Further PSAB Changes Approved

The Public Sector Accounting Board has approved changes that it was proposing for the “Reporting Model” for local governments(sections 1000, 1100 and 1200 of the Public Sector Accounting Handbook). Under the changes, tangible capital assets will have to be fully reflected in municipal financial statements starting with fiscal 2009. The official announcement is expected be posted on the CICA website shortly. As part of their campaign to help municipal staff prepare for the changes, AMCTO and MFOA have established a joint PSAB/Asset Management website to facilitate access to resources and information sharing by municipalities. Click here to see the resources recently added. If your municipality has documents you can share (reports to council, implementation action plans, capitalization policies, etc.), please send them to Frank Nicholson.