CIPFA and ICAEW launch qualification

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the ICAEW have jointly developed a new qualification for finance professionals working in the public sector that covers both International Financial Reporting Standards (IFRS) and their public sector equivalents, International Public Sector Accounting Standards (IPSAS).

The Certificate in International Public Sector Financial Reporting (Cert IPSFR) is a unique e-learning programme and is the first such qualification to meet the specific and growing needs of the public sector. Central government and NHS Trusts are adopting IFRS for their 2009/10 accounts, while the first local authority IFRS based accounts are to be produced for 2010/11.

The new certificate is relevant well beyond the UK public sector. The increasing global adoption of IPSAS, as well as IFRS, makes the qualification adaptable to international variations in emerging markets which are looking to improve public sector financial reporting and management.

It comprises of 70 study hours with online assessment. The certificate comprehensively covers all international standards, including an explanation on the context of IFRS and IPSAS and details of financial statement presentation, asset and liability reporting and entity consolidation.

The certificate will be launched at the Third CIPFA/ICAEW public sector conference - IFRS and beyond on 5 March 2010 at Chartered Accountants' Hall, London and on 12 March at the Crown Plaza, Leeds. It will be available for purchase after the launch at www.cipfa.org.uk/certipsfr or www.icaew.com/certipsfr

CIPFA Chief Executive Steve Freer said:
'Finance staff throughout the public sector faced with the special demands of the new international financial reporting standards will benefit from this unique and tailored qualification which is the latest example of the close working relationship between CIPFA and the ICAEW'

Michael Izza, ICAEW Chief Executive, said:
"The adoption of IFRS across national and local government is a key element in reforming the cultures, structures and processes that underpin public spending. This qualification will provide a benchmark for finance professionals, not just in the UK but around the world as adoption of IFRS is extended across the public sector."