2018-19 financial reporting manual · this section identifies and describes objectives of...

2018-19

Financial Reporting Manual

For School Divisions

Ministry of Education: Education Funding Branch Last Updated: February 2019

School Division Financial Reporting Manual 2018-19

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APPENDIX C

PSAB - Summary of Standards, Guidelines and SORPs

The summary includes revisions up to and including release no. 47 (November 2018). This manual does not include sections PS 4200 to PS 4270 standards pertaining to government not-for-profit organizations.

• Appendix C-1.1: PSAB Revisions and New Standards – revision releases for future implementation • Appendix C-1.2: New standards to be implemented in 2018-19 • Appendix C-2: Summary of PSAB Standards, Guidelines and SORPs List of Public Sector Accounting Standards Concepts & Principles (PS1000 – PS1300):

• PS 1000 Financial Statement Concepts • PS 1100 Financial Statement Objectives • PS 1150 Generally Accepted Accounting Principles • PS 1201 Financial Statement Presentation • PS 1300 Government Reporting Entity

Financial Reporting (PS2100 – PS2700): • PS 2100 Disclosure of Accounting Policies • PS 2120 Accounting Changes • PS 2125 First-time Adoption • PS 2130 Measurement Uncertainty • PS 2200 Related Party Disclosures • PS 2400 Subsequent Events • PS 2500 Basic Principles of Consolidation • PS 2510 Additional Areas of Consolidation • PS 2601 Foreign Currency Translation • PS 2700 Segment Disclosures

Financial Statement Items (PS3041 – PS3510): • PS 3041 Portfolio Investments • PS 3050 Loans Receivable • PS 3060 Government Partnerships • PS 3070 Investments in Government Business Enterprises • PS 3100 Restricted Assets and Revenues • PS 3150 Tangible Capital Assets • PS 3200 Liabilities • PS 3210 Assets • PS 3230 Long-term Debt • PS 3250 Retirement Benefits • PS 3255 Post-employment Benefits, Compensated Absences and Termination Benefits • PS 3260 Liability for Contaminated Sites • PS 3270 Solid Waste Landfill Closure and Post-Closure Liability (withdrawn September 2018) • PS 3280 Asset Retirement Obligations (Fiscal years beginning on or after April 1, 2021) • PS 3300 Contingent Liabilities • PS 3310 Loan Guarantees • PS 3320 Contingent Assets • PS 3380 Contractual Rights • PS 3390 Contractual Obligations • PS 3400 Revenue – (Fiscal years beginning on or after April 1, 2021) • PS 3410 Government Transfers • PS 3420 Inter-entity Transactions • PS 3430 Restructuring Transactions • PS 3450 Financial Instruments • PS 3510 Tax Revenue


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Public Sector Guidelines • PSG-2 Leased Tangible Capital Assets • PSG-4 Funds and Reserves • PSG-5 Sale-Leaseback Transactions • PSG-7 Tangible Capital Assets of Local Governments Public Sector Statements of Recommended Practice • SORP-1 Financial Statement Discussion and Analysis • SORP-2 Public Performance Reporting • SORP-3 Assessment of Tangible Capital Assets • SORP-4 Indicators of Financial Condition


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Appendix C-1.1: PSAB Revisions and New Standards – revision releases for future implementation

*Excludes revisions to PS 4200 series pertaining to government not-for-profit organizations Revision Release

Revision Background Effective Date

Implications for School Divisions

No. 46 August 2018

Asset Retirement Obligations PS 3280

PS 3280 – Asset Retirement Obligations establishes standards on how to account for and report a liability for asset retirement obligations (ARO). As asset retirement obligations associated with landfills are included in the scope of new PS 3280, PS 3270 Solid Waste Landfill Closure and Post-Closure Liability is withdrawn. The main features of this standards are as follows:

• An ARO represents a legal obligation associated with the retirement of a tangible capital asset.

• Asset retirement costs increase the carrying amount of the related tangible capital asset and are expensed in a rational and systematic manner.

• When an asset is no longer in productive use, the associated retirement costs are expensed.

• Measurement of the ARO liability should result in the best estimate of the amount required to retire a tangible capital asset at the financial statement date.

• Subsequent measurement of the ARO liability results in either a change in the carrying amount of the related tangible capital asset or an expense. The accounting treatment depends on the nature of the remeasurement and whether the asset remains in productive use.

