LGDE Simplification for your BC Local Government
- Tricia Fraser
- What's New
- minute(s)We are happy to announce the release of a new member of our CaseWare Add-On Tools family. In addition to the requirement to present PSAB compliant statements, British Columbia Municipalities and Regional Districts must prepare the LGDE (Local Government Data Entry forms). This is annual requirement for BC local governments (under Community Charter section 167(4)) to be submitted to the Inspector of Municipalities. Unfortunately for those of us preparing this annual information, very typically we find that the grouping / presentation of information for the LGDE is substantially different from PSAB standards. FHB’s LGDE Automation Tool provides groupings to facilitate the simplification of the LGDE preparation. It also includes a complete package of leadsheets tied to these groupings which allow you to verify balances, add supporting working papers, reference and then sign off on your work on a line by line basis. Finally our tool replicates the data entry forms to facilitate easy data entry into the Ministry's website. Unfortunately the Ministry will not allow us to automate the upload of these values but our Automation Tool will help alleviate the agony experienced in painstakingly trying to prove agreement between your audited financial statements and the LGDE. Those ‘last minute’ adjusting journal entries from the auditor will no longer be an issue, just post your adjustments in the Working Paper File and the effects will roll out across your financial statements, notes, schedules and LGDE balances!
The annual LGDE requirement for BC local governments can be largely automated with CaseWare Working Papers and our add-on tool.
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Navigating PSAB: 6 quick steps to improve your knowledge
- Tricia Fraser
- PSAB
- minute(s)When does the Public Sector Accounting Board ("PSAB") matter to you? It is a good question to ask ourselves. As professional accountants our plates are full. In fact, they are heaping with deadlines for operational and project work, never mind the stuff that gets thrown over the fence. Many of us only begin caring about a particular PSAB topic based on the Effective Date for Adoption. The equation becomes: [Effective Date] - [# of staff hours to implement the change] = [Date I will start thinking about it] The biggest problem with this approach (only being concerned with the Effective Dates) is that government finance departments are always rushing to respond to the latest crisis. You are missing the opportunity to have input into how the standards are modified or introduced for adoption. Considering the impact that our ever changing standards have on how we report out and operate our organization, you would think we would prioritize participation. For example, consider the potential impact of the changes that could come out of the proposed Financial Statement Presentation, Section PS 1202. So why don't we give PSAB updates the proactive attention they deserve? Undoubtedly, the most significant factor is time. Finance professionals never have enough of it, and they often only hear about PSAB's Active Projects at a Conference or a blurb in a magazine. The fantastic thing about the public sector accounting community is that not only does PSAB ask for your feedback; but in our experience, they really consider your submissions. Take a look at the Feedback Statements that are published; it is evident that there is a real review and careful thought put into the comments gathered from the community. So even though we do not have a lot of spare time, prioritizing review and feedback of PSAB's current projects will prepare you for the coming implementation project and relax the tight deadline that might otherwise be in your future. Even better, you have an opportunity to help steer the ship and perhaps come up with a more efficient, effective, and reliable standard that will avoid worse implementation issues. Here are six quick steps to get involved and stay in the loop: Visit the site! The Public Sector Accounting Board has a great site summarizing all their Current, Completed, and Deferred Projects. Follow the Public Sector Accounting Standards Board on LinkedIn here. Get involved. Take a perusal through the Open for Comment documents and try your hand at filling one out and submitting it. Remember, you can spend as much or as little time as you desire on your responses depending on other time commitments. Attend the one-hour webinars offered and archived on the Financial Reporting & Assurance Standards website. Watch for Update Seminars and courses offered locally through CPA Canada or your provincial body, as well as taking advantage of PSAB seminars offered at any Conferences you may be attending. Sign up for our blog as we regularly report on PSAB topics.
Are you, the actual professional accountants in the field missing the opportunity for input into how PSAB standards are introduced for adoption?
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Navigating PSAB: Help is on the Way
- Tricia Fraser
- PSAB
- minute(s)Navigating PSAB is a series of articles designed to help finance officers who report under Public Sector Accounting Board guidelines. Those that do so know that PSAB can be challenging. Why is it a challenge? Consider an analogy if you will: It’s like we (finance officers & accountants) are in a kayak, navigating a rushing river. The water in our analogy is the information that we must report on — both voluminous and fast moving. The banks of the river in our analogy are provided by the Public Sector Handbook. The Principles and Standards are the obstacles that you must navigate around; the rocks, trees, undercurrents and yes at times the wild animals. (Remember PS 3150 Tangible Capital Assets? That was a Bear!). While we realize our role as kayakers is to be quick and nimble, it can often feel like the flow of the river is hard enough to keep up with. Now, throw in a new boulder or branch and a crash can seem unavoidable. Just being aware of the projects currently being discussed can help lessen the surprise and impact of our ever-changing reporting environment and thus help avoid a crash. The value of staying current with PSAB is more than just reactionary. If you are aware and on top of the current projects being undertaken by PSAB, you can have a say in the direction that PSAB takes and ultimately affect the outcome of the process. In other words, you can ensure that the boulder doesn't sink your kayak and leave your struggling to avoid drowning. Watch here In Black & White for status updates and discussions regarding current and future projects undertaken by the Public Sector Accounting Board. While we can’t control the water, knowing the river and what’s around the next bend can certainly help smooth the journey.
PSAB reporting is very challenging. Our series Navigating PSAB provides support & guidance to finance officers who must report under the PSAB handbook
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