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Tools and Strategies to Facilitate PS 3280 Compliance (Asset Retirement Obligations)



Next Sessions: 
January 27th, 2020 at 10:00am - 11:00am and 1:00pm - 2:00pm ET

As of April 1, 2021, the new Public Sector Accounting Standard, PS 3280 goes into effect. The new standard requires all governments in Canada to identify and account for any assets that have an asset retirement obligation (ARO). This change in financial reporting will require a substantial undertaking for all public sector organizations. All organizations will need to determine the applicability of an ARO to each capital asset in their Tangible Capital Asset Register, as well as determine the appropriate cost of the obligation. Steps must be taken by all Canadian public sector organizations to become compliant with this new standard and ensure that appropriate audit evidence is produced to reach compliance. 
This educational webinar will provide attendees with a firm understanding of the reasons behind this change in accounting standards while comparing the new PSAS standard to other international standards related to AROs. The webinar will also provide attendees with reasonable walkthrough examples of how to appropriately account for these costs, both on the asset and liability sides of the financial statements. Finally, the webinar will highlight available tools to streamline and automate this process to alleviate time and effort to reach compliance without sacrificing accuracy.
Key Webinar Takeaways: 
• How local governments should be moving forward and adopting the new required accounting standard
• Examples of assets with AROs and associated costs
• Featured walk-through example of how an asset with an ARO will be accounted for 
• Best practices, common difficulties in meeting compliance, and common mistakes to avoid
• Technology solutions available to support compliance