Government Transfers - Deloitte

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Not-for-profit and Public Sector - changes in Accounting Frameworks Type of Organization Accounting Framework First reporting period – year beginning on or after: Government PSA Standards N/A P S A B Government Business Enterprise (GBE) Government Not-for-Profit Organization (GNFPO) IFRSs Choice of: i. Existing NPO standards (4400 series with minor modifications) + PSA Standards as underlying framework, or ii. PSA Standards (without NPO standards) January 1, 2011 (unless organization qualifies for 1 year deferral) January 1, 2012 Other Government Organization (OGO) PSA Standards or IFRSs based on assessment of users’ needs January 1, 2011 A c S B Not-for-Profit Organization (not controlled by government) (NPO) Choice of: i. Existing NPO standards (4400 series with minor modifications) + Accounting Standards for Private Enterprises (ASPE) as underlying framework, or ii. IFRSs January 1, 2012
Timeline – first time adoption by GNFPOs with a March year end April 1, 2011: Date of transition to new Accounting Framework Opening statement of financial position date. Beginning of first year of full comparative financial statements in accordance with new Accounting Framework. April 1, 2012: Date of conversion External reporting commences under to new Accounting Framework with restated comparative financial statements. April 1, 2011 March 31, 2012 April 1, 2012 March 31, 2013 March 31, 2012: Last audited financial statements prepared in accordance with Canadian GAAP. March 31, 2013: First audited financial statements under new Accounting Framework with restated comparative financial statements.
Page 1 and 2: PLEASE NOTE: The audio for today’
Page 3 and 4: Polling Question 1 What is your cur
Page 5 and 6: New PSA Standards Topic Financial S
Page 7 and 8: PSAB projects Amalgamations and Res
Page 9 and 10: Related Party Transactions (RPTs)-
Page 11 and 12: Conceptual framework
Page 13 and 14: Conceptual Framework Why Revising F
Page 15 and 16: Key characteristics of public secto
Page 17 and 18: Financial instruments
Page 19 and 20: Derivatives and Embedded Derivative
Page 21 and 22: Foreign currency translation Unreal
Page 23 and 24: Effective interest method • The e
Page 25 and 26: Statement of Remeasurement Gains an
Page 27 and 28: Financial instruments - risk disclo
Page 29 and 30: Government transfers
Page 31 and 32: Government Transfers, PS 3410 - New
Page 33 and 34: What is a government transfer Trans
Page 35 and 36: Government transfers- transferring
Page 37 and 38: Authorization Expanded guidance and
Page 39 and 40: Government transfers - recipients S
Page 41 and 42: Conclusions New standard clarifies
Page 43: Transition to PSA standards
Page 47 and 48: Financial Instruments - transition
Page 49 and 50: Frequently asked questions - financ
Page 51 and 52: Restatement of comparative figures
Page 53 and 54: First time adoption - PS 2125 optio
Page 55 and 56: Lessons learned (continued) Obtain
Page 57: Questions Paula Jesty Partner pjest

Government Transfers - Deloitte

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