This workshop examines the application of complex areas in the PSAS. Participants will learn strategies for applying general standards to the real world. The workshop explores common areas of complexity that appear frequently in practice that raise discussions between accounting professionals and auditors using mini-case studies, shorter collaborative discussion exercises, and real-world examples. The workshop includes a brief refresher on some of the most recent standards and changes to come.

This course is being offered to allow participants to:

• Strengthen their knowledge of general PSAS concepts and an understanding of applying the PSAS Handbook for researching complexities of real-life situations.
• Improve their understanding of some of the more complex areas of the PSAS Handbook to allow participants to engage in more meaningful discussion and analysis when such issues in these specific areas arise in their work.
• Provide awareness and knowledge of significant changes coming to the PSAS Handbook so participants can plan for these changes on a timely basis.

Topics Include:

• Asset retirement obligations, and liabilities for contaminated sites 
• Government transfers, including issues and differences in application.
• Controlled entities, including specific examples of different situations and relationships.
• Tangible Capital Assets including Public Private Partnerships.
• Leased tangible capital assets, with government as a lessee and a lessor.
• Financial instruments and hedging, including the impact of the Statement of Re-measurement Gains and Losses.
• Common issues for local and senior governments.
• What’s new in the PSAS Handbook. A brief overview of all current projects underway is also provided.

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

• Describe the more complex areas of PSAS.
• Analyze complex real-life situations and apply PSAS standards.
• Apply the PSAS Handbook to the common areas that are controversial in practice.