PSAS - Conceptual Framework and New Reporting Model
CPD Hours: 3.5 |
Overview:
You will build foundational knowledge of the conceptual framework and new reporting model under PS 1202. You will understand the changes the previous reporting model, and the key challenges in implementation and ongoing accounting under this new model. You will apply concepts to practical scenarios through examples, mini‑cases, and discussion.
Course Content:
In this course, you will gain knowledge about the following topics:
- The new Conceptual Framework, including its relevance to the standards, key aspects and connections between the standards and the framework, and significant changes from the previous conceptual framework, and differences from the IPSAS conceptual framework.
- Entity developed accounting polices – what they are, common areas for these policies, and how to determine consistency with the conceptual framework.
- The new Financial Reporting Model – PS 1202, including the new statements, and key financial measures.
- Net Financial Liabilities (or Net Financial Assets) the replacement for Net Debt.
- Classifying liabilities as financial or non-financial.
- Classifying assets as financial or non-financial.
- Examples and case studies to help understand application in practice.
Learning Objectives:
Upon completing this course, you should be able to:
- Explain the PSAS reporting framework and the role of the conceptual framework.
- Compare new PSAS concepts and statements with the old model and with ASPE and IFRS to understand similarities and differences.
- Understand the requirements related to entity developed accounting policies, identification of financial vs non-financial liabilities, and other key new areas.
- Apply the new PSAS concepts to common public sector scenarios using case exercises.
Who Will Benefit:
- Preparers of public sector financial statements (e.g., CFOs, directors of finance, managers, and accounting staff).
- Auditors of public sector financial statements (e.g., partners, senior managers, managers, and senior auditors).
- Board or audit committee members and senior management of public sector entities and governments.
- Professionals working with governments, municipalities, First Nations, and government‑controlled entities.
More Information
| Competency | Accounting |
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