PSAS - Review of the Standards

Overview:

Discover the essentials of Public Sector Accounting Standards (PSAS) with this course. This course focuses on general PSAS concepts, the structure of the PSAS Handbook, and the differences between PSAS and those of ASPE or IFRS. The comparison of PSAS concepts with those in ASPE or IFRS allows attendees to understand new ideas based on their background knowledge, thus enhancing learning potential. Although the session includes lectures, the workshop occurs in modules that link relevant concepts together through collaborative learning, industry examples, and small case studies.

This course is being offered to: 

• Allow participants to gain a strong knowledge of general PSAS 
• Provide examples and case studies to help participants gain an understanding of some of the complexities of PSAS that will help in researching treatments of real-life situations
• Provide an understanding of the objectives of public sector accounting standards and what makes these standards different from APSE or IFRS

Course Content:

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

• Introduction to PSAS and the Conceptual framework/reporting model
• Government reporting entities and accounting for controlled 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, leased assets, and public private partnerships
• Pensions, and employee future benefits
• Loans receivables and loan guarantees
• Contractual rights and obligations
• Related party and inter-entity transactions
• Contingent liabilities and assets
• Restructuring transactions
• PSAS Handbook structure, including GAAP hierarchy, public sector guidelines, and SORPs

Learning Objectives:

Upon completing this course, you should be able to: 

• Describe the key fundamental PSAS concepts within the Handbook
• Apply PSAS concepts to specific examples via group discussion, using mini-cases and relevant examples
• Describe the PSAS reporting framework and how PSAS differs from ASPE and IFRS

Who Will 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 members and senior leadership of public sector entities not already familiar with PSAS