PUBLIC SECTOR ACCOUNTING AND BUDGETING

Introduction:

This course is designed to provide a detailed briefing on key concepts and functions in the ever-developing public sector finance sphere. Employees and managers from non-financial public sector are periodically expected to both provide insight into the budget process and respond to the information provided in the departmental financial reports.

This course will provide the non-financial manager with a useful practical introduction, as well as an invaluable refresher and update for public sector finance professional practice. The course also provides a critical update on International Public Sector Accounting Standards Board (IPSASB) principles as well as recent trends in the field of New Public Management, focusing primarily on the reasons for and solutions to New Public Financial Management.

Course Objectives:

At the end of this course, participants will be able to:

• Recognize the role of financial accounting in the management of the public sector
• Prepare accounts as per IPSASB system
• Analyze and explain annual reports for the public sector
• Utilize revenue and cost forecasting methods to schedule
• Explain and take an active part in the cycle of budgeting
• Explain how to apply methods of appraising capital investment

Course Outline:

Day 1: Basics of Public Sector Finance

• The Macroeconomic and Fiscal Concepts
• Types of Economic decision-making in the public sector
• Accounting and Budgeting in the Public Sector
• New Public Policy Aspects (NPM)
• Basic definitions of financial accounting
• Cash and accruals accounting
• Qualitative financial reporting features

Day 2: Public Sector Financial Reporting

• IPSASB vs. the IASB system
• Distinctive assets of financial accounts in the Public Sector
• The five elements of financial reports
• Reporting requirements applicable to financial statements in the public sector
• Assets and Liabilities: consideration and measurement principles
• Structure and description of the revenues and expenditures of the public sector
• The principles of financial accounting in the public sector

Day 3: Economic Study of the Finances of the Public Sector

• Comprehension and cost behavior analysis
• The relation between cost-volume profit
• How to analyze statements of Finance
• Toolkit offered by the financial analyst
• Interpreting an overview of the financial ratio of public sector documents
• Managing and reducing budget deficits

Day 4: Budgeting in the Public Sector

• Setting targets and criteria for results
• Measures for both financial and non-financial results
• Layers in budgets
• Income and cost forecasting techniques
• Human factors and budgeting inefficiency
• Capital Budgeting concepts

Day 5: Decision-making for Capital Investment

• Decision making process
• Appraisal of the investment strategies
• Principles of an application of discounted cash flow
• Comprising Net Present Value (NPV)
• Outsourcing: goals and conditions for decision
• PPI and PFI: Criteria for Plans and Decisions
• Reforms of the public sector in financial management
• Knowing leadership reforms in the public sector
• Financial reforms need and purpose
• Main concerns for public sector future

Who Should Attend?

This course will be applicable to all those involved in the planning, presentation and analysis of private and public sector corporate financial statements where adherence with the IASB and IFRS system is required, both in private companies, government and non-profit organizations. This course is ideal for a large variety of practitioners but will be of great benefit to:

• Purchasing and Investment Managers in the Public Sector
• Members of the Financial Accounting Team
• People responsible for Budget in different departments
• Finance Managers
• The managers responsible for planning
• Project accountants in the Public Sector

Delivery Method: Lectures, discussions, syndicate work, case studies, role – play and group exercises. Audio – Visual aids will be used to reinforce these training and learning methods.

Venue: London

Fee: $5,000.00

Duration: 1 Week

Date: Oct 30th – 3rd Nov 2023