PSAABPublic Sector Accounting and Auditing Board (Canada)
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The CREC recognized the long-lasting value of this position and publicly endorsed PSAAB's recommendations for the award program.
PSAAB recognized the benefits of having GFOA, an international organization, endorse and support its recommendations; it would mean that a significant number of Canadian municipalities would need to become aware of and understand PSAAB's recommendations.
With the congruent goals of improving financial reporting and management by Canadian municipalities, and the overwhelming benefits accruing to both organizations, it made strategic sense for the GFOA and PSAAB to form this alliance.
One major advantage of endorsing and recognizing PSAAB for the CAnFR program is that the GFOA is aligning itself with a nationally focused body that is expert in dealing with municipal accounting and financial reporting issues.
PSAAB has been structured to ensure that municipal government officials are directly involved in the development of any of PSAAB's recommendations.
In addition, PSAAB uses an extensive due process that allows for its associates and the municipal government community to provide input at various stages throughout the development of any final recommendation.
Given the expertise that PSAAB has to offer in developing recommendations, the process it uses, and the quality of the recommendations that PSAAB has issued, the CREC agreed to endorse PSAAB and its recommendations for the CAnFR program.
Once the "train-the-trainers" approach was identified as a viable alternative and determined to be feasible, PSAAB and CAnFR reviewers began development of two in-depth courses that would separately explain PSAAB's recommendations and the benefits of the CAnFR program.
It outlined PSAAB's recommendations and the benefits of submitting a municipality's financial statements for the CAnFR award program.
Aligning the CAnFR program and PSAAB will provide the conference attendees with up-to-date, leading-edge information which will provide them with the necessary tools for improving their overall financial reporting.
Both the CREC and PSAAB have recognized that, without a common foundation of complete, relevant, and reliable financial information, municipalities cannot effectively use the management tools of comparison, trend analysis, and performance reporting.
The GFOA, with its profile, membership, award program, and its existing framework for providing education and training, and PSAAB, with its network of knowledgeable members and associates and its open and consultative process to setting standards, will complement each other in their joint strategic goals of gaining acceptance of national financial reporting standards and promoting improvements in financial reporting by municipalities in Canada.