Asia 8 2. regulation.ppt - regulation standard financial information accounting process financial statemen of public sector general accounting principles ipsas 2. International Public Sector Accounting Standards. VENUE: Hilton Hotel, Nairobi. Again we focus on org needs, not just accounting. Participant’s Guide for CBT ‐ 3 and ILT ‐ 3 (Accounting for Property, Plant & Equipment) 2 International Public Sector Accounting Standards – (IPSAS) IPSAS System-Wide Training Curriculum Chief Executives Board (CEB) for Coordination, United Nations System Accounting for PP&E IPSAS No. International Public Sector Accounting Standards. Project has mandate to streamline/automate where possible .We are addressing their needs. This video reviews IPSAS 1 : Presentation of Financial Statement . 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, … PBE IPSAS 2 Statement of Cash Flows . What is IPSAS? 2. 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. 2. Ensuring key staff are made available to the Project Communicate the issues, initiatives we need to be aware of Help us manage this period of business transformation. PREFACE TO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS Introduction 1. 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. 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 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. 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. You can change your ad preferences anytime. 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. The first set of IPSAS-compliant financial statements for the United Reporting under GFS, ESA 95 & accrual IPSAS 2. One of the critical factors for the success of the Project will be the degree of Senior Management support that we have. The IPSAS team within your organization should be able to help you with information on IPSAS training timing and how to access such training. Sutcliffe, Paul (2006), "International Public Sector Accounting Standards (IPSASs) 1996 to 2006 -Progress and Status", Journal of Financial Management, August 2006. 2 Umoja Overview. Therefore, FAS replacement has been integrated. 2013/SOM3/EC/PD2/003 New Zealand’s Experience with IPSAS Submitted by: New Zealand Policy Discussion on International Public Sector Accounting Standards International Public Sector Accounting Standards 3. What is IPSAS? IPSAS Accrual Accounting Workshop- Jabatan Akauntan Negara 28-29 Aug2012. IPSAS online training The United Nations system organisations created the following online training courses for IPSAS: • CBT 1 – Orientation to 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. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. 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. *Issues Peculiar to the Public Sector on Standards They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. 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