GFOA November 5, 2004. Accounting Standards for Municipalities. History of PSAAC, PSAAB, PSAB. 1980 senior government Comptrollers and Auditors General approached CICA PSAAC was formed 1989 PSAAC broadened its scope to include local governments 1990 PSAAC became PSAAB = task forces
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Accounting Standards for Municipalities
“The purpose of history is to explain the present – to say why the world around us is the way it is. History tells us what is important in our world and how it came to be. It tells us why things we value are the things we should value. And it tells us what is to be ignored or discarded. That is true power – profound power.”Michael Crichton, Timeline, Random House Publishing Group, 1999, page 480.
Ability to tax
Capital assets not acquired for profit
Net income not the measure of performance
Budget is a key public policy document