Public Sector Accounting and Budgeting Course

Why select this training course?

Accounting in the public sector is keeping financial records and analyzing trends for use by government agencies. The accounting needs of the public sector are unique, requiring their own skill sets and certifications.

What are the bases of public sector accounting?

The bases of Public Sector Accounting refer to broad principles and assumptions that underline the preparation and presentation of financial statements within the public sector. It includes expenditures and transfers, the timing of recognition of public revenues, and the associated assets and liabilities within the accounts. The most popular bases of Public Sector Accounting include commitment basis, accrual basis, modified cash accounting basis, budgetary/appropriation basis, etc.

What are the three types of public sector budgeting?

Public Sector Budgeting refers to the annual financial statements that outline the estimated expenditures by the government and other public bodies and the expected revenues for the coming fiscal year. There are three types of public sector budgeting, and they include balanced budgets in which estimated government expenditure is equal to expected revenues for the coming year. Secondly, the surplus budget in which expected revenues exceeds government expenditures. And lastly, a deficit budget in which government expenditures exceed the anticipated revenue.

The Public Sector Accounting and Budgeting Course by Rcademy is curated to provide participants with a comprehensive understanding of the fundamental principles and functions of the continuously developing public sector accounting and budgeting field. The course focuses on improving the knowledge and expertise of financial and non-financial public sector managers and employees, who are frequently required to offer vital inputs in the budgeting process and respond to departmental financial inquiries. This Rcademy course will serve as both a refresher and an update for finance experts within the public sector sphere. The course integrates the latest developments in the sphere of New Public Management and International Public Sector Accounting Standards Board to provide attendees with the best approaches to public sector financial management

Who should attend?

The Public Sector Accounting and Budgeting Course by Rcademy is designed by a wide range of experts and professionals who partake in preparing, presenting, and interpreting financial statements from both the private and public sectors. The following people should attend the course:

• Public Sector Purchasing and Procurement Managers: responsible for sourcing capabilities and managing a company’s supply chain
• Departmental Budget Holders: charged with overseeing a company’s budget and accounting for all expenditures derived from the budget
• Risk Managers: responsible for managing the risks of a company, its assets, reputation, and the interests of stakeholders
• Planning Managers: tasked with advising stakeholders on relevant policies and regulations and also providing representations at vital planning hearings
• Finance Managers: tasked with drawing up financial policies and overseeing the general finances of an organization
• Financial Accounting Team Members: charged with maintaining the financial records, balancing the ledger, and reconciling the bank statements of a company
• Asset Managers: responsible for managing the assets of a company and also executing programs that raise the value of a company’s assets
• Public Sector Budget Accountants: tasked with preparing budgets and financial reports of an organization and also monitoring the cash flow and expenditure of the company
• Assistants to Government Ministries: in charge of interpreting and applying government policies and procedures
• Heads of Finance Departments: responsible for generating forecasting models and ensuring that a company’s financial activities are in line with regulations

What are the course objectives?

The Public Sector Accounting and Budgeting Course by Rcademy is designed to provide participants with the current knowledge and practical skills required to prepare and interpret public sector budgets and financial statements. At the end of this course, participants would have learned the following:

• Understand the basics of public sector financial accounting and the vital concepts around public sector budgeting
• Prepare and present financial statements per the International Public Sector Accounting Standards Board (IPSASB)
• Utilise forecasting techniques and methodologies to plan and execute income and expense reports
• Understand the vital roles of financial accounting within public sector management
• Understand the rudiments and practices of public sector budgeting and actively participate in the budgeting processes
• Understand and implement the various types of capital investment appraisal methods and techniques
• Analyse and interpret various financial reports within the private and public sectors.
• Assess and evaluate the roles of public sector accounting in the economy and factors that affect the budgeting process
• Evaluate and analyze emerging ethical issues and challenges within the public sector
• Understand the duties, roles, and powers of officials and organs engaged in the public sector
• Understand the differences in accounting between public-sector companies and private-sector organizations
• Understand the different kinds of accounting principles and conventions
• Know the different internal and external users who utilize information about public sector accounting and the various benefits of such information

How will this course be presented?

