What’s Different About Public Sector Accounting CPE Webinar

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John Smith

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What’s Different About Public Sector Accounting

Reviewed

February, 2024

Michel Morley

Learning Objectives

To learn techniques and improvements in public-sector financial statement reporting.
To discuss the differences in accounting rules for public-sector entities.
To analyze the important steps in preparing a public-sector financial statement.
To develop strategies for dealing with unique public-sector accounting requirements.
To discuss best practices in public-sector disclosures and presentation.

Course Description

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.

Overview

What do these standards apply to?

23 mins
Objectives of government financial statements

36 mins
Financial statements presentation

47 mins
Learning about Non-financial assets

63 mins
Reporting cash flow Indirect method

80 mins

Webinar Qualifies For

2 CPE Credit of Accounting (Govt.) for Certified Public Accountants (CPA-US)
2 General Credit of Accounting (Govt.) for Accountant/Bookkeeper/Tax Professionals
2 CPD Credit of Accounting & Auditing (Govt.) for CPA in Canada
2 CPE Credit of Accounting & Auditing (Govt.) for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
2 CPD Credit for Association of Chartered Certified Accountants (ACCA)
2 CPE Credit of Accounting & Auditing (Govt.) for Certified Government Financial Manager (CGFM)
2 CPD Credit for Chartered Accountant - ICAEW
2 CPE Credit of Accounting & Auditing (Govt.) for Internal Audit Practitioner (IAP)
2 CPE Credit of Accounting & Auditing (Govt.) for Qualification in Internal Audit Leadership (QIAL)
2 CPD Credit for Chartered Accountants - Scotland
2 CPE Credit of Accounting (Govt.) for Iowa Licensed Public Accountant (IA-LPA)
2 CPD Credit for Chartered Accountants - Ireland (CAI)
2 CPD Credit for CPA - Ireland
2 CPE Credit of Accounting (Govt.) for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Accounting (Govt.) for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

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Kylie Schwarting, Accountant/Bookkeeper/Tax Professionals

N/A

Rob Moody, CPA (US)

The terminology and presentation did not incorporate current, appropriate presentation of US GAAP for governmental accounting and reporting. The description of the financial statements was not correct for current reporting statements under GAAP