Public sector certificate program Level II

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This is the agenda for
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

This is the agenda for
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