Municipal finance staff must comply with standards related to accounting and financial reporting. MFOA promotes the interests of its members on important and emerging accounting and financial reporting issues and represents those interest to the provincial government and other stakeholders. MFOA's Accounting and Financial Reporting Committee identifies core issues for MFOA staff and provides guidance on submissions and future projects. See below for past submissions and other resources related to accounting and financial reportinng.

Doc File NameDocument TitlePub DateTag Name Document Description
MFOA_Policy_Projects/Express_and_Bare_Trusts.aspxExpress and Bare Trusts3/1/2024 12:00:00 AMPolicy AnFRMFOA has submitted a letter on the new reporting requirements for express and bare trusts.
MFOA_Policy_Projects/ARO_Case_Studies.aspxPSAB Asset Retirement Obligation Standard - Resources7/26/2022 12:00:00 AMPolicy AnFRThis page will be updated with resources related to the PSAB Asset Retirement Obligation Standard. New: MFOA's ARO Case Study
MFOA_Policy_Projects/MFOA_Response_to_Proposed_PS3251.aspxMFOA’s Response to Proposed Section PS 325111/8/2021 12:00:00 AMPolicy AnFRPSAB's Exposure Draft on Employee Benefits, Proposed Section PS 3251 outlines the first of several phases of PSAB’s revised employee benefits standard. Proposed Section PS 3251 would replace existing sections PS 3250 and PS 3255.
MFOA_Policy_Projects/PSAB_Concepts_Underlying_Financial_Reporting.aspxPSAB Concepts Underlying Financial Reporting - Resources5/7/2021 12:00:00 AMPolicy AnFRMFOA has submitted comments to PSAB on their latest exposure drafts on the Conceptual Framework and Proposed Section PS 1202, Financial Statement Presentation
MFOA_Policy_Projects/PSAB_Review_Employment_Benefits.aspxPSAB Review of Employment Benefits - Implications for Municipal Employers1/27/2021 12:00:00 AMPolicy AnFRThe Public Sector Accounting Board (PSAB) is currently considering changes to employment benefits that could negatively impact municipal employers.
MFOA_Policy_Projects/PS3410.aspxPS 3410 Government Transfers - Cheat Sheet8/24/2020 12:00:00 AMPolicy AnFRThis Section establishes standards on how to account for and report government transfers to individuals, organizations and other governments from both a transferring government and a recipient government perspective.
MFOA_Policy_Projects/ITC_on_nontraditional_pension_plans.aspxMFOA and AMO Response to PSAB's ITC on Employment Benefits: Non-Traditional Pension Plans2/1/2019 12:00:00 AMPolicy AnFRMFOA and AMO's response to PSAB's ITC on Employment Benefits: Non-Traditional Pension Plans focuses on the relationship between OMERS and its participating Ontario municipalities.
MFOA_Policy_Projects/Accounting_Standards_Effective_Jan_1_2018.aspxAccounting Standards Effective January 1, 201811/27/2017 12:00:00 AMPolicy AnFRNew PSAB accounting standards are in effect as of January 1, 2018. MFOA has compiled a list of the standards as well as resources to help you get ready.
MFOA_Policy_Projects/Response_to_ARO_Exposure_Draft.aspxMFOA's Response to ARO Exposure Draft6/20/2017 12:00:00 AMPolicy AnFRMFOA's response to PSAB's Asset Retirement Obligation (ARO) Exposure Draft. The proposed PS 3280 will address the recognition, measurement, presentation and disclosure of legal obligations associated with retirement of TCAs.
MFOA_Policy_Projects/MFOAs_Respons_to_PSAB_Consultation_Paper_3.aspxMFOA’s Response to PSAB Consultation Paper 38/5/2016 12:00:00 AMPolicy AnFRConsultation Paper 3 highlights many of the principles that will be set out in a future statement of principles for a revised framework and reporting model, and ask for input on them and a proposed reporting model that is built on those principles.
MFOA_Policy_Projects/MFOA_Committee_Responds_to_PSAB_Statement_of_Principles_on_Revenue.aspxMFOA Committee Responds to PSAB Statement of Principles on Revenue7/19/2016 12:00:00 AMPolicy AnFRMFOA's Committee on Accounting and Financial Reporting shared its feedback on a new revenue SOP with PSAB.
MFOA_Policy_Projects/Response_to_Regulation_28409_Review.aspxResponse to Regulation 284/09 Review7/14/2016 12:00:00 AMPolicy AnFRThe province is reviewing the Budget Expenses Regulation (O. Reg. 284/09) and one possible outcome of the review is that the regulation could be eliminated, forcing municipalities to budget for amortization and other non-cash items. Read more about w
 Questions? Contact:
Christine Duong
416-362-9001 ext.230


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