This course is organized to meet participants’ expectations and enhance their skills and knowledge; it is participant-oriented. This course will be taught using various hands-on methods that promote continuous and dynamic learning for all participants. The course will be taught by seasoned experts and professionals within the industry who have garnered years of experience and practice. The course modules are based on in-depth and extensive research on the subject matter.

The Rcademy course on Public Sector Accounting and Budgeting incorporates practical and theoretical learning by providing participants with slides on the concept, case studies, lecture notes, and real-life scenarios. Attendees will also participate in seminar workshops, presentations, quizzes, and frequent feedback on lessons learned to confirm their maximum satisfaction.

What are the topics covered in this course?

Module 1: Introduction to the Fundamentals of Public Sector Accounting

• Introduction
• Basic Principles of Public Sector Accounting
  – Objectivity Principle
  – Matching Principle
  – Revenue Recognition Principle
  – Objectivity Principle
• Objectives and Scope of public sector accounting
• Basic Principles of fiscal policy and Macroeconomics
• Types of public sector financial decision-making
• Basics of financial accounting
• Cash v. Accruals Accounting
• Qualitative characteristics of financial statements
• The dimensions of New Public Management (NPM)

Module 2: Rudiments of Public Sector Budgeting

• Types of budgets
• Objectives and Aims of public sector budgets
• Budget layers
• Setting goals and outcome requirements
• Financial and non-financial performance measures
• Principles of capital budgeting
• Forecasting techniques for income and costs
• Outcome-oriented public sector budgeting
• Human aspects and dysfunctional budgeting

Module 3: Financial Reporting Within the Public Sector

• The Five Components of Financial Statements
• Principles of Public Sector Financial Management
  – Prudence
  – Accountability
  – Probity
  – Equity
  – Transparency
  – Democratic consent
• Characteristics and Features of public sector accounts
• Nature and classification of public sector income and expenses
• Reporting standards of public sector financial reports
• Comparative analysis of the International Public Sector Accounting Standards Board (IPSASB) and International Accounting Standards Board (IASB)

Module 4: Processes and Structures of Public Sector Accounting

• Basis of Government Accounting
  – Commitment basis
  – Accrual basis
  – Modified cash accounting basis
  – Budgetary/appropriation basis
• Accounting Units
• Structure of government accounting
• Fund accounting
• Public sector accounting processes

Module 5: Revenue Management and Expenditure Control

• Types of public sector revenue
• Sources of public sector revenue
• Charts of accounts
• Changes in accounting estimates and errors
• Cost analysis
• Cash management and investing
• Taxation
• Exchange transaction revenues
• Inventories
• Borrowing costs
• Public sector revenue control policies

Module 6: Financial Analysis of Public Sector Accounts

• Benefits of analyzing financial statements
• Financial analysis toolkit
• The cost-volume-profit relation
• Analyzing cost behavior
• Interpreting various financial ratio analyses of public sector reports
• Budget justification
• Managing and improving spending deficits

Module 7: Preparation of Financial Statements

• Introduction and types of financial statements
• Property, plant, and equipment
• Consolidated funds financial statement
• Government accounting officers
• Preparation of vouchers
• Auditing
• Public procurement and private partnership
• Contingent assets
• Performance evaluation test

Module 8: Capital Investment Decision-Making

• Principles of Discounted Cashflow Analysis
• Understanding Net Present Value (NPV)
• Outsourcing services
• Investment appraisal techniques
• Objectives and decision criteria of the Producer Price Index (PPI) and Private Finance Initiative (PFI)
• Bank reconciliation
• Fiscal management issues

Module 9: Public Sector Accounting Reforms

• Examination of public sector accounting frameworks
• The purpose and need for financial reforms
• Challenges to public sector budgeting
• International conventions
• Key issues central to the future of public sector accounting and budgeting
• Looking into the future
• Wrapping up