Webinar #1 – New Sections PS3450 Financial Instruments and PS1201 Financial Statement Presentation: What are financial instruments and how will they impact my financial statements? May 19, 2020 – 12:00 PM – 1:00 PM
Webinar Objectives:
This webinar will explain what financial instruments are and discuss which ones are within the scope of the new standard. This session will also introduce the changes municipalities will have to make to their financial statements as a result of the new requirements, including the new statement of remeasurement gains and losses.
Series Overview:
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.
Series Objectives:
PSAB’s new accounting standard Section 3450 Financial Instruments and the related amendments to other accounting standards such as Section PS1201 Financial Statement Presentation and Section PS2601 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 PS3450, 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.
Other webinars in this series:
- #2 - New PSAS Section PS 3450 Recognition and Measurement Part 1 (May 26, 2020)
- #3 - New PSAS Section PS 3450 Recognition and Measurement Part 2 (June 2, 2020)
- #4 - PSAS Section PS 3450 Presentation,Disclosure,Transition Pt.1 (June 16, 2020)
- #5 - PSAS Section PS 3450 Presentation,Disclosure,Transition Pt.2 (June 23, 2020)
