What’s Different About Public Sector Accounting

The Public Sector Accounting Board of Canada (PSAB) issued standards and guidance with respect to matters of accounting in the public sector. The PSAB issues standards and guidance to serve the public interest by strengthening accountability in the public sector through developing, recommending, and gaining acceptance of accounting and financial reporting standards of good practice.

“Public Sector” refers to governments, government components, government organizations, and government partnerships. Each of these entities is a “public-sector entity”. 

PSAB standards apply to all public sector entities that issue general purpose financial statements. Such financial statements are designed to meet the common information needs of external users of financial information about a government.

This online CPE webinar provides the information needed to aid understanding and assessments of government financial operations and to promote accountability that extends beyond reporting surpluses and deficits. 

The government financial statements must provide information that describes:

• Liabilities and financial assets, 
• It’s nonfinancial assets that are available for use in providing future services, the cost of using its economic resources in the delivery of services, 
• Information about investing and financing activities and potential assets and liabilities.

Come and find out what’s different about public-sector accounting. 

This online Accounting CPE webinar covers the following key topics:

• What is different about financial reporting?
• Specific financial statement items such as restricted assets and revenues, long-term debt, asset retirement obligations, etc.
• Special reporting for government not-for-profit organizations.
• Guidelines for government tangible capital assets.
• Disclosure requirements.
• Financial statement presentation.