Section PS 3450 Financial Instruments and other related amendments: They impact everyone!
Dates:
This online workshop will take place on July 27 from 8:30am-12:00pm, and July 28 from 8:30am-12:00pm.
Format Note: This session will be a combination of pre-recorded and live broadcast. This session will include a playback recording from the original live broadcast date on May 24 & 25, 2021. It will also include live interactive group work, polling questions and Q&As.
Overview:
This online workshop is designed to provide the attendee with an understanding of the following new standards and related amendments:
- Section PS 3450 Financial Instruments
- Section PS 1201 Financial Statement Presentation (replacing Section PS 1200 Financial Statement Presentation)
- Section PS 2601 Foreign Currency Translation (replacing Section PS 2601 Foreign Currency Translation)
The focus of the online workshop will be on new Section PS 3450 Financial Instruments and expand on the new accounting and financial reporting requirements.
Online Workshop Description:
The online workshop will delve into the requirements of the new standards and related amendments and provide relevant municipal examples. There will be breakout sessions throughout to allow the participants to apply their knowledge to examples scenarios along with opportunities to discuss the potential impact of the new requirements.
Some of the topics will include:
- Overview of changes to financial statement presentation
- What financial instruments does my municipality have?
- Derivatives and embedded derivatives – what are they and where do I look for them?
- Overview of recognition, measurement and derecognition requirements
- Presentation and disclosure in the financial statements
- Risk disclosures: what do my financial statements have to say?
- Implementation
Participants will discuss potential challenges and brainstorm solutions to ensure smooth implementation; in addition, they will consider what process changes may be necessary to capture the relevant information for transition and meet their ongoing needs. They will also consider how best to communicate the changes to stakeholders. Participants will also be encouraged to bring their own financial statements to use in their discussions.
You Will Learn How To:
- Identify financial instruments, categorize them, and apply the new recognition, measurement, presentation and disclosure requirements in Section PS 3450
- Explain the changes to the look of your municipality’s financial statements as a result of the Section PS 1201
Who Should Attend?
The workshop is designed for 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. This session is important for those who prepare municipal financial statements.
About Your Speaker:
Harry Li, CPA, CA is a senior manager in the Accounting Services function of Grant Thornton’s National Professional Practice Group. In that role, he supports Grant Thornton offices across Canada in interpreting accounting standards and their application to new and complex transactions, with a focus on financial instruments. Harry develops and facilitates training, internally and externally and actively participates in several technical committees, including supporting Grant Thornton’s representatives on the Accounting Standards Board’s Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee.
Webinar & Online Workshop Recording
By registering MFOA’s training, 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.
