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PS 3400 Update | The Metrix Group
Prior to PS 3400, PSAS only provided guidance on revenue recognition for a limited number of revenue transactions (e.g., government transfers (PS 3410), tax revenues (PS 3510), restructuring (PS 3430), …etc.). No standard was provided for general revenue. Rather, guidance was established as a part of financial statement concepts (PS 1000) and presentation (PS 1201). Per PS 1201:
“Revenues, including gains, should be recognized in the period in which the transactions or events occurred that gave rise to the revenues. Gains are generally recognized when realized in the statement of operations. Items not practicably measurable until cash is received would be accounted for at that time.”
The ambiguity of the standard along with growing complexity in revenue streams resulted in public sector entities and practitioners seeking guidance in other existing accounting frameworks. This resulted in inconsistent accounting treatment across entities.
With PS 3400, PSAS establishes a standard on how to account for and report on general revenues (e.g., excluding government transfers, tax revenue, restructuring, …etc.). This is achieved through classifying revenue transactions into two categories: exchange transactions and non-exchange transactions. The classification of revenue transactions will result in di#erent revenue recognition criteria.
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Checkout the GFOA Alberta Annual Survey Results
The GFOA Alberta Board committed to providing feedback to members regarding our 2023 survey completed in September 2023. As part of that commitment, we are providing information on the results and some insight into what is planned to move forward. Response rate was approximately 19% of our active membership or 162 respondents.
Membership
Approximately 35% of respondents have been members for more than 5 years. 14% responded as having recently joined, the remainder are members for less than 5 years. This represents a shift from previous years where most respondents were members of GFOA Alberta for more than 5 years. Municipalities with populations under 10,000 accounted for 43% of the respondents. Municipalities with populations between 10,000 and 50,000 accounted for 28% of the respondents. Finally municipalities over 50,000 accounted for 29% of the respondents.
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GFOA Alberta Documents Library is Open
The newly updated GFOA Alberta Shared Document are now open, and we’re excited to make them available to all current GFOA Alberta members!
One of our most popular member resources in the past, we’ve overhauled our old resource library, powered up our search capabilities, increased our capacity and streamlined our submissions, so you’ll be able to search, browse, read, download, upload and interact with documents, bulletins, worksheets, templates, and lots more, with ease.
Below you’ll find some of our most recent and most popular submissions featured, or you can go directly to our powerful new search engine to find something specific or to browse topics of your choosing.
Not a member yet? Maybe it’s time to join, and gain access to the best and most up to date document resources from around Alberta!
Upcoming Events, New Publications and News
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SHARED DOCUMENT DATABASE
Browse Specific Categories
Not sure what you might find that could be useful? Here’s a great way to get an idea of the scope of our Library, and how it might be useful to you. Just click the box to go to a directory of items under the category.
Special Bulletins
For letters from the Executive Director of GFOA Alberta, communications from our Board of Directors or our Task Forces to reports of special interest from experts within the financial industry, check out our Special Bulletins Directory.
Human Resources
Search for specific types of Human Resources issues, or browse the Library for resources to inspire your municipality’s HR policies and guidelines.
Capital Assets & Equipment
Learn more about the scope of municipal assets and the policies that guide their procurement, adjudication and valuations with the municipal financial environment. Check out worksheets, policy docs and more.
Requests For Proposals (RFPs)
Source samples of various RFPs issued by Alberta municipalities, and use them to familiarize yourself in the language and structure of this common industry standard.
Investments and Banking
Search for policy documents and Excel worksheets for best practices in regards to the investment practices of muncipal governemnts, or browse our extensive list of historical policy documents to inform your own approach to municipal financial policy.
Risk Management & Insurance
Search our extensive library of risk management Best Practices and Guides, along with issue-specific publications and more featuring historical and modern risk management issues and policies.
About Us
GFOA Alberta is a professional organization whose purpose is to enhance the practice of governmental finance in the Province of Alberta. Our objectives include:
- Promote networking opportunities for all government finance officials within all levels of government
- Support and promotion of Provincial, Canadian and International GFOA Conferences and training programs
- Communication with membership on financial issues
- Liaison with Municipal Affairs
- Enhance the profile of GFOA Alberta.
Our Association is affiliated with the International Government Finance Officers Association (GFOA) and maintains contact with its staff to promote training opportunities and participation in annual international GFOA conferences.
Quick Connect to GFOA Alberta
Please select a valid form
Quick Connect to GFOA Alberta
About Us
GFOA Alberta is a professional organization whose purpose is to enhance the practice of governmental finance in the Province of Alberta. Our objectives include:
- Promote networking opportunities for all government finance officials within all levels of government
- Support and promotion of Provincial, Canadian and International GFOA Conferences and training programs
- Communication with membership on financial issues
- Liaison with Municipal Affairs
- Enhance the profile of GFOA Alberta.
Our Association is affiliated with the International Government Finance Officers Association (GFOA) and maintains contact with its staff to promote training opportunities and participation in annual international GFOA conferences.
Please select a valid form