• The best method to estimate the liability is often a present value technique.

Fiscal periods beginning on or after April 1, 2021

School divisions are likely to adopt this new section in their audited financial statements for the 2020-21 school division fiscal year.

No. 47 Nov. 2018

Revenue – Section PS 3400

PS 3400 is a general application standard, meaning that it is not intended to supersede individual standards in the PSA Handbook that address specific types of revenue. For example, Tax Revenue, Section PS 3510, and Government Transfers, Section PS 3410, are specifically excluded from the scope of Section PS 3400. This proposed section will address revenue arising from two specific categories of revenue: exchange transactions, and unilateral transactions. The main features of the new Section are:

• An exchange transaction is a transaction that gives rise to one or more performance obligations for a public sector entity arising directly from a payment or promise of consideration by a payor.

• Performance obligations are enforceable promises to provide goods or services to a payor.

• Revenue from an exchange transaction is recognized when the entity has satisfied the performance obligation(s).

• Unilateral revenues increase the economic resources of a public sector without a direct transfer of goods or services to the payor and do not give rise to performance obligations.

• Unilateral revenues are recognized when a public sector entity has the authority to claim or retain an inflow of economic resources and a past event gives rise to a claim of economic resources.

Fiscal years beginning on or after April 1, 2022

School divisions are likely to adopt this new section in their audited financial statements for the 2020-21 school division fiscal year.


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Appendix C-1.2: New standards to be implemented in 2018-19 *Excludes revisions to PS 4200 series pertaining to government not-for-profit organizations

Revision Release

Revision Background Effective Date

Implications for School Divisions

There are no new PSAB standards implemented in the 2018-19 school year.


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Appendix C-2: Summary of PSAB Standards, Guidelines and SORPs The summary includes revisions up to and including release no. 47 (November 2018). This summary does not include sections PS 4200 to PS 4270 standards pertaining to government not-for-profit organizations. Source: CPA Canada Standards and Guidance Collection - Public Sector Accounting

Handbook Caution: The summary below outlines the standards in place at a specific point in time, as

noted above. School divisions should be aware that PSAB is continually evolving and new standards or changes to standards may occur at any time.

Public Sector Accounting Standards PS 1000 Financial Statement Concepts This section describes the concepts underlying the development and use of accounting principles in government financial statements. Such financial statements are designed to meet the common information needs of external users of financial information about a government. Content: • Purpose and scope • Context of government financial statements • Users and user information needs • Financial statement objectives • Benefit versus cost constraint • Qualitative characteristics • Elements of financial statements • Recognition • Measurement PS 1100 Financial Statement Objectives This section identifies and describes objectives of government financial statements that are generally acceptable to the users and preparers of the statements. These objectives provide the basis for determining standards of financial statement reporting and accounting principles that are consistent with one another and appropriate for government. PSAB’s goal is to improve government financial statements and enhance their comparability. Content: • Purpose and scope • Role of objectives in standard setting • Government operations • Objectives of government financial statements • Appendix A – Unique characteristics of government


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PS 1150 Generally Accepted Accounting Principles This section: (a) establishes standards for financial reporting in accordance with generally accepted

accounting principles; (b) describes what constitutes generally accepted accounting principles, and their sources;

and, (c) provides guidance on sources to consult when selecting accounting policies and

determining appropriate disclosures, when a matter is not dealt with explicitly in the primary sources of generally accepted accounting principles.

Content: • Purpose and scope • Definitions • Sources of GAAP • Transitional provisions PS 1201 Financial Statement Presentation This section establishes general reporting principles and standards for the disclosure of information in government financial statements. The principles and standards are based on the concepts underlying government financial statements in Financial Statement Concepts, section PS 1000, and the objectives of government financial statements set out in Financial Statement Objectives, section PS 1100. Content: • Purpose and scope • General reporting principles • Standards of presentation and disclosure • Transitional provisions • Appendix A – Illustrative financial statements – federal, provincial and territorial

governments • Appendix B - Illustrative financial statements — local governments PS 1300 Government Reporting Entity This section defines the scope of the government reporting entity in terms of the organizations whose financial affairs and resources would be included in government financial statements and establishes standards on how to account for and disclose those organizations in government financial statements. It also establishes standards on how to account for and disclose portfolio investments and trusts under administration. Content: • Purpose and scope • Defining the government reporting entity • Determining whether control exists • Accounting for government organizations • Accounting for portfolio investments • Disclosure • Trusts under administration • Transitional provisions • Appendix A – Applying the transitional provisions


