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Who is the Public Sector Accounting Board (PSAB)?
 
As stated in the publication PSAB: What it is and What it does, “the Public Sector Accounting Board (PSAB) comprises senior government executives and experts in government financial reporting. Members include: deputy ministers, controllers general, legislative auditors, prominent public accountants with public sector experience, chief financial officers of local governments, analysts, such as bond rating agencies, and accounting professors. Governments represented on PSAB include the federal, provincial, territorial and local governments. Members are chosen for their knowledge, experience and judgment. They serve as individuals without remuneration. They voice their personal convictions and views, independent of the policies of the government or organizations with which they are associated...PSAB serves the public interest by setting standards and providing guidance for financial and other performance information reported by the public sector.”
 
Local Governments are about to embark on a "New Frontier of Accountability" that will require teamwork involving all levels and dpartments.  The transition to full accrual-based accounting in municipalities will require commitment, planning and development of new competencies.  The key public sector accounting standard changes for local governments are imminent and include:
 
 
PSAB Section
  • 1000 - Financial Statement Concepts
  • 1100 - Financial Statement Objectives
  • 1200 - Financial Statement Presentation
  • 1900 - Segment Disclosures
  • 3150 - Tangible Capital Assets
  • 3410 - Government Transfers
  • Tax Revenue (Exposure Draft)

Statement Of Principles

 

  • Assessment of Tangible Capital Assets
  • Financial Instruments
  • Indicators of Government Financial Condition

Statement of Recommended Practice

  • Public Performance Reporting
 

 

 


 

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