BURSARY

REPORT ON BURSARY WORKSHOP ON INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) TRAINING FOR ACCOUNTANTS IN PUBLIC SECTOR HELD 9TH - 11TH OF JULY, 2013

The workshop was organized by the Bursary Department of the Federal University of Technology Akure in collaboration with Victor Owonifari & Co Chartered Accountants, the University External Auditors. It held between 9th and 11th of July, 2013.

The workshop was declared opened on July 9, 2013 by the Deputy Vice Chancellor, Development, Prof. Tolulope Akinbogun representing the Vice Chancellor of the University Prof. Adebiyi Biyi Daramola. The Vice Chancellor is representative reiterated the desire of the management to train and retrain its workforce in order to enhance their knowledge and ensure they are globally competitive and also improve on their job delivery.

An opening address was delivered by the Bursar, Mr. R.A. Aladetimi who welcomed all the participants and urged them to pay attention and take note of the subject matter in order to be compliant with the new standard of operation.

He also expressed his appreciation on behalf of the department to the Vice Chancellor for approving and releasing fund for the execution of the training for the Bursary and Audit workforce.

The Deputy Bursar, Mr. Akindele P.O. gave the vote of thanks on behalf of the participants.

Three facilitators delivered different in-depth and well researched papers at the workshop. The method and the quality of the lectures reflected the experience and exposures the facilitators have acquired over time.

Mr. Israel Akinnuwesi (BSC, FCA) Managing Partner/CEO STERLING PARTNERS & Co (Chartered Accountants) delivered the following papers:

• Overview/Introduction to International Public Sector Accounting Standards(IPSAS) /International Financial Reporting Standards(IFRS)
• Presentation of Financial Statements (IPSAS 2), Cash flow Statements, Revenue Recognition (IAS 18).
• IPSAS 3- Net surplus or Deficit for the Period.
• Fundamental Errors and Changes in Accounting Policies, Property, Plant and Equipment –IAS16.

Mr. Alabi Sunday Adetunji (BSC, ACA) a Chief Accountant in the department delivered the following papers:

• Government Grants – IAS 20,
• Borrowing Cost - IAS 23,
• Impairment of Asset – IAS 36,
• Intangible Asset – IAS 38.

• International Public Accounting Standards – IPSAS 24,
• Presentation of Budget Information in Financial Statement.
• Introduction to National Chart of Account.

Questions and answers sections were handled by each facilitator after each lecture. Questions relating to the practical scenario covered by the topics were thoroughly discussed as it relates to the job and general matters.

The assessment forms distributed to participants were analyzed and the following was the summary of the feedback from them.