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PS 2100 Disclosure of Accounting Policies This section establishes disclosure standards on the accounting policies adopted by an entity in the preparation and presentation of its financial statements. Accounting policies are the specific accounting principles used by a reporting entity and the methods for applying those principles. Content: • Disclosure • Content • Presentation PS 2120 Accounting Changes This section establishes standards on how to account for and disclose: (a) a change in an accounting policy; (b) a change in an accounting estimate; and, (c) a correction of an error relating to prior period financial statements. Content: • Change in an accounting policy • Change in an accounting estimate • Correction of an error in prior period financial statements • Prior period adjustments PS 2125 First-Time Adoption The purpose of this section is to ensure that a government organization's first financial statements, prepared in accordance with Public Sector Accounting Standards, contain high-quality information that: (a) is transparent for users of the financial statements and comparable over all periods

presented; (b) provides a suitable starting point for accounting in accordance with Public Sector

Accounting Standards; and, (c) can be generated at a cost that does not exceed the benefits to users. Content: • Purpose and scope • Definitions • Recognition, measurement and presentation • Disclosure • Transitional provisions


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PS 2130 Measurement Uncertainty This section establishes disclosure standards for measurement uncertainty arising from items recognized or disclosed in financial statements. The disclosure standards in this section supplement the standards in other sections. Content: • Purpose and scope • Definitions • Disclosure • Transitional provisions PS 2200 Related Party Disclosures This section defines a related party and establishes disclosures required for related party transactions. Content: • Purpose and scope • Definitions • Identifying a related party • Disclosure • Transitional provisions • Appendix A - Decision tree – Scope of applicability


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PS 2400 Subsequent Events This section establishes standards on how to account for and disclose events occurring between the financial statement date and the date of their completion. Financial statements are prepared to reflect a government's financial position at a particular date and changes in financial position for a period ended on that date. However, events occurring after the financial statement date may indicate a need to adjust items or to make specific disclosures in those statements. Therefore, in preparing financial statements, the implications and financial effects of subsequent events would be considered. Content: • Accounting treatment PS 2500 Basic Principles of Consolidation This section establishes standards on the basic principles of consolidation involved in preparing government financial statements as required by Government Reporting Entity, paragraph PS 1300.27. Additional consolidation issues such as accounting for governmental units with non-controlling interests, acquisitions and sales of government investments in governmental units, and accounting for the change in status of a governmental unit to a government business enterprise, are dealt with in Additional Areas of Consolidation, section PS 2510. Content: • Purpose and scope • Definitions • Basic principles • Appendix A – Government reporting entity framework

PS 2510 Additional Areas of Consolidation This section establishes standards on the following consolidation issues that are rare or require particular consideration: (a) accounting for governmental units with non-controlling interests; (b) acquisitions of governmental units; (c) sales of government investments in governmental units; and, (d) accounting for the change in status of a governmental unit to a government business

enterprise. Content: • Purpose and scope • Definitions • Non-controlling interest • Acquisitions • Sale of all or part of a government's investment in a governmental unit • When a governmental unit becomes a government business enterprise • Transitional provisions


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PS 2601 Foreign Currency Translation This section establishes standards on how to account for and report transactions that are denominated in a foreign currency in government financial statements. Content: • Purpose and scope • Definitions • Accounting • Presentation • Disclosure • Transitional provisions PS 2700 Segment Disclosures This section establishes standards on how to define and disclose segments in a government's consolidated financial statements. Content: • Purpose and scope • Defining segments • Identifying segments • Attributing items to segments • Segment accounting policies • Changes in segments • Disclosure • Transitional provisions PS 3041 Portfolio Investments This section establishes standards on how to account for and report portfolio investments in government financial statements. This section does not deal with accounting for derivatives. Content: • Purpose and scope • Definitions • Accounting • Presentation and disclosure • Transitional provisions PS 3050 Loans Receivable This section establishes standards on how to account for and report loans receivable in government financial statements. The standards apply to loans to borrowers outside of the government reporting entity. Content: • Purpose and scope • Definition • Loans to be repaid through future appropriations • Forgivable loans • Loans with significant concessionary terms • Recognition


