CPD Course for CPA - PSAS: Review of the Standards

Course Name: PSAS: Review of the Standards

CPD Hours: 2

Type: Online/Video

Price: ~~$120~~ $108

This course provides a comprehensive and practical review of Canadian Public Sector Accounting Standards (PSAS), developed by the Public Sector Accounting Board. It is designed for accountants, auditors, and finance professionals working within or supporting public sector entities, including governments, municipalities, and government organizations.

Participants will gain a clear understanding of the PSAS conceptual framework, financial reporting objectives, and the structure of public sector financial statements. The course explores key technical areas including asset and liability recognition, tangible capital assets, asset retirement obligations, contingent liabilities, revenue recognition for both exchange and non-exchange transactions, and the accounting for government transfers. Emphasis is placed on the application of accrual accounting principles within a public sector context and how these differ from private sector frameworks such as IFRS and ASPE.

In addition, the course examines financial instruments, risk disclosures, and presentation and disclosure requirements under PSAS. Real-world considerations, including common CPA review findings and areas of judgment, are incorporated to strengthen practical understanding and professional application.

By the end of this course, participants will be able to interpret and apply key PSAS standards, identify high-risk accounting areas, and enhance the quality and compliance of public sector financial reporting.

Topic 1: Introduction to Public Sector Accounting Standards (PSAS)

1.1 Overview of Public Sector Accounting Board (PSAB) and its mandate

1.2 Objectives of financial reporting in the public sector

1.3 Key differences between PSAS and private sector frameworks (ASPE / IFRS)

Topic 2: Financial Statement Concepts and Reporting Model

2.1 Financial statement objectives and users (taxpayers, legislators, stakeholders)

2.2 The reporting entity and government reporting model

2.3 Overview of required financial statements under PSAS

Topic 3: Assets – Recognition and Measurement

3.1 Definition and recognition criteria for assets

3.2 Tangible capital assets (PS 3150) – capitalization, amortization

3.3 Impairment of assets and write-downs

Topic 4: Liabilities – Recognition and Measurement

4.1 Definition and recognition criteria for liabilities

4.2 Contingent liabilities and provisions (PS 3300)

4.3 Asset retirement obligations (PS 3280)

Topic 5: Revenue Recognition in the Public Sector

5.1 Exchange vs non-exchange transactions

5.2 Tax revenue recognition (PS 3510)

5.3 Government transfers (PS 3410) – eligibility and stipulations

Topic 6: Expenses and Expenditure Recognition

6.1 Expense recognition principles under PSAS

6.2 Transfer payments and grants

6.3 Accrual accounting vs budgetary reporting considerations

Topic 7: Financial Instruments and Related Risks

7.1 Overview of financial instruments (PS 3450)

7.2 Measurement categories and valuation

7.3 Risk disclosures (credit, liquidity, market risk)

Topic 8: Presentation, Disclosure, and Emerging Issues

8.1 Financial statement presentation (PS 1201)

8.2 Note disclosures and required schedules

8.3 Emerging standards and common CPA review findings