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PFM6 – Financial Reporting Framework for Public Sector Entities

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PFM6 - Financial Reporting Framework for Public Sector Entities

Course Features

Course Details

PFM 6: FINANCIAL REPORTING FRAMEWORK FOR PUBLIC SECTOR ENTITIES

4.6.1. LEARNING OUTCOMES: On completion of this module, students will be able to:
  1. Outline the objectives of Financial Reporting for Public Sector entities;
  2. Explain the Conceptual Framework underpinning the Financial Reporting for Public Sector entities;
  3. Explain the Role and Significance of International Public Sector Accounting Standards (IPSAS);
  4. Prepare Financial Statements in Public Sector organizations in line with IPSAS; and
  5. Design and implement performance measures in Public Sector organizations.

4.6.2. MODULE UNITS AND WEIGHTINGS

Unit Title  Weight %
1  Financial Reporting Framework for Public Sector Entities 15
 2 International Public Sector Accounting Standards (IPSAS) 30
 3 Preparation of Financial Statements in Public Sector Entities  40
4 Financial Performance Measurement in Public Entities   15

4.6.3. COURSE CONTENT

UNIT 1: FINANCIAL REPORTING FRAMEWORK FOR PUBLIC SECTOR ENTITIESUnit Topics:
  • 1.1 Objectives of Financial Reporting in the Public Sector
  • 1.2 Users of Financial Reports in the Public Sector
  • 1.3 The IPSASB Conceptual Framework for General Purpose Financial Reporting by Public Sector entities
  • 1.4 Linkage between IFRS and IPSAS.
UNIT 2: INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)
  • 2.1 Rationale for Public Sector Accounting Standards
  • 2.2 Recognition, measurement and disclosure requirements of IPSAS.
UNIT 3: PREPARATION OF FINANCIAL STATEMENTS IN PUBLIC SECTOR ENTITIES
  • 3.1 Elements of Financial Statements
    • 3.1.1 Statement of Financial Position
    • 3.1.2 Statement of Financial Performance
    • 3.1.3 Statement of changes in Net Assets/Equity
    • 3.1.4 Cash flow Statement
    • 3.1.5 Notes to the Accounts
  • 3.2 Prepare financial statements based on the IPSASs:
    • 3.2.1 Cash Basis Reports
    • 3.2.2 Accrual Based Reports (As per Accrual Based Standards)
UNIT 4: FINANCIAL PERFORMANCE MEASUREMENT IN PUBLIC ENTITIES
  • 4.1 The Regulatory Framework for measuring performance in the Public Sector
  • 4.2 Analysis of quantitative and qualitative approaches to performance measurement
  • 4.3 Analytical methods of performance management:
    • 4.3.1 Cash flow & Working Capital Management
    • 4.3.2 Forecasting and Budgeting
    • 4.3.3 Ratio Analysis
  • 4.4 Application of Risk Management in resource allocation
  • 4.5 Change management strategies in transition to accruals based accounting
4.6.4 The Examination Paper Format:
Structure of the Paper  Marks
Section A: 1 Compulsory question of 40 marks 40
 Section B: Any 3 out of 4 questions, 20 marks each 60
 TOTAL 100
The candidates will be allowed fifteen (15) minutes reading time. 4.6.5 Recommended Readings: ZICA PFM 6 Study Materials
This course does not have any sections.

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