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.
