Public Sector and Not-for-Profit Accounting
Reporting by Canadian governments and not-for-profit organizations: why public sector accounting differs from business accounting, the revised PSAS conceptual framework and the PS 1202 financial statements effective for fiscal years beginning on or after 1 April 2026, including net financial assets or liabilities and the statement of changes in net assets, tax revenue, government transfers and exchange revenue under PS 3510, PS 3410 and PS 3400, tangible capital assets, asset retirement obligations, contaminated sites and P3s, municipal budgets and variance analysis, reserves, segments and the government reporting entity, employee benefits, debt and financial instruments, ASNPO contributions under the deferral and restricted fund methods, not-for-profit statements and allocated expenses, registered charity rules including the disbursement quota, receipting and the T3010, and public sector audit and indicators of financial condition, following an invented Saskatchewan city and a food bank charity throughout.
ACCT-412 Year 4 3 credits 12 lessons · 4 h 38 min
Offered by HSM University · Accounting
This is the Canadian version of this course. See the American version.
What you'll learn
- Explain how the objectives, users and resource flows of governments and not-for-profit organizations differ from those of businesses, and identify the Canadian standard setters and frameworks that apply to each type of entity.
- Apply the revised PSAS conceptual framework, including the elements of financial statements and the distinction between financial and non-financial assets and liabilities.
- Prepare and interpret the financial statements required by PS 1202, including the statement of net financial assets or liabilities and the statement of changes in net assets.
- Recognize tax revenue, government transfers and revenue from exchange transactions under PS 3510, PS 3410 and PS 3400.
- Account for tangible capital assets, asset retirement obligations, contaminated sites, public private partnerships and purchased intangibles.
- Convert a municipal funding budget to the PSAS basis and analyse budget variances.
- Report reserves, reserve funds and segments, and apply the government reporting entity and consolidation rules of PS 1300.
- Account for employee future benefits, long-term debt and financial instruments under PS 3250, PS 3255 and PS 3450, and explain the proposed PS 3251.
- Apply the deferral and restricted fund methods of ASNPO to contributions, including contributed materials, capital contributions and endowments.
- Prepare not-for-profit financial statements with allocated expense disclosures, and evaluate controlled entities, related parties and common performance measures.
- Apply the registration, disbursement quota, receipting and filing rules that govern registered charities under the Income Tax Act.
- Evaluate a government's financial condition using indicators of sustainability, flexibility and vulnerability, and describe the role of public sector auditors.
Course content
12 lessons · 4 h 38 min total · final exam
- 1 Why public sector and not-for-profit accounting is different 24 min · quiz
- 2 The revised PSAS conceptual framework 23 min · quiz
- 3 Financial statement presentation under PS 1202 23 min · quiz
- 4 Revenue: taxes, transfers and user fees 24 min · quiz
- 5 Tangible capital assets, asset retirement obligations and contaminated sites 23 min · quiz
- 6 Budgets, budgetary control and budget reporting 23 min · quiz
- 7 Reserves, reserve funds and segment reporting 23 min · quiz
- 8 Employee benefits, debt and financial instruments 23 min · quiz
- 9 Not-for-profit organizations I: ASNPO and contributions 23 min · quiz
- 10 Not-for-profit organizations II: financial statements and special topics 23 min · quiz
- 11 Registered charities: tax rules and compliance 23 min · quiz
- 12 Public sector audit, accountability and capstone 23 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
Reporting by Canadian governments and not-for-profit organizations: why public sector accounting differs from business accounting, the revised PSAS conceptual framework and the PS 1202 financial statements effective for fiscal years beginning on or after 1 April 2026, including net financial assets or liabilities and the statement of changes in net assets, tax revenue, government transfers and exchange revenue under PS 3510, PS 3410 and PS 3400, tangible capital assets, asset retirement obligations, contaminated sites and P3s, municipal budgets and variance analysis, reserves, segments and the government reporting entity, employee benefits, debt and financial instruments, ASNPO contributions under the deferral and restricted fund methods, not-for-profit statements and allocated expenses, registered charity rules including the disbursement quota, receipting and the T3010, and public sector audit and indicators of financial condition, following an invented Saskatchewan city and a food bank charity throughout.
Part of the Business stream, typically taken in year 4.