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PSAS Section PS 3450 Financial Instruments: Where do I start
PSAS Section PS 3450 Financial Instruments: Where Do I start? What are financial instruments and how will they impact my financial statements? This is the fifth in a series of 5 webinars. Scroll down the page to see links to the other sessions.
Webinar #5 – PSAS Section PS 3450 Financial Instruments: Where do I start?
June 23, 2020 – 12:00 PM – 1:00 PM
This webinar provides an approach municipalities can take to implement the new standards related amendments including, but not limited to:
Identifying all financial instruments, including embedded derivatives
Making the relevant accounting policy choices
Considering process or systems changes required to track information (e.g., remeasurement gains and losses)
Informing stakeholders about the changes
New Section PS 3450 Financial Instruments and related amendments: They will impact everyone!
Did you know that virtually every set of local government financial statements in the Province contains numerous financial instruments? If your financial statements contain, for example: cash, receivables, investments, payables, loans, or derivatives (such as interest rate or foreign exchange rate currency swaps) YOUR municipality will be affected by the new requirements! Some of the upcoming changes in include:
The addition of a new financial statement called the statement of remeasurement gains and losses
The introduction of fair value measurement for some public sector entities
A significant increase in the amount of disclosure in public sector financials statements, especially with respect to the risks arising from your financial instruments and the effects from the exposure therein.
PSAB’s new accounting standard Section 3450 Financial Instruments and the related amendments to other accounting standards such as Section PS 1201 Financial Statement Presentation and Section PS 2601 Foreign Currency Translation will be adopted for all governments for fiscal years beginning on or after April 1, 2021. For most municipalities in Ontario, this change will occur in their fiscal period ending December 31, 2022.
Over 5 webinars, our team of subject matter experts will provide a high-level overview of the recognition, measurement, presentation and disclosure requirements in Section PS 3450, the changes required to financial statement presentation, and other amendments to other standards as a result. The final webinar will also provide practical steps for municipalities to manage the implications of adopting the new requirements.
What You will Learn:
Questions we will look to answer in the webinar include...
Do you know what a financial instrument, financial asset, financial liability, derivative or embedded derivative are?
Do you know which financial instruments fall within the scope of the standard?
Do you know how your financial statements will change?
Do you know when fair value measurement is required or allowed?
Do you know the methods to determine a financial instrument’s fair value?
Do you know how to measure a financial instrument, such as a loan, at amortized cost using the effective interest method?
Do you know how to account for transaction costs such as fees and commissions paid to agents, advisors, brokers and transfer taxes and duties?
Do you know what a remeasurement gain or loss is and where it is presented in the financial statements?
Do you know when you may offset a financial asset and a financial liability?
Do you know all the new disclosure requirements related to your financial instruments?
Do you know what quantitative and qualitative disclosures are required pertaining to exposures to risks arising from your financial instruments (e.g., credit risk, liquidity risk, market risk)?
Do you understand the transitional provisions?
Do you know how you treat foreign exchange gains or losses?
Who Should Attend:
Local government staff that are responsible for, or need to be aware of, the impact of the new standard Section PS 3450 Financial Instruments and the other related amendments.
Benefits of Attending:
Participants can expect to:
Gain a clear understanding of the scope of new Section PS 3450 and begin to understand which items will be subject to the new recognition, measurement, presentation and disclosure requirements
Be able to explain the impact on your financial statements of all the changes to Sections PS 1201, PS 3450 and the other affected standards
About your Webinar Leader:
Melanie Joseph, CPA, CA
Principal – Professional Practice Group – Accounting and Advisory Services
Grant Thornton LLP
Melanie has over twenty years of experience working with public sector entities, not-for-profit organizations, and private enterprises. As part of Grant Thornton’s National Professional Practice Group - Accounting and Advisory Services, she supports Grant Thornton offices across Canada, interpreting accounting standards and the application of new and complex transactions. Melanie develops and facilitates training, internally and externally and is also a member of The Accounting Standards Board’s Private Enterprise Advisory Committee and actively participates in several technical committees. Melanie has instructed on PSAS, ASNPO, and ASPE with CPA Ontario and Alberta, and provided educational sessions to numerous public sector entities groups from across the country.
Webinar & Workshop Recording
By registering for our webinars and workshops, you are consenting to be recorded. For our training to be accessible and flexible to all registrants, recordings will be made available to those who are unable to attend.
Other webinars in this series:
New Sections PS 3450 and PS 1201 (May 19, 2020)
New PSAS Section PS 3450 Recognition and Measurement Part 1 (May 26, 2020)
New PSAS Section PS 3450 Recognition and Measurement Part 2 (June 2, 2020)
PSAS Section PS 3450 Presentation,Disclosure,Transition (June 16, 2020)
Other workshops available in this series:
PSAB Update and Planning for Asset Retirement Obligations Workshop
Kingston (October 7, 2020)
London (October 21, 2020)
Thunder Bay (October 28,2020)
Sudbury (October 30, 2020)
Brampton (November 18, 2020)
Live Stream (November 18, 2020)
Section PS 3450 Financial Instruments Workshop
Kingston (October 8, 2020)
London (October 20, 2020)
Thunder Bay (October 27, 2020)
Sudbury (October 29, 2020)
Brampton (November 17, 2020)
Live Stream (November 17, 2020)
Complete Package including all five webinars and two workshops!
This webinar is eligible for continuing professional education credits. Please check with your professional association to confirm that this qualifies for your CPD record.
6/23/2020 12:00 PM - 1:00 PM
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