PSAS - Update

Overview:

As the Public Sector Accounting (PSA) Handbook continues to evolve at a rapid pace, users of public sector accounting standards may find it difficult to keep up. This course provides a review of sections in the PSA Handbook that have recently undergone addition or will soon come into effect. Looking to the future, this course reviews ongoing projects and activities of the PSA Board. Finally, there is a look at emerging issues in public sector accounting and potential future projects. In order to relate the course to real life, the session will provide background information and examples to assist you in understanding these changes.

This course is being offered to: 

• Improve awareness and understanding of the changes to the PSA Handbook allowing you to better position yourself to plan for the changes and to advise others 
• Provide an understanding of current and future projects to consider whether you will be impacted and should follow these projects and provide feedback to PSAB prior to finalization if applicable
• Walkthrough examples and exercises so the material can be used as a future resource when applying the standards in practice
• Make you aware of emerging issues in public sector accounting and reporting, so that you can understand the impact, and provide feedback to PSAB on areas of interest

Course Content:

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

• Overview of recently issued or new standards:
  • PS 3280 – Asset Retirement Obligations
  • PS 3160 – Public-Private Partnership
  • PS 3400 – Revenue
  • PS 3450, PS 1201 - Financial Instruments, including the use of the Statement of Re-measurement Gains and Losses and explanations
  • The new conceptual framework
  • PS 1202 – Financial Statement Presentation (the new standard)
• Update on current projects underway:
  
  • Employee benefits
  • Government not-for-profit strategy and current projects in progress
  • Intangible Assets
• PSAB’s work plan and strategic plans:
  

  • Emerging public sector issues including cloud based computing costs, sustainability reporting, crypto-currency and accounting for natural resources

  • Summary of recent PSADG meetings since 2022

Learning Objectives:

Upon completing this course, you should be able to: 

• Describe the new and pending PSAS sections and how such standards relate to existing PSAS Handbook sections
• Be aware of the current PSAB projects

Who Will Benefit: 

Professionals working in or serving local governments, senior governments, crown corporations, and agencies, First Nations, or other public sector entities or auditors of these entities.