Join the FMB and the Public Sector Accounting Board (PSAB) as they discuss financial reporting issues specific to Indigenous Governments – April 26, 2019

afoabc-staff-admin General

PSAB is beginning to discuss financial reporting issues specific to Indigenous governments at the PSA DG.

  • The discussions are non-authoritative. So, they don’t change the accounting and financial reporting standards that Indigenous governments use to prepare their financial statements.
  • But the PSA DG meetings do air issues for discussion in a public (including livestreamed) forum.
  • So, the PSA DG discussions may result in more consistent understanding and application of the standards discussed.
  • Further, a meeting report on the discussions is published on PSAB’s website about a month after the meeting.
  • And the Chair of the PSA DG reports to PSAB about the discussions held and any consensuses reached by the Group.

𝐏𝐮𝐫𝐩𝐨𝐬𝐞: Indigenous governments have expressed to PSAB the need for a conceptual framework that allows purchased intangible assets to be recognized and included in financial statements (e.g. fishing licenses). Currently, public sector accounting standards do not allow the recognition of any intangibles in general purpose public sector financial statements.

𝐖𝐡𝐞𝐧? April 26, 2019 8:30 AM to 3:30 PM EST or 11:30 A.M to 6:30 PM PST

𝐇𝐨𝐰 𝐚𝐧𝐝 𝐖𝐡𝐞𝐫𝐞? A Public Sector Accounting Discussion Group Meeting is being livestreamed and is free to observe. Interested participants can also observe in person at offices of CPA Canada in Toronto.

𝐖𝐡𝐨? Scott Munro, Director, Standards and Certification at the FMB will present on Accounting for Purchased Intangibles.

𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐥𝐢𝐧𝐤𝐬 to register for in-person or livestream observation are available HERE.

  • The discussions are non-authoritative. So, they don’t change the accounting and financial reporting standards that Indigenous governments use to prepare their financial statements.
  • But the PSA DG meetings do air issues for discussion in a public (including livestreamed) forum.
  • So, the PSA DG discussions may result in more consistent understanding and application of the standards discussed.
  • Further, a meeting report on the discussions is published on PSAB’s website about a month after the meeting.
  • And the Chair of the PSA DG reports to PSAB about the discussions held and any consensuses reached by the Group.

It’s being livestreamed and observation of the meeting is free. Interested individuals or groups can register to observe in person at the offices of CPA Canada in Toronto, where the meeting will be held; or can register to observe through the livestream of the meeting.

Details and links to register for in-person or livestream observation are available here:

  • https://www.frascanada.ca/en/psab/committees/psadg/psadg-agenda-apr-2019
  • The meeting will run from 8:30 AM to 3:30 PM EST. You don’t have to watch all sessions; you can just watch the one(s) that interest you.
  • Notes for observers will be posted by end of day April 16, 2019 at a site that will be given to you when you register.  Those notes help observers understand the issues and follow the discussions.
  • The meeting sessions will be recorded and session recordings posted after the meeting. You can register to see the recordings before or after the meeting.
  • Observers will not be shown on camera; only PSA DG members and PSAB staff will be on camera.
  • After the meeting, the meeting recordings will be available for two weeks at a link that will be provided to all registered livestream observers, whether you were able to observe on the day of the meeting or not.
  • The recordings ensure that Western observers have access to the discussions without having to get up early to observe.

The agenda for the meeting is as follows:

Introductions, administrative matters            08:30-08:45

A       Developer Fees and Contractual Rights           08:45-09:30
          (Presenter: Matthew Colley, Deloitte)
B       Taxes Levied for Specific Purposes              09:30-10:15
          (Presenter: Martha Jones Denning, PSAB Staff)
               Morning Break           10:15-10:30
C       Accounting for Cryptocurrencies                 10:30-12:00
         (Presenter: Matthew Colley, Deloitte)
                LUNCH             12:00-12:45
D       Accounting for Purchased Intangibles            12:45-13:45
         (Presenter: Scott Munro, Director, FMB)
E       International Strategy Consultation Paper 2             13:45-15:00
(Presenter: Michael Puskaric, PSAB Director)

Wrap-up (for livestream and in-person observers)                15:00-15:15
F       In camera session               15:15-15:30

The scheduling of each agenda item, including the breaks, is tentative and subject to change.