PSAABPublic Sector Accounting and Auditing Board (Canada)
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By 1996, PSAAB had issued municipal recommendations on the objectives of financial statements, general standards of financial statement presentation, and the reporting entity.
The decision would mean that in those provinces that had not yet recommended PSAAB, municipalities would necessarily need to restate their financial statements to comply.
It would give PSAAB an opportunity to have its recommendations widely implemented and would provide firsthand experience allowing feedback into the development of any standards.
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 uses a board/task force approach staffed by senior officials from all levels of government who volunteer as many as 15 meeting days per year.
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.
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.