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PUT TITLE HERE. The New Reporting Model and Sample Forms. Information Session for School Board Finance Staff and External Auditors Transfer Payments & Financial Reporting Branch Fall 2008. Financial Reporting Model - Why??. 2 models of accounting in PSAB Handbook

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  1. PUT TITLE HERE The New Reporting Model and Sample Forms Information Session for School Board Finance Staff and External Auditors Transfer Payments & Financial Reporting Branch Fall 2008

  2. Financial Reporting Model - Why?? • 2 models of accounting in PSAB Handbook • Senior government reporting • Local government reporting • Background • Statement of Principles - September 2005 • Exposure Draft - March 2006 (for comment) • Exposure Draft - November 2006 (approved) • Accounting Standards • PS 1000, PS1100, PS1200 - Senior • PS1700, PS1800 - Local (deleted effective Jan 1, 2009)

  3. Financial Reporting Model - What is it?? • Sets out the rules, parameters and content requirement that prescribe what must be presented in the financial statements • the NUMBER, TYPE and FORMAT of the FS; • WHAT is to be reported; • WHEN it should be reported and • the NOTES that are required with the financial statements • PS 1000, PS1100, PS1200

  4. Implementation Time Frame • 2008-09 DSB Financial Statements (Nov 09) - Restatement of 2007/08 balances • 2009-10 DSB Estimates (Jun 09)

  5. Key Features of New Model • 5 “Messages” about DSB finances: Indicators of Financial Position • Net Debt • Accumulated surplus/deficit Indicators of Changes in Financial Position 3. Annual surplus/ (deficit) 4. Change in net debt 5. Cash Flows • Moves away from a one-dimensional focus on surplus/deficit

  6. What’s New? PSAB Changes • Statement of Financial Position (page 2) • Tangible capital assets • Reserve Funds and Amounts to be Recovered (ATBR) are gone • Indicator # 1: Net Debt • Indicator # 2: Accumulated Surplus / (deficit) • Statement of Operations (page 3) • Replaces Statement of Financial Activities • Gone are changes in prepaid expenses and changes in ATBR • Includes amortization expense • Requires budgeted numbers • Indicator # 3: Annual surplus/ (deficit)

  7. What’s New? PSAB Changes • Statement of Changes in Net Debt - New (page 4) • Capital expenditures • Requires budgeted numbers • Indicator # 4: Change in Net Debt • Statement of Cash Flow (page 5) • replaces Statement of Changes in Financial Position • New capital section • Indicator # 5: Cash Flows

  8. What’s New ? Ministry of Education Changes • Schedule 1.2- Detail of Acc. Surplus (page 6) • New schedule – not a required form per GAAP • Somewhat replaces our old “FUNDS” reporting • Old Schedule 5 (page 13) • Explains what the Accumulated Surplus/Deficit is composed of • Explains pieces of the Annual Surplus/Deficit • Schedules 2.1 & 2.2- Operating Fund & Capital Fund (pages 7 & 8) • Grants for students needs separated (page 31) • Annual surplus / (deficit) on 2.1 = compliance position

  9. What’s New ? Ministry of Education Changes • Schedules 2.3 & 2.4- Reserve Funds & School Activity Funds (pages 9 & 10) • Schedules are gone • Schedule 3 - Capital Expenditures (pages 11 & 12) • Page 1 is gone  capital expenditures • Page 2 needs to be revamped • Schedule 8 - TCA Continuity (pages 16 - 18) • By major asset class • Cost table • Accumulated amortization table • Inter-entity TCA transactions

  10. What’s New ? Ministry of Education Changes • Schedule 9 - Revenues (pages 19 - 22) • Reorganization of schedule to align with statement of operations groupings • Includes all sources of revenue • Segregation of capital & operating type revenues • Schedule 10 - Expenses (pages 23 & 24) • Expenses and not expenditures • Schedule 3 disappears • Includes amortization expense • Same changes brought to Schedules 10.1, 10.2, 10A & 10B

  11. What’s New ? Ministry of Education Changes • Schedule 10ADJ - Compliance Schedules (pages 25 & 26) • Schedule gone / part of Schedule 2.1 • Section 1 - Summary of Allocations (page 31) • Segregation of capital type grants from operating type grants

  12. Useful Reference Document 20 Questions about Government Financial Reporting • http://www.psab-ccsp.ca/index.cfm/ci_id/18658/la_id/1 • Published in 2003 • Refers to Senior Levels of Government but still applicable

  13. Other • Hoping to finalize forms by December • Hands-on training sessions Feb / March 2009 • Video-conference + live in 1 central location • Constructive Comments & Feedback Doreen Lamarche Senior Business & Policy Analyst (613) 225-9210 x.113 Doreen.lamarche@ontario.ca

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