Section PS 3450 Financial Instruments

Section PS 3450 Financial Instruments
Section PS 3450 Financial Instruments and other related amendments: They impact everyone!
Overview:
This workshop is designed to provide the attendee with a full understanding of new standards:
  • Section PS 3450 Financial Instruments
  • Section PS 1201 Financial Statement Presentation (replacing Section PS 1200 Financial Statement Presentation)
  • Section PS 2601 Foreign Currency Translation (replacing Section PS 2601 Foreign Currency Translation)

The focus of the workshop will be on new Section PS 3450 Financial Instruments and expand on the new accounting and financial reporting requirements.

Workshop Description:
The workshop will delve into the requirements of the new standards and related amendments and provide relevant municipal examples. There will be breakout sessions throughout to allow the participants to apply their knowledge to examples scenarios along with opportunities to discuss the potential impact of the new requirements.

Some of the topics will include:
  • Overview of changes to financial statement presentation
  • What financial instruments does my municipality have?
  • Derivatives and embedded derivatives – what are they and where do I look for them?
  • Overview of recognition, measurement and derecognition requirements
  • Presentation and disclosure in the financial statements
  • Risk disclosures: what do my financial statements have to say?
  • Implementation

Participants will discuss potential challenges and brainstorm solutions to ensure smooth implementation; in addition, they will consider what process changes may be necessary to capture the relevant information for transition and meet their ongoing needs. They will also consider how best to communicate the changes to stakeholders. Participants will also be encouraged to bring their own financial statements to use in their discussions.

You Will Learn How To:
  • Identify financial instruments, categorize them, and apply the new recognition, measurement, presentation and disclosure requirements in Section PS 3450
  • Explain the changes to the look of your municipality’s financial statements as a result of the Section PS 1201

Who Should Attend?
The workshop is designed for local government staff that are responsible for, or need to be aware of, the impact of the new standard Section PS 3450 Financial Instruments and the other related amendments. This session is important for those who prepare municipal financial statements.

About Your Speaker:
Melanie Joseph, CPA, CA has over twenty years of experience working with public sector entities, not-for-profit organizations, and private enterprises. As part of Grant Thornton’s National Professional Practice Group - Accounting and Advisory Services, she supports Grant Thornton offices across Canada, interpreting accounting standards and the application of new and complex transactions. Melanie develops and facilitates training, internally and externally and is also a member of The Accounting Standards Board’s Private Enterprise Advisory Committee and actively participates in several technical committees. Melanie has instructed on PSAS, ASNPO, and ASPE with CPA Ontario and Alberta for many years, and provided educational sessions to numerous public sector entities groups from across the country.

Webinar & Workshop Recording
By registering for our webinars and workshops, you are consenting to be recorded. For our training to be accessible and flexible to all registrants, recordings will be made available to those who are unable to attend.

Other locations for this workshop:
Other training available in this series: CPD CREDITS: This workshop is eligible for continuing professional education credits. Please check with your professional association to confirm that this qualifies for your CPD record.
When
10/29/2020 8:30 AM - 4:00 PM
Where
Provincial Tower (Boardroom Provincial C-D) 199 Larch St. Sudbury P3E 5P9

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