Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
NOTE: This course description has been revised and reflects updates for 2023. If you have any questions, please contact pdevents@cpaontario.ca
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 changes expected to the standards.
- Create awareness around the implications COVID-19 can have on a public sector entity's financial reporting.
Topics Include:
Topics covered in this course include:
- Introduction to PSAS and the Conceptual framework/reporting model
- Government reporting entities and accounting for controlled entities
- PSAS revenue standards
- PSAS asset retirement obligations and liability for contaminated sites standards
- Financial instruments and re-measurement gains/losses
- Tangible capital assets and impairment
- Pensions, employee future benefits, and PSAB projects
- Loans receivables and loan guarantees
- Contractual rights and obligations
- Related party and inter-entity transactions
- Restructuring transactions
- PSAS Handbook structure, including GAAP hierarchy, public sector guidelines, and SORPs
- PSAS COVID-19 financial reporting considerations.
Key Takeaways
By the end of this course, participants should be able to:
- Given a module-based format, participants will learn the key fundamental PSAS concepts within the Handbook.
- With the use of some mini cases and examples, participants will practice applying the PSAS concepts to specific examples via group discussion.
- Participants will be able explain the PSAS reporting framework and how PSAS differs from ASPE and IFRS.
- Participants will be able to summarize the new and pending PSAS standards, and COVID-19 financial reporting considerations.
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)
- Board members of public sector entities
Prerequisite Knowledge
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 also bring financial statements from the organizations they work at (if appropriate) to use as reference for examples throughout the course.
How to Access The Course
To access the course please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow at least 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD Seminar policies can be found here.