From confusion to clarity

Article Abstract:

Canada's Public Sector Accounting and Auditing Board (PSAAB) has finally created a task force to clarify the confusion regarding the preparation of financial statements by certain public sector organizations. Confusion arose when the PSAAB gave these organizations a choice between the accounting recommendations embodied in the Canadian Institute of Chartered Accountants Handbook and those contained in the Public Sector Handbook. The task force's recent proposals are discussed.

Canada, Government business enterprises, Public enterprises

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Short is not always sweet

Article Abstract:

Not all financial statements prepared in brevity reveal the true performance of a firm. In this aspect, auditors can do better by assuring that the summarized statement prepared, accurately represent the financial condition of the firm. They can also warn the readers of the limitations of summarized financial statements. In effect, financial statements prepared in accordance with generally accepted accounting principles are still the best.

Reporting & Disclosure, Business reports, Financial statements

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By degrees: a PSAAB task force finds that accounting for restricted-use assets and revenues is both complex and controversial

Article Abstract:

The Canadian Public Sector Accounting and Auditing Board has formed a task force to recommend accounting and reporting procedures for the use of restricted government resources. However, the task force has found it difficult to fulfill is objective because of two vague sections in the Public Sector Accounting and Auditing Handbook. These sections classify the different government assets depending on their degree of accessibility.

Finance, Public finance, Public sector, Government accounting

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