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SPEAKER: PSAB is the Public Sector Accounting Board. It sets accounting and financial reporting standards and issues other guidance for public sector entities in Canada.
Then what is the Public Sector Accounting Discussion Group, you might ask. This discussion group is one of PSAB's committees. Its members have significant public sector and financial reporting expertise that they apply to the issues submitted for discussion.
PSAB set up the discussion group as a public forum to discuss application issues with the Public Sector Accounting or PSA Handbook. In 2017, PSAB asked the Discussion Group to discuss emerging issues too. And PSAB told the group that it might sometimes ask its advice on documents it issues for public comment and other matters.
Does the Discussion Group make decisions? Discussions held at Discussion Group meetings are nonauthoritative. That means the results of our discussions are not a basis for decision-making. Instead, the Discussion Group gives you an opportunity to hear experts talk about and explore alternative views in a public forum.
This can support a common understanding of current accounting and financial reporting issues. Sometimes the group will even come to a consensus on an issue too. And discussions may clarify how entities understand and apply GAAP. The products of the Public Sector Accounting Discussion Group meetings are its meeting reports and its searchable database of discussions.
So why should you observe the Discussion Group meetings? It's hard to keep up-to-date on developments in public sector accounting on your own. Financial reporting is always evolving. And finding public sector-specific financial reporting professional development that's relevant to your job is even harder. Observing the meetings can help.
The group discusses a diversity of issues from a variety of submitters, including application questions on half the standards in the PSA Handbook have been discussed by the group already. New application issues with both new and old standards are always coming up. And the group discussions can help you navigate them.
Discussions on emerging issues, like green infrastructure and cryptocurrencies, make you think outside the box. Other topics relevant to public sector financial reporting, like professional judgment and a public interest framework, have reinforced what it means to be an accounting professional in the public sector. And if that's not enough, CPAs that observe the meetings may qualify for unverifiable CPD hours via your provincial CPA body.
Who should observe the Discussion Group meetings? Well, if you work in finance or financial reporting in government. You prepare the financial statements of schools, universities, colleges, hospitals, crown corporations, or government agencies.
You audit government financial statements. You audit the financial statements of schools, universities, colleges, hospitals, crown corporations, or government agencies. You're interested in understanding the public sector financial reporting. Or you just like what's on the agenda or have a similar issue.
Now that we've shown you what the group is all about, you need to know how to observe. The Discussion Group meets two times per year. Join us in person at CPA Canada offices in Toronto. Or observe our meetings from the comfort of your home or office via our live stream. Upcoming meeting dates and registration information can be found at frascanada.ca/psa-dg. We hope you can join us.