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• Valuation • Write-offs • Recognition of interest revenue • Loan restructuring • Disclosure • Transitional provisions • Appendix A – Decision tree – Loans PS 3060 Government Partnerships This section defines a government partnership and establishes standards on how to account for and report a government's interest in government partnerships in government financial statements, regardless of the structures and forms under which the government partnership activities take place. This section does not deal with accounting by the government partnership itself. Content: • Purpose and scope • Definitions • Elements that define a government partnership • Forms and structures of government partnerships • Accounting for the government's interest • Accounting for investments of assets • Presentation and disclosure • Appendix A – Types of government contractual arrangements PS 3070 Investments in Government Business Enterprises This section establishes standards on how to account for and report investments in government business enterprises in government financial statements by the modified equity method of accounting. Government Reporting Entity, section PS 1300, specifies the circumstances in which the modified equity method applies. This section outlines how to apply the modified equity method to investments in government business enterprises. In addition, this section addresses how to account for the change in status of a government business enterprise to a governmental unit. Additional Areas of Consolidation, section PS 2510, deals with the change in status of a governmental unit to a government business enterprise. Content: • Purpose and scope • Definitions • Method of accounting • Sale of all or part of an investment in a government business enterprise • Statements at different dates • When an organization no longer meets the definition of a government business enterprise • Presentation and disclosure


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PS 3100 Restricted Assets and Revenues This section establishes standards on how to account for and report restricted assets and revenues in government financial statements. The standards do not apply to trusts under administration, which are excluded from the government reporting entity (see Government Reporting Entity, paragraph PS 1300.40) and government transfers, which are addressed in Government Transfers, section PS 3410. Content: • Purpose and scope • Definitions • External restrictions • Internally restricted entities • Designated assets PS 3150 Tangible Capital Assets This section establishes standards on how to account for and report tangible capital assets in government financial statements. Content: • Purpose and scope • Definitions • Accounting • Presentation and disclosure • Transitional provisions for local governments PS 3200 Liabilities This section: (a) provides guidance for applying the definition of liabilities set out in Financial Statement

Concepts, section PS 1000, and establishes general recognition and disclosure standards for liabilities; but

(b) does not include standards for recognition and disclosure of specific types of liabilities, which are dealt with in individual CPA Canada Public Sector Accounting Handbook sections.

Content: • Purpose and scope • Recognition • Liabilities • Disclosure • Appendix – Decision tree – Obligations


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PS 3210 Assets This section: (a) provides guidance for applying the definition of assets set out in Financial Statement

Concepts, Section PS 1000, and establishes general disclosure standards for assets; but (b) does not include standards for recognition and disclosure of specific types of assets,

which are dealt with in other handbook sections. Content: • Purpose and scope • Assets • Disclosure • Transitional provisions • Appendix A - Decision tree – Economic resources PS 3230 Long-term Debt This section establishes standards on how to account for and report long-term debt in government financial statements, including debt issued on behalf of a government business enterprise. It does not address the presentation and disclosure of other long-term obligations of a government. General guidance regarding the presentation and disclosure of a government's liabilities is provided in Financial Statement Presentation, paragraphs PS1201.044 -.048. Retirement benefits are specifically dealt with in Retirement Benefits, section PS 3250. Other employee future benefits are specifically dealt with in Post-Employment Benefits, Compensated Absences and Termination Benefits, section PS 3255. Content: • Purpose and scope • Financial statement presentation • Disclosure PS 3250 Retirement Benefits This section establishes standards on how to account for and report obligations for employee retirement benefits in government financial statements. Other employee future benefits are specifically dealt with in Post-Employment Benefits, Compensated Absences and Termination Benefits, section PS 3255. Content: • Purpose and scope • Defined benefit plans • Defined contribution plans • Multi-employer and multiple-employer benefit plans • Transitional provisions • Timing of actuarial valuations • Glossary • Appendix A – Limit on accrued benefit asset • Appendix B – Illustrative examples


