As the CPA Canada Public Sector Accounting Standards Handbook (PSAS) continues to evolve at a rapid pace, users of public sector accounting standards may find it difficult to keep up. The course provides a review of sections in the PSAS Handbook that have recently undergone addition or will soon come into effect. In addition, the seminar examines pending sections along with ongoing key projects and activities of the PSAS Board. Background information and examples are provided to assist participants in understanding the impact changes in relation to real life situations.
Participants will improve their general awareness of the changes to the PSA Handbook to better position themselves to plan for the changes and advise others. Real life examples and scenarios are provided that will allow participants to engage in meaningful discussions with others to clarify the concepts.
WHO WILL BENEFIT:
Preparers of public sector financial statements (CFO, Director of Finance or Managers), auditors of public sector financial statements (Partners, Senior Managers, or Managers), and board members of public sector entities.
Participants in the course will:
- develop general awareness of the new and pending PSAS sections and understand how the sections relate to existing standards,
- develop awareness of the current PSAB projects and determine what projects on which to provide stakeholder feedback, and
- understand key PSAS COVID-19 considerations.
Overview of recently issued or new standards:
- PS 3280 – Asset Retirement Obligations
- PS 3160 – Public Private Partnership
- PS 3400 – Revenue
- PS 3450, PS 2601, PS 3041, PS 1201 - Financial Instruments Narrow Scope Amendments and related sections, including the use of the Statement of Re-measurement Gains and Losses and explanations
Update on current projects:
- A review and update of the conceptual framework and new reporting model
- Employee future benefits
- Financial instruments and purchase intangibles – narrow scope amendments
- Government not-for-profit strategy
- Review of international stratey
- Annual Improvements update for most recent updates
- Review of other projects in progress and how the impact may play out
- Summary of recent PSADG meetings since 2020
- PSAS COVID-19 financial reporting considerations.
PSAS – Review of the Standards or a general working knowledge of existing Public Sector Accounting Standards (PSAS).
COURSE LEADER: BRADLEY KEEFE, CPA, CA