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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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gfoa november 5 2004

GFOA November 5, 2004

Accounting Standards for Municipalities

history of psaac psaab psab
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
  • 1997 moved auditing to Assurance Standards Board = PSAB
  • PSAB reports to AcSOC now
the purpose of f s
The Purpose of F/S
  • F/S should communicate reliable information, relevant to the needs of users, in a manner that maximizes their usefulness, that is clearly presented, understandable, timely and consistent.
what s all the fuss about
What’s all the Fuss About?

“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.

why is psab doing this
Why is PSAB Doing This?
  • Information is not complete
  • Similar transactions reported differently
  • Financial statement presentation fragmented
why is psab doing this1
Why is PSAB Doing This?
  • Understand what you owe
  • Understand what you own
  • Understand your cost of services
  • Improved information
  • Performance reporting
but why a psa handbook
But why a PSA Handbook?
  • Governments are different!!!!

Ability to tax

Capital assets not acquired for profit

Net income not the measure of performance

Budget is a key public policy document

what has psab achieved
What has PSAB Achieved?
  • A common set of financial statements
  • A common set of financial indicators
  • An awareness of certain issues
  • But is it making a difference?
  • It is a mind-set change
where is psab now
Where is PSAB now?
  • Full accrual without deferral of inventories and capital assets
  • Definitions of financial assets and liabilities
  • Consolidation of “controlled” entities
  • Accounting policies related to specific items
  • BUT no indicators of financial position, no definitions of accumulated or annual surplus
compliance three issues
Compliance – three issues
  • Remember PSAB 101?
  • Capital expenditures and revenues not in Statement of Financial Activities
  • Revenues – Expenditure = Change in Net Financial Assets or Liabilities
  • Inventories of supplies and prepaid expenses (surprised?)
where is psab going
Where is PSAB going?
  • #1 focus relating to accounting standards in PSAB’s new strategic plan is local government!!!!!!!!!
  • Capital asset accounting (stock & use)
  • A new reporting model for local governments
  • Segment reporting
  • Performance reporting and a multi-dimensional “accountability” report
where is psab going1
Where is PSAB Going?
  • #1 focus relating to acceptance in the new strategic plan is to get remaining local governments adopting the PSA Handbook
  • Quebec remains a challenge but the east coast is moving
  • We have about 2000 of the 3000 local governments covered in legislation (Ontario west)