Public sector certificate program Level II
Part I: Financial Reporting | |
---|---|
Introduction+• Being able to describe the role of the PSAB in setting Canadian public sector GAAP • Being able to explain the process PSAB uses to set standards • Knowing how to identify the five other sources of GAAP and the conditions where they may be applicable in a public setting • Knowing how to apply a four-question decision tree to determine the appropriate basis of GAAP for a particular entity • Being able to identify the objectives of public sector financial reporting, and how it differs from the private sector • Knowing the key elements necessary for creating public sector financial statements | |
Financial Statements+• Being able to identify the five mandatory public sector financial statements • Knowing how to identify the differences between public sector financial statements and private sector financial statements • Being able to explain the structure and components of each of the five financial statements | |
Revenue+• Being able to define the term “revenue” • Knowing how to identify typical sources of government revenue • Being able to recognize the main sources of guidance, including: - primary (PSAS) - secondary (IFRS, ASPE) • Being able to explain how standards apply to the recognition, presentation and measurement of revenue • Being able to identify two alternatives for recognizing revenue in a government controlled not-for-profit organization: - pure PSAS - PSAS adapted for PS 4200 • Being able to account for three types of restricted assets and revenues: - external restrictions - internal restrictions - designated assets | |
Tangible Capital Assets+• Being able to account for tangible capital assets • Being able to provide useful information to stakeholders by accounting for tangible assets • Being able to identify and explain which items are not recorded assets • Knowing when leases should be recorded as tangible capital assets • Knowing when write-downs should be recorded | |
Government Transfers+• Being able to explain current standards for government transfers • Being able to identify the three types of government transfers • Knowing how to review the recognition criteria for government transfers • Being able to recall the practical issues of applying government transfers | |
Liability for Contaminated Sites+• Being able to identify the key features of the liabilities for contaminated sites standard • Being able to explain the criteria for recognition and measurement • Knowing how to recognize the completeness of liabilities for contaminated sites | |
Emerging Issues+• Being able to identify current standard development activities of PSAB • Being able to identify new or revised standards • Being able to explain standards in development and describe their potential implications | |
Consolidation+• Being able to identify the indicators of control • Knowing how to recognize the appropriate accounting treatments to use for different government units • Being able to explain and recall key consolidation principles • Knowing how to account for investments | |
Financial Instruments+• Being able to recognize the key features of the new financial instruments standard • Being able to explain the criteria for recognition and measurement • Being able to recall the transition rules for organizations adopting the financial instruments standard and what they need to consider • Knowing how to identify the requirements for presentation and disclosure of risk in financial statements | |
Employee Future Benefits+• Being able to identify the various types of retirement benefit plans • Knowing post-employment, compensated absences and termination benefits • Being able to recognize the challenges and complexities of recognition and measurement • Knowing how to explain the differences between vested, accumulated and event-driven benefits |
Part II: Financial Management | |
---|---|
The Public Sector Context+• Being able to identify the public sector context from both a general and a financial management perspective • Being able to recognize the unique qualities and importance of financial management in the public sector • Being able to explain the delivery of public services and goods • Being able to describe the key competencies necessary for effective financial management in the public sector | |
Governance and Accountability+• Being able to identify the key areas critical to successful governance and accountability in the public sector • Knowing how to explain the attributes of governance and oversight • Being able to describe accountability and risk management in the public sector | |
Effective Resource Management+• Being able to explain resource management and how the financial professional can add value as a skillful resource manager • Knowing the nature and characteristics of effective resource management • Knowing how to use logic models • Being able to identify stakeholders, external monitoring, strategic reviews and reallocation | |
Planning, Budgeting and Costing+• Being able to explain the nature of planning and budgeting in the public sector, along with the most relevant topics • Knowing how to plan and budget in public sector finance • Being able to identify effective planning and budgeting techniques • Being able to explain costing and accounting and how they relate to budgeting • Knowing how to ensure the sustainability of programming through the budget process | |
Performance Management and Measurement+• Being able to recognize leading ways that performance can be managed and measured for optimal results • Knowing how to identify performance management and measurement in the public sector • Being able to explain performance improvement opportunities in the public sector • Being able to link performance management to financial management and describe the role of public sector financial professionals |