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PS 3255 Post-employment Benefits, Compensated Absences and Termination Benefits This section establishes standards on how to account for and report obligations for post-employment benefits, compensated absences and termination benefits in government financial statements. Content: • Purpose and scope • Post-employment benefits and compensated absences • Termination benefits • Disclosure • Transitional provisions • Appendix A — Characteristics of benefit plans • Appendix B — Illustrative example PS 3260 Liability for Contaminated Sites This section establishes standards on how to account for and report a liability associated with the remediation of contaminated sites. Specifically, it: (a) defines which activities would be included in a liability for remediation; (b) establishes when to recognize and how to measure a liability for remediation; and, (c) provides the related financial statement presentation and disclosure requirements. Content: • Purpose and scope • Recognition • Measurement • Disclosure • Transitional provisions • Glossary • Appendix A — Decision tree — Liability for contaminated sites • Appendix B — Illustrative examples


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PS 3270 Solid Waste Landfill Closure and Post-Closure Liability Withdrawn September 2018. PS 3280 Asset Retirement Obligations (Fiscal years beginning on or after April 1, 2021) This Section establishes standards on how to account for and report a liability for asset retirement obligations. Specifically, it: (a) defines which activities would be included in a liability for retirement of a tangible

capital asset; (b) establishes when to recognize and how to measure a liability for an asset retirement

obligation; and (c) provides the related financial statement presentation and disclosure requirements.

• Content: • Purpose and scope • Definitions • Recognition of asset retirement obligations • Recognition and allocation of asset retirement costs • Measurement • Recoveries • Presentation and disclosure • Transitional provisions • Appendix A — Decision tree — Scope of applicability • Appendix B — Illustrative examples


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PS 3300 Contingent Liabilities This section: (a) defines and establishes standards on how to account for and report contingent liabilities

in government financial statements; but (b) does not include standards for specific types of contingent liabilities, which are dealt with

in individual CPA Canada Public Sector Accounting Handbook sections. Content: • Purpose and scope • Definition • Characteristics of contingent liabilities • Existence uncertainty • Recognition • Measurement • Disclosure


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PS 3310 Loan Guarantees This section establishes standards on how to account for and report government loan guarantees in government financial statements. The standards apply to loan guarantees to persons and to organizations outside of the government reporting entity. They are not intended to apply to contractual obligations, or to other contingencies such as indemnities, self-insurance or government insurance programs. Content: • Purpose and scope • Providing for losses • Estimating the provision for losses • Removal of the provision for losses from the financial statements • Guaranteed loans to be repaid from future government assistance • Disclosure • Transitional provisions

PS 3320 Contingent Assets This section: (a) defines and establishes disclosure standards on contingent assets; but (b) does not include disclosure standards for specific types of contingent assets. Content: • Purpose and scope • Definition • Characteristics of contingent assets • Disclosure • Transitional provisions PS 3380 Contractual Rights This section: (a) defines and establishes disclosure standards on contractual rights; but (b) does not include disclosure standards for specific types of contractual rights; and (c) does not include those contractual rights to exchange one asset for another where revenue does not arise. Content: • Purpose and scope • Definition • Characteristics of contractual rights • Disclosure • Transitional provisions


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PS 3390 Contractual Obligations This section: (a) defines and establishes disclosure standards on contractual obligations in government

financial statements; but (b) does not include disclosure standards for specific types of contractual obligations. Content: • Purpose and scope • Definition • Disclosure PS 3400 Revenue (Fiscal years beginning on or after April 1, 2021) This section establishes standards on how to account for and report on revenue. Specifically, it differentiates between revenue arising from transactions that include performance obligations, referred to as “exchange transactions”, and transactions that do not have performance obligations, referred to as “non-exchange transactions”. Content: • Purpose and scope • Definitions • Recognition • Applying the recognition criteria • Measurement • Presentation and disclosure • Transitional provisions • Appendix A - Applying the requirements • Appendix B - Framework overview • Appendix C - Illustrative examples PS 3410 Government Transfers This section establishes standards on how to account for and report government transfers to individuals, organizations and other governments from both a transferring government and a recipient government perspective. Content: • Purpose and scope • Recognition • Presentation and disclosure • Transitional provisions • Glossary • Appendix A - Decision tree – Recognition • Appendix B - Distinguishing types of transfers


