Public sector financial reporting and accounting

Keep your public sector career on track with this comprehensive course that guides you through key elements of applied financial reporting for organizations that follow PSAB standards.

Event Details

Location and date:
Online On-Demand Event

Effective financial reporting is critical to the success of every organization. This is especially true in the public sector, where organizations face an even greater need for transparency and the ability to report on results.

Join experts Martin Boucher and Steve Marcotte as they take you through this video course on public sector financial reporting and accounting. It includes an introduction to the Public Sector Accounting Board (PSAB) and its standard setting in Canada.

You’ll also learn about the most integral requirements from the CPA Canada Public Sector Accounting Handbook and the CPA Canada Handbook – Accounting. Content is reinforced with real-life examples of application that use decision trees, interactive scenarios and assessments.

See the course outline for detailed learning objectives.

This course represents a portion of our Public Sector Certificate Program . If you are currently enrolled in that program, we do not recommend that you register for this stand-alone course.

However, upon completion, if you are interested in signing up for the Public Sector Certificate Program, you are eligible for advanced standing. To learn more, please contact Alyssa Hammerstrom .

View Course Outline

Additional options and pricing may be available. See pricing and registration for more details.



$1,300

15 CPD hour(s)
Pricing & registration

You will learn about:

  • the role of the public sector accounting board (PSAB) in setting public sector accounting standards and Canadian GAAP
  • the difference between financial reporting objectives for the public sector versus the private sector
  • how to create public sector financial statements
  • key elements of the following:
    • financial statements
    • revenue
    • tangible capital assets
    • liability for contaminated sites
    • emerging issues
    • consolidation
    • financial instruments
    • employee future benefits

Who should attend?

  • professionals who work for organizations that follow public sector accounting board (PSAB) standards
  • financial professionals in the public sector
  • CPAs who work with public sector bodies
  • financial executives with positions in government

More Details:

Session Descriptions

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

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Keep building your knowledge and skills with this comprehensive course that guides you through key elements of financial management for the public sector.

Contacts

Please contact:

Member Development and Support
Tel: 1-800-268-3793
Email: customerservice@cpacanada.ca