NOTE: This course description has been revised to include updates to the course material for 2021. If you have any questions, please contact pdevents@cpaontario.ca


This course has shifted online into two, half-day sessions.

  • Thursday, November 11, 2021, 1:00pm - 5:00pm
  • Friday, November 12, 2021, 1:00pm - 5:00pm
  • This workshop focuses on general PSAS concepts, the structure of the PSAS Handbook, and differences between PSAS and those of ASPE or IFRS. The comparison of PSAS concepts with those in ASPE or IFRS allow attendees to understand new ideas based on their background knowledge, thus enhancing learning potential. Although the session involves lectures, the workshop occurs in modules that link relevant concepts together through collaborative learning, industry examples, and small case studies.

    This course is being offered to:

    • Allow participants to leave the workshop with a strong knowledge of general PSAS and an understanding of the PSAS for researching complexities of real-life situations.
    • Understand the objectives of public sector accounting standards and what makes these standards different from APSE or IFRS.
    • Ensure participants are aware of significant changes expected to the standards.
    • Create awareness around the implications COVID-19 can have on a public sector entity’s financial reporting.

    Learning Objectives

    The learning objectives for this course are as follows: · Given a module-based format, participants will learn the key fundamental PSAS concepts within the Handbook. · With the use of some mini cases and examples, participants will practice applying the PSAS concepts to specific examples via group discussion. · Participants will be able explain the PSAS reporting framework and how PSAS differs from ASPE and IFRS. · Participants will be able to summarize the new and pending PSAS standards, and COVID-19 financial reporting considerations.


    Topics covered in this course include:

    • Introduction to PSAS and the Conceptual framework/reporting model
    • Government reporting entities and accounting for controlled entities
    • PSAS revenue standards
    • PSAS asset retirement obligations and liability for contaminated sites standards
    • Financial instruments and re-measurement gains/losses
    • Tangible capital assets and impairment
    • Pensions, employee future benefits, and PSAB projects
    • Loans receivables and loan guarantees
    • Contractual rights and obligations
    • Related party and inter-entity transactions
    • Restructuring transactions
    • PSAS Handbook structure, including GAAP hierarchy, public sector guidelines, and SORPs
    • PSAS COVID-19 financial reporting considerations.


    General working knowledge of ASPE and/or IFRS. Some knowledge of the Public Sector Accounting Standards (PSAS) Handbook is ideal but not required.

    Who Will Benefit

    • Preparers of public sector financial statements (CFO, Director of Finance or Managers)
    • Auditors of public sector financial statements (Partners, Senior Managers, or Managers)
    • Board members of public sector entities