PSAS - Review of the Standards

Note: The Live Virtual course is presented in collaboration with CPA Western Provinces. The content is applicable to all participants. If you have questions regarding this course, please contact pdregistration@cpaalberta.ca

Overview:

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 course 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 course involves lectures, the workshop occurs in modules that link relevant concepts together and allow time for interactive questions and discussions. Specifically, the course uses collaborative learning, industry examples, and small case studies to keep you engaged.

This course is being offered to: 

• Allow you to leave the course 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 you are aware of significant upcoming changes to the PSA standards.

Course Content:

In this course, you will gain knowledge about the following topics:

• 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

Learning Objectives:

Upon completing this course, you should be able to: 

• Learn the fundamental PSAS concepts within the Handbook
• Practice applying the PSAS concepts to specific examples via group discussion
• Explain the PSAS reporting framework and how PSAS differs from ASPE and IFRS

Who Will Benefit: 

This course would benefit: 

• 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 or audit committee members or senior management of public sector entities and governments
• PSAS are applicable to governments including municipalities, first nations, and government controlled entities