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PS 3420 Inter-entity Transactions This section establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective. Content: • Purpose and scope • Definitions • Recognition • Measurement • Disclosure • Transitional provisions • Appendix A - Decision tree – Accounting PS 3430 Restructuring Transactions This section establishes standards on how to account for and report restructuring transactions by both transferors and recipients of assets and/or liabilities, together with related program or operating responsibilities. Content: • Purpose and scope • Definitions • Characteristics of restructuring transactions • Recognition • Measurement • Classification • Presentation and disclosure • Transitional provisions

PS 3450 Financial Instruments This section establishes standards on how to account for and report all types of financial instruments including derivatives. Financial instruments include primary instruments (such as receivables, payables and equity instruments) and derivative financial instruments (such as financial options, futures and forwards, interest rate swaps and currency swaps). Derivative financial instruments meet the definition of a financial instrument and, accordingly, are within the scope of this section. Content: • Purpose and scope • Recognition • Measurement • Derecognition of a financial liability • Presentation • Financial statement disclosures • Risk disclosures • Transitional provisions


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• Glossary • Appendix A - Applying the requirements PS 3510 Tax Revenue This section establishes standards on how to account for and report tax revenue in government financial statements. Content: • Purpose and scope • Definitions • Recognition • Measurement • Transfers made through a tax system and tax concessions • Presentation and disclosure • Transitional provisions • Appendix A – Decision tree – Transfers made through a tax system and tax concessions


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Public Sector Guidelines PSAB Guidelines set out PSAB's interpretations of existing standards, or its opinions on other issues of concern with respect to matters of financial accounting policies and disclosures for which the process of issuing exposure drafts and eventual standards does not apply or cannot be undertaken on a timely basis. As described in section PS1150 Generally Accepted Accounting Principles, Guidelines are a primary source of GAAP. PSG-2 Leased Tangible Capital Assets The purpose of this guideline is to: (a) define leased tangible capital assets; (b) describe how to account for a leased tangible capital asset and the related lease liability; (c) describe the information that should be disclosed about transactions involving leased

tangible capital assets; and, (d) provide guidance on initial application of the guideline. It applies to government financial statements. PSG-4 Funds and Reserves The purpose of this guideline is to provide guidance on reporting information related to a government's financial funds and reserves that are part of the government reporting entity. It applies to government financial statements. This guideline does not apply to funds and reserves that are externally restricted. External restrictions are addressed in Restricted Assets and Revenues, section PS 3100. This guideline applies to local governments that have adopted Financial Statement Presentation, PS 1201. PSG-5 Sale-Leaseback Transactions The purpose of this guideline is to define a sale-leaseback transaction and describe how to account for such transactions when the leaseback involves either a leased tangible capital asset (LTCA) or an operating lease. PSG-7 Tangible Capital Assets of Local Governments The purpose of this guideline is to provide transitional guidance to a local government on reporting information related to tangible capital assets in notes or schedules to its financial statements.


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Public Sector Statements of Recommended Practice (SORPs) Statements of Recommended Practice (SORPs) are issued by PSAB to enhance decision making and accountability by improving the understandability of reports issued in the public sector. However, as described in section PS1150.17 SORPs do not form part of the CPA Canada Public Sector Accounting Handbook or generally accepted accounting principles, nor are they designed to become GAAP in the future. For practical purposes, SORPs may be filed within the Handbook. SORP-1 Financial Statement Discussion and Analysis Provides guidance for reporting financial statement discussion and analysis (FSD&A). SORP-2 Public Performance Reporting Provides guidance for reporting performance information in a public performance report of a government or a government organization. For simplicity, the terms "entity" and "entities" are used throughout this SORP to refer to all governments and government organizations, unless otherwise specifically indicated. This SORP offers general guidance. It is not prescriptive with respect to the structure of the report and is not intended as a template for a public performance report. SORP-3 Assessment of Tangible Capital Assets Provides guidance to governments or government organizations that choose to prepare and present a report on the physical condition of their tangible capital assets, including leased tangible capital assets. The guidance provides a basis for exercising professional judgment as to the nature and extent of the information to be reported. SORP-4 Indicators of Financial Condition Provides guidance to governments that choose to report supplementary information on financial condition. The ability of governments to report indicators of financial condition may vary. Some governments may choose to report certain indicators initially, but over time, and as experience is gained, additional indicators may be reported.

2018-19 financial reporting manual · this section identifies and describes objectives of...

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