This is the second course in the two-part series on financial management concepts, methods, and standards used in the public sector. It is adapted from Public sector financial management, a course in the CGA pre-certification educational program.

In five modules, Financial management in the public sector — part 2 reviews

• the role of Canada’s Public Sector Accounting Board (PSAB) in setting public-sector accounting standards, and the mandates of U.S. and international public sector accounting standard setting organizations
• financial reporting standards and practices, financial statement requirements, and disclosure standards according to the CICA Public Sector Accounting Handbook
• cost management, control practices, and risk management in the public sector

The course modules are intended to be covered in about eight hours, although you may take more or less time, depending on how you learn and your understanding of the subject matter. Each module reviews selected important and topical issues. After the last module, there is a short quiz to test your knowledge of the material.

At the end of many topics is a list of “Further reference materials.” They are provided for your further interest, and will be helpful if you decide to pursue a topic in greater depth. These further reference materials are not part of the core course material, and are not assessed in the quiz.

In addition to the online module notes, you will need access to the CICA Public Sector Accounting Handbook, including the Statements of Recommended Practice (SORPs). If you do not have access to the Public Sector Accounting Handbook, you can purchase a license at the CA Store.

The PF1 Readings Book is provided with this course. Because this course is adapted from a more extensive course, the readings in this publication cover both Financial management in the public sector — part 1 and Financial management in the public sector — part 2. If you previously purchased Financial management in the public sector — part 1, you will have already acquired this publication.

If this is your first course in this two-part series, after purchasing this on-line product, please use the Contact Us icon in the PD Net site to request the PF1 Readings Book, and include your name, address, and postal code. The PF1 Readings Book will then be mailed to you at no cost.

Important information

This material is provided for educational purposes only. This course will not make you an expert in public sector financial management. The public sector is a dynamic and multi-faceted arena. While the materials have been prepared with care, errors may have inadvertently occurred. In addition, standards change, and the issues and reforms that currently dominate the public sector may change as new issues arise. As a professional, it is important that you keep current with changes in the field.

Module 1 Public sector accounting standards

Public Sector Accounting Board

CICA Public Sector Accounting Handbook

Evolution of PSAB standards

Current PSAB issues

U.S. and international public sector accounting standard setting bodies

Module 2 Financial reporting standards

Government financial reporting

Accrual basis of accounting

The government reporting entity

Government reporting entity framework

Restricted assets and revenues

Reporting legislative control

Module 3 Financial statements

Government statement of responsibility

Financial statement concepts and objectives

Standards of presentation

Relationships in the financial statements

Disclosure standards

Summary financial statements

Schedules to the financial statements

Module 4 Cost management and control practices

Financial administration legislation

Control systems in public-sector organizations

Management accountability framework

Auditing

Pricing government services

Module 5 Risk management

Introduction to risk and risk management

Enterprise risk management

Strategies for public-private partnerships

Considering stakeholders

Quiz

Glossary

Summary

Public sector financial management, a course in the CGA pre-certification educational program, is the basis for both this course and for Financial management in the public sector — part 1. The author for Public sector financial management is Lynda Gagné, PhD. Lynda is an Assistant Professor in the School of Public Administration at the University of Victoria. A CGA, Lynda’s government experience includes working as a budget analyst for the Yukon Government Budget Bureau, as an accountant for the Yukon Housing Corporation, and as an information officer for the Yukon Government Bureau of Statistics.

This course was adapted from Public sector financial management by Kim Boswell. A CGA, Kim has worked in the banking sector and taught college finance and business courses. She has also worked as a curriculum development consultant in the CGA pre-certification program.