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Sample IPSAS Implementation Road Map Based On The

This document outlines a sample roadmap for implementing IPSAS (International Public Sector Accounting Standards) that includes securing executive support, forming an implementation team, identifying gaps between current and IPSAS reporting, understanding financial impacts, determining transition adjustments, and producing the first audited IPSAS financial statements.

Uploaded by

Gere Tassew
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Download as PDF, TXT or read online on Scribd
198 views

Sample IPSAS Implementation Road Map Based On The

This document outlines a sample roadmap for implementing IPSAS (International Public Sector Accounting Standards) that includes securing executive support, forming an implementation team, identifying gaps between current and IPSAS reporting, understanding financial impacts, determining transition adjustments, and producing the first audited IPSAS financial statements.

Uploaded by

Gere Tassew
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Sample IPSAS implementation road

map based on the national IPSAS


Implementation Road map
• Secure Senior-executive level sponsorship
• Form IPSAS implementation project team
• Engage consultants and experts
• Identify key gaps between current national reporting framework and
IPSAS.
• Consider impact on regulatory/statutory and tax reporting
• Understand the financial and business impacts of IPSAS conversion.
• Determine possible actions to mitigate volatility of results under IPSAS
(within constraints of current rules).
• reporting requirements
• Financial impact understood too late; insufficient time to study
alternatives/mitigate actions.
• Identify Transition adjustments
• Prepare IPSAS opening SFP 2009/2010
• Set Up a rigorous change management
• Prepare comparative figures
• Assess the systems and process impacts on financial
reporting and consolidation systems.
• Determine changes required to source systems to
provide the additional data.
• Implement new procedures to support your business
under IPSAS reporting.
• Equip Principal key People
• Secure buy-in and support from the business.
• Establish a broad communication plan.
• Plan for adequate training/knowledge transfer.
• Produce first sets of financial statements
based on IPSAS
• Have it audited
• Submit the financial report along with the
audit report to AABE within 20 days of singing
of the financial statement

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