The Public Sector Accounting Board (PSAB) is Canada’s independent public sector accounting standards setter. It’s standards were to be adopted by all local governments in Canada by January 2009.
Not only is it important that New Brunswick municipalities follow the same standards as their counterparts throughout the country, but it is also a requirement under Federal funding programs.
It is a council’s responsibility to ensure that the municipality is in compliance with legislative, regulatory and reporting standards requirements.
The Department of Local Government is pleased to assist municipalities in fulfilling their obligations by providing advice and regulatory oversight.
In April of 2010, the Department launched an implementation process which would see municipalities adopt the PSAB accounting standards by 2012. The Department has been assisting municipalities in this process through the provision of documentation and training. A number of documents and workshops have been provided to municipalities, rural communities, and solid waste and water and waste water commissions in the past year.
This is an important change in municipal accounting and reporting and municipal councils must put the appropriate resources in place to ensure that the necessary work be accomplished for 2012. It is important to note that municipalities’ 2012 PSAB statements must contain the comparable information for 2011. Timely gathering of the necessary information and calculations is therefore very important and will make the transition smoother.
I strongly encourage you, if you haven’t already, to put a process in place that will allow you to accomplish the necessary work to meet the standards. A reminder that you may use some of your Gas Tax Funding, under the Capacity Building Category, to access resources for Phase 1 of the implementation process – i.e. the identification and valuation of your tangible capital assets.
I trust that you will find this website helpful in providing you with information regarding the adoption of the standards in your organization. It is updated regularly as the Department rolls out the implementation process.
If you require further information regarding the adoption of Public Sector Accounting Standards, please contact Mrs. Sandra Jessop-Roach, CGA, and Director of Special Projects at (506) 457-6748.
Bruce Fitch
Minister
Local Government