While some professionals encounter certain standards on a daily basis, other practitioners require a review of standards that they fail to encounter regularly in their work. Accordingly, 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 allow attendees to understand new ideas on the basis of their background knowledge, thus enhancing learning potential. Although the session involves lectures, the workshop occurs in modules that link relevant concepts together and allow time for interactive questions and discussions. Specifically, the workshop uses collaborative learning, industry examples, and small case studies to keep participants engaged.

This course is being offered to:

• Allow participants to leave the workshop with a strong knowledge of general PSAS and an understanding of the PSAS for researching complexities of real-life situations.
• Understand the objectives of public sector accounting standards and what makes these standards different from APSE or IFRS.
• Ensure participants are aware of significant upcoming changes to the PSA standards.

Topics Include:

• Introduction to PSAS and the Conceptual framework and reporting model (including the new Conceptual Framework and upcoming changes with PS 1202)
• Government reporting entities and accounting for controlled entities (including government business 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, purchased intangible assets and cloud computing costs
• Leases
• Public Private Partnerships
• Pensions, and employee future benefits (including an overview of the upcoming revised standard)
• Loans receivables and loan guarantees
• Contractual rights and obligations
• Contingent Assets and liabilities
• Related party and inter-entity transactions
• Restructuring transactions
• PSAS Handbook structure, including GAAP hierarchy, public sector guidelines, and SORPs

NOTE: This course description has been revised and reflects updates for 2025. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants will be able to:

• Identify Personal tax issues and learn how to research the issues.
• Calculate personal taxable income.
• Evaluate Individual Tax Planning opportunities.
• Describe the taxation of Trusts.
• Describe the taxation of partnership income.