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In our ever-changing financial environment, the International Public Sector Accounting Standards (IPSAS) are crucial for accounting professionals operating within the public sector.
To become an IPSAS professional, you must understand the International Public Sector Accounting Standards (IPSAS). This is a set of guidelines created by the International Public Sector Accounting Standards Board (IPSASB) to improve the quality, consistency, and transparency of financial reporting for public sector organisations.
Governments and public sector organizations adopt International Public Sector Accounting Standards (IPSAS) to prepare financial statements that can be compared to private sector standards, like International Financial Reporting Standards (IFRS).
These standards help ensure reliable financial reporting. IPSAS 1 explains how to prepare these statements using accrual accounting, while IPSAS 16 guides on identifying investment properties in the public sector.
The United Nations also uses IPSAS policies in its Finance Manual to guide users on processing transactions in its Umoja Enterprise Resource Planning (ERP) software. This shows how relevant and useful IPSAS is in global finance.
Gaining expertise in IPSAS (International Public Sector Accounting Standards) not only improves your professional skills but also significantly enhances your career opportunities.
In this guide, I will help you get answers to the following topics:
Here is a six-step guide to help you become an IPSAS Professional;
Now, let’s check each step in detail.
Before tackling IPSAS, it is crucial to have a strong foundation in general accounting principles. This basic understanding forms the backbone of any advanced accounting practice, including public-sector financial management.
If you haven't acquired a basic accounting qualification yet, consider pursuing a degree or diploma in accounting or finance. A Financial Accounting Course will be helpful. You can also choose an accounting career for yourself. But how to choose the right Accounting career path for yourself? Here’s the answer!
Obtaining a Bachelor’s degree in Accounting enables you to grasp fundamental concepts such as double-entry bookkeeping, financial statements, and analytical skills. These core skills are indispensable as they help you comprehend the more complex regulations associated with IPSAS.
The next step is to pursue a formal certification in IPSAS. Several organizations offer certification programs specifically designed for public sector accountants. The most recognized are offered by the International Federation of Accountants (IFAC) and various regional accounting bodies.
To become an IPSAS professional, you can pursue certifications such as the ACCA Certificate in International Public Sector Accounting Standards (Cert IPSAS) and the CIPFA Certificate in IPSAS. Here are the 10 best Accounting certification courses for your career improvement. These certifications introduce you to accounting and financial reporting as per IPSAS.
The Certified Public Sector Accountancy (CPSA) program, which includes a focus on IPSAS, allows professionals to demonstrate their expertise. This certification not only validates your knowledge but also shows that you are committed to maintaining high professional standards. Therefore, getting IPSAS Training will help you enhance your knowledge of public accounts and become a certified IPSAS Professional.
Once you have selected a certification path, it’s advisable to enrol in specialized IPSAS training courses. These courses cover the standards in detail, explaining their application and relevance in different public sector scenarios.
Many online platforms, including Edoxi, Coursera and edX, offer courses specifically focused on IPSAS. Participating in these courses will provide you with current knowledge, case studies, and practical experience, preparing you for both exams and real-world applications.
Understanding the International Financial Reporting Standards (IFRS) is beneficial since IPSAS is closely aligned with IFRS. Developing practical knowledge of IFRS will aid you in navigating and implementing IPSAS more effectively, especially in contexts where both frameworks apply.
Practical workshops or internships with organizations that implement IPSAS/IFRS can provide you with hands-on experience. Many government agencies and NGOs increasingly adopt these standards, offering opportunities for practical learning and application. Now, if you want to develop knowledge in IFRS and want to become a professional, here is a guide on how to become an IFRS Professional.
The field of accounting is constantly changing, making it essential for professionals to keep up with the latest developments in IPSAS. Cultivating habits such as subscribing to pertinent journals, attending workshops, or becoming a member of professional forums can ensure your knowledge remains up-to-date and applicable.
The IPSASB (International Public Sector Accounting Standards Board) frequently releases updates regarding changes and new standards. Participating in discussion groups or joining online communities can offer valuable insights into current trends and their practical uses. If you're uncertain about whether Accounting or Finance is the right path for you, all your questions will be answered here.
Joining a professional body related to accounting in the public sector can enhance your credentials and provide networking opportunities. Organizations like the ACCA (Association of Chartered Certified Accountants) or IFAC offer membership benefits that include access to resources, conferences, and professional development courses.
Membership often provides access to exclusive continuous professional development (CPD) opportunities, which are essential for maintaining active certifications. Networking within these bodies can also open doors to mentorship and collaboration on projects that enhance your IPSAS knowledge and visibility.
Becoming an IPSAS professional offers a unique opportunity for accounting and finance professionals to advance their careers in the public sector. If you know the advantages of an Accounting career, especially in Public Accounting, your career path to IPSAS would be easier. By solidifying your accounting foundation, pursuing specialized certification, staying updated with IFRS and IPSAS changes, and actively engaging with professional communities, you can carve a valuable niche for yourself in this field.
For those interested in building a career based on IPSAS knowledge, now is the time to start. With the public sector increasingly adopting these standards, the demand for IPSAS-certified professionals is set to grow. Embark on your journey today and be part of a transformative shift in public-sector accounting!
