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IPSAS IMPLEMENTATION - ISSUES AND IMPACT PBC 18 th Session

IPSAS IMPLEMENTATION - ISSUES AND IMPACT PBC 18 th Session. Geneva September 2011. Presentation Outline. Definitions, concepts and dates Overview of key differences UNSAS / IPSAS Walk-through UNSAS to IPSAS: opening balances Walk-through of UNSAS vs IPSAS: 2010 results

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IPSAS IMPLEMENTATION - ISSUES AND IMPACT PBC 18 th Session

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  1. IPSAS IMPLEMENTATION - ISSUES AND IMPACT PBC 18th Session Geneva September 2011

  2. Presentation Outline • Definitions, concepts and dates • Overview of key differences UNSAS / IPSAS • Walk-through UNSAS to IPSAS: opening balances • Walk-through of UNSAS vs IPSAS: 2010 results • Walk-through UNSAS vs IPSAS: RWCF

  3. Definitions, Concepts, Dates (1) • UNSAS vs. IPSAS – what are these? • IPSAS key concepts: • Accrual basis of accounting • Going concern • Adoption by WIPO of IPSAS by 2010

  4. Jan. 1 Dec. 31 WIPO service Reporting Period Process patent applications Cost of equipment, services used to deliver the service Salaries for 12 months Unused leave earned and carried over to next year ASHI/termination benefits earned on the basis of the year worked Definitions, Concepts, Dates (2) Accrual basis of accounting – a simplified example: EXPENDITURE FOR THE FINANCIAL YEAR: Materials purchased not used Income vs expenditure for the year = IPSAS result INCOME FOR THE FINANCIAL YEAR: Fees for patent applications published in the year Cash received in advance Cash due for services

  5. KEY DIFFERENCES UNSAS vs. IPSAS • Some terminology • Statement of financial position • Statement of comprehensive income • Statement of changes in net assets • Statement of cash flows • Notes • INCOME – revenue not “earned” must be deferred • EXPENDITURE – expenses are recognized when an obligation is incurred not when payment is made • Balance sheet – various differences in method of valuation and disclosure

  6. WALK-THROUGH: 2010 results IPSAS Adjustments to 2010 Income and Expenditure (in millions of Swiss francs) Adjustments to 2010 income and expenditure, summarized as follows: • Reduction of 5.7 million Swiss francs in income, to reflect income deferral of monies received but unearned • A net increase in expenditure of 5.1 million Swiss francs:

  7. Budgetary basis IPSAS basis adjustments WALK-THROUGH: 2010 results Resulting income and expenditure views: Note: differences may be due to rounding

  8. Land and Buildings Total 180.6 Post employment benefits Total -78.8 Current liabilities Total 132.2 WALK-THROUGH: opening balances IPSAS Adjustments to RWCF Opening Balances (in millions of Swiss francs) Adjustments to the opening balances of the Reserves and Working Capital Funds (RWCF) via the balance sheet, totaling 20 million Swiss francs (reduction), summarized as follows:

  9. Opening Balances – Land and Buildings

  10. Opening Balances – Current Liabilities

  11. Opening Balances – Post Employment Benefits

  12. WALK-THROUGH: RWCF Resulting RWCF levels: Budgetary basis IPSAS basis adjustments Note: differences may be due to rounding

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