Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This workshop focuses on general PSAS concepts, the structure of the PSAS Handbook, and differences between PSAS and those of ASPE or IFRS. The comparison of PSAS concepts with those in ASPE or IFRS allows attendees to understand new ideas based on their background knowledge, thus enhancing learning potential. Although the session includes lectures, the workshop occurs in modules that link relevant concepts together through collaborative learning, industry examples, and small case studies.
This course is being offered to:
- Allow participants to gain a strong knowledge of general PSAS.
- Provide examples and case studies to help participants gain an understanding of some of the complexities of PSAS that will help in researching treatments of real-life situations.
- Provide an understanding of the objectives of public sector accounting standards and what makes these standards different from APSE or IFRS.
Topics Include:
- Introduction to PSAS and the Conceptual framework/reporting model
- Government reporting entities and accounting for controlled entities
- PSAS revenue standards
- Accounting for government transfers (as revenues and expenses)
- Asset retirement obligations and liability for contaminated sites standards
- Financial instruments, foreign exchange and re-measurement gains/losses
- Tangible capital assets and impairment, leased assets and public private partnerships
- Pensions, and employee future benefits
- Loans receivables and loan guarantees
- Contractual rights and obligations
- Related party and inter-entity transactions
- Contingent liabilities and assets
- Restructuring transactions
- PSAS Handbook structure, including GAAP hierarchy, public sector guidelines, and SORPs
NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.
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Key Takeaways
By the end of this course, participants should be able to:
- Describe the key fundamental PSAS concepts within the Handbook.
- Apply PSAS concepts to specific examples via group discussion, using mini cases and relevant examples.
- Describe the PSAS reporting framework and how PSAS differs from ASPE and IFRS.
Who Will Benefit
This course caters to several professionals, including the following groups:
- Preparers of public sector financial statements (including CFO, Director of Finance or managers, and accounting preparers).
- Auditors of public sector financial statements (including Partners, Senior Managers, or Managers and senior auditors).
- Board members and senior leadership of public sector entities not already familiar with PSAS.
Prerequisite(s)
- General working knowledge of ASPE and/or IFRS. Some knowledge of the Public Sector Accounting Standards (PSAS) Handbook is ideal but not required.
- It is suggested that participants bring financial statements from the organizations they work for or audit (if appropriate) to use as reference for examples throughout the course.
How to Access the Course
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To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.