Statement for a new generation

Article Abstract:

Canada's Public Sector Accounting and Auditing Board (PSAAB) defined the financial reporting entity for federal, provincial and territorial governments in 1988 when it issued Public Sector Accounting Statement 4 (PSAS4). The PSAAB has also started to create the financial reporting rules for local governments. However, there may be some provisions in PSAS4 that apply to local governmnents, in which case it would be more logical to issue a new PSAC4 rather than issue a separate statement for local governments.

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The essence of an entity

Article Abstract:

Section PS 1300, 'Financial reporting entity' has replaced Section PS 1600 in the Public Sector Accounting and Auditing Board Handbook. While the recommendations contained in both sections are almost the same, Section 1300 expands the coverage of Section 1600 by including local governments in its scope. In the past, only federal, provincial and territorial governments were considered reporting entities. The new section also clarifies the definition of government control and government business enterprise.

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Landfill liability: a new Public Sector Handbook section gives guidance to governments on the recognition and measurement of closure and post-closure liability of solid-waste landfill sites

Article Abstract:

The Public Sector Accounting and Auditing Board has drafted its landfill liability exposure guidelines in the Public Sector Handbook under the PS Section 3270, which defines landfill site closure and post-closure responsibilities. The guidelines contain the necessary accounting and reporting recommendation that have not been covered in the CICA Handbook, which addresses issues on recognition and measurement of amount of liability.

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