Public Sector Financial Reporting and Accounting course

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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