Public sector financial reporting and accounting

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This is the agenda for Day 1
Day 1
8:00 - 9:00
Registration and Continental breakfast

9:00 - 10:00
Module I: Introduction

This module provides an overview of the CPA Canada Public Sector Accounting (PSA) Handbook standards, describes PSA concepts and principles and summarizes the application of PSA standards. The module includes discussions of the definitions of the components of a financial statement in accordance with PSA standards.

10:00 - 10:45
Module II: Financial statement presentation (net-debt model)

This module addresses the requirements for financial statement presentation under the PSA Handbook. Differences from financial statement presentation under the CPA Canada Handbook -Accounting will be highlighted.

10:45 - 11:00
Coffee break

11:00 - 12:00
Module III: Revenues (lecture)

This lecture covers the PSA Handbook guidance on Revenue (such as PS 1000 - Financial Statement Concepts, PS 1201 - Financial Statement Presentation) and the application of principles outside primary sources of GAAP to transactions, providing an understanding of basic revenue recognition criteria. PS 3100 - Restricted Assets and Revenues is also addressed in this module.

12:00 -1:00
Buffet lunch

1:00 - 1:45
Module III: Revenues (case studies)

Case studies: focusing on revenue versus cost recovery and one that addresses revenue recognition.

1:45 - 2:30
Module IV: Capital assets and related topics (lecture)

This module focuses on measurement issues related to tangible capital assets in accordance with PS 3150 - Tangible Capital Assets and PSG 2 - Leased Tangible Capital Assets. It addresses why tangible capital assets are recorded and how, including what disclosures are important.

2:30 - 2:45
Coffee break

2:45 - 4:00
Module IV: Capital assets and related topics (case studies)

Case studies: focusing on the identification of eligibility for capitalization, amortization application, the treatment of subsequent valuations, impairment and disposals.

This is the agenda for Day 2
Day 2
8:00 - 9:00
Continental breakfast

9:00 - 10:15
Module V: Government transfers (lecture)

This module addresses the revised PS 3410 – Government Transfers and focuses on when to recognize a transfer, how to distinguish the main types of transfers and how to account for them. The perspective of both the transferring government and the recipient are considered along with capital contributions.

10:15 - 10:30

10:30 - 12:00
Module V: Government transfers (case studies)

Case study 1: Identification of transfer type; recognition; accounting versus appropriation
Case study 2: Transfer to industry
Case study 3: Conditional and unconditional repayments

12:00 - 1:00
Buffet lunch

1:00 -2:30
Module VI: Liability for contaminated sites (lecture and case study)

This module covers the new standard on Liability for Contaminated Sites (PS 3260) and scope considerations. Also addressed in this module are the recognition, measurement and disclosure requirements under PS 3260.

Case study 1: Recognition and measurement of liability for contaminated sites

2:30 -2:45

2:45 - 4:00
Module VII: Emerging issues

This module addresses new or revised standards such as PS 2601 – Foreign Currency Translation and also covers projects underway with the Public Sector Accounting Board.

This is the agenda for Day 3
Day 3
8:00 - 9:00
Continental breakfast

9:00 - 10:00
Module VIII: Consolidation

This module addresses when to consolidate under the PSA Handbook using the indicators of control. Although, definitions of “control” between the PSA Handbook and the CPA Canada Handbook - Accounting are similar, this module provides an understanding of why differences occur upon application of the principles within the underlying standards.

10:00 - 10:45
Module IX: Financial instruments

This module addresses the categories, the measurement and the presentation requirements for financial instruments under the PSA Handbook. The significant differences between the reporting of financial instruments under the CPA Canada Handbook - Accounting and the public sector requirements will be highlighted.

10:45 - 11:00
Coffee break

11:00 - 12:30
Module X: Employee future benefits

This module presents the types of retirement benefit plans, measurement and recognition under the PSA standards, focusing on differences from the CPA Canada Handbook - Accounting requirements. It will also cover key aspects of post-employment benefits and compensated absences, and highlight additional liabilities recognized under the PSA Handbook.

12:30 - 1:00
Buffet lunch and course conclusion


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