IFRS and IPSAS training

We offer a range of training solutions to support corporate conversion from local GAAP to IFRS, updates on changing standards and training for analysts using IFRS financial statements. We focus on your issues in a lively and interactive format and cut through the jargon that places barriers in the way of understanding. Courses can be generic or tailored to your industry. We have particular expertise in IFRS for upstream oil and gas, public sector (including IPSAS) and not-for-profit.

Coming soon IPSAS 42 Social Benefits

We will shortly have publication of IPSAS 42 Social Benefits. This standard is one of several related initiatives dealing with liabilities and expenses arising from non-exchange transactions and, on the other side of the fence, revenue from exchange and non-exchange transactions.

ISPAS 42 deals with cash transfers provided by States to specific individuals or households who meet eligibility criteria and, which, also mitigate the effect of social risk and address the needs of society. Examples of these could include state pensions, unemployment and welfare benefits that form part of the general income of the recipient. The Standard will not extend to situations where the State provides funds to be used by the recipient to purchase specific goods or services. Neither does the Standard address topics such as the liability or expense to transfer funds to other organisations in a non-exchange transaction.

The recognition of the liability and cost related to social benefits is tied to the IPSASBs framework definition of a liability and requires a present obligation for an outflow of resources from a past event. The past event will be the satisfaction by the beneficiary of all eligibility criteria for the next payment and the present obligation will be to make the next benefit payment. Let us apply this to the situation of a pensioner who receives a state pension payment, a month in arrears, on the 15th of each month and that the State has a 31 December year end. Assuming the pensioner satisfied the eligibility criteria for their payment on 16 December with the payment due on 15 January, then at 31 December the State should book a liability and expense for one-month of pension. At the start of this project there had been discussion about liabilities extending to the present value of estimated future payments to the claimant, so the conclusion reached in the Standard, albeit sensible, seems something of an anti-climax!

The Standard does come with some hefty disclosure requirements including a new line on the position statement and there is an alternative measurement basis for benefits that are more in the nature of state sponsored insurance schemes.

Look out for its publication in early February with an effective date of 1 January 2022.

Our training is offered as in-house programmes tailored to your specific needs.

executive briefing (2-3 hours)

A facilitated workshop for the board and senior management, drawing upon the preliminary impact assessment work performed by your IFRS or IPSAS implementation team and our experiences of other conversion projects. This workshop will help to secure stakeholder buy-in, raise board level issues and ensure stakeholders can comment knowledgeably on the conversion programme to internal and external parties.

Typically our role includes facilitation and presentation of core subject matter supported by one of your IFRS or IPSAS implementation team to provide details of your specific conversion issues.

corporate conversion workshop (5 days)

An in depth workshop for the corporate conversion team to introduce them to all the pertinent IFRS or IPSAS requirements, identify where choices are required, where advantage can be taken and highlight possible traps for the unwary. This workshop will help to prepare your team for the detailed implementation work ahead.

Typically our role includes helping to identify the standards that need covering, presenting the core subject matter and facilitating your discussions of how you want to proceed with specific topics. It draws extensively on case studies from companies who have already converted, looking at the technical reporting issues, the practical impacts on your business and the decisions you need to take.

IFRS or IPSAS update (1-2 days)

An update on recent and forthcoming changes to IFRS or IPSAS for the finance team and analysts. Content is largely driven by recent developments. Why not combine an update course as part of an annual team away-day? We specialise in combining technical training with personal skills development.

IFRS or IPSAS for analysts(1-2 days)

This course looks at the critical differences between local GAAP and IFRS or IPSAS for financial analysts, customer relationship managers or donors, focusing on the impact the standards have on key earnings and balance sheet ratios and disclosures. The course makes extensive use of case studies from a variety of industries of companies that have published detailed local GAAP to IFRS or IPSAS reconciliations.

Where relevant, the course can be tailored to allow a facilitated discussion on the opportunities and threats that IFRS or IPSAS conversion may have on your product portfolio.

IFRS resources

Check your financial statement's compliance with IFRS using FinHarmony-Diag®, "the only on-line diagnostic tool to be reviewed and approved by the staff of the IASCF". FinHarmony-Diag® is an interactive check-list designed for an extensive, quick and sure review of your financial statements compliance with IFRS disclosures. Produced by our associates, FinHarmony.

For links to other IFRS informational resources, go to our main resources page