The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose of this project is to reassess the GNFP strategy to develop a new GNFP strategy that aligns with the stakeholders needs and concerns. They will take into consideration the fiscal and regulatory environment, the financial reporting needs for stakeholders, and include a consultation paper to generate input on key areas to inform the board responsible for developing the GNFP strategy. To date, the project has gathered information, approved the project, consulted the stakeholders in 2 consultation papers, and have deliberated feedback. The final pronouncement at the June 2022 meeting, PSAB approved the GNFP strategy implementation plan. In this implementation plan some of the outcomes that will be as follows: "Improve the comparability and understandability of financial statements as all public sector entities would be applying a common reporting model. provide PSAB with a tool and some flexibility to address matters warranting a different presentation or accounting treatment for government not-for-profit organizations (GNFPOs) when appropriate. make some of the guidance currently found only in the PS 4200 series available to all public sector entities with similar transactions, improving comparability and consistent application of accounting standards." (PSAB, pg.4) In this strategy it is clear that the key strategy is to align the not-for-profit landscape with the GNFP stakeholders needs. Do you think that the presentation of the consultation paper to the stakeholders was an efficient way to gather the information needed to get a well-rounded view of what implementation will benefit the stakeholders? Or do you think there would have been a better way of compiling information to inform the board responsible for developing the GNFP strategy? The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose of this project is to reassess the GNFP strategy to develop a new GNFP strategy that aligns with the stakeholders needs and concerns. They will take into consideration the fiscal and regulatory environment, the financial reporting needs for stakeholders, and include a consultation paper to generate input on key areas to inform the board responsible for developing the GNFP strategy. To date, the project has gathered information, approved the project, consulted the stakeholders in 2 consultation papers, and have deliberated feedback. The final pronouncement at the June 2022 meeting, PSAB approved the GNFP strategy implementation plan. In this implementation plan some of the outcomes that will be as follows: "Improve the comparability and understandability of financial statements as all public sector entities would be applying a common reporting model. provide PSAB with a tool and some flexibility to address matters warranting a different presentation or accounting treatment for government not-for-profit organizations (GNFPOs) when appropriate. make some of the guidance currently found only in the PS 4200 series available to all public sector entities with similar transactions, improving comparability and consistent application of accounting standards." (PSAB, pg.4) In this strategy it is clear that the key strategy is to align the not-for-profit landscape with the GNFP stakeholders needs. Do you think that the presentation of the consultation paper to the stakeholders was an efficient way to gather the information needed to get a well-rounded view of what implementation will benefit the stakeholders? Or do you think there would have been a better way of compiling information to inform the board responsible for developing the GNFP strategy?
Expert Answer:
Answer rating: 100% (QA)
Presenting consultation papers to stakeholders can be an effective way to gather information ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
Acme Company's production budget for August is 19,500 units and includes the following component unit costs: direct materials, $8.00; direct labor, $12.00; variable overhead, $6.00. Budgeted fixed...
-
Case Study: Quick Fix Dental Practice Technology requirements Application must be built using Visual Studio 2019 or Visual Studio 2017, professional or enterprise. The community edition is not...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Tubby Toys estimates that its new line of rubber ducks will generate sales of $7 million, operating costs of $4 million, and a depreciation expense of $1 million. If the tax rate is 35%, what is the...
-
Review the first query in the "Correlated Subqueries" section. Can you identify a special set of standard prices for which this query will not yield the desired result? How might you rewrite the...
-
Assume that the returns on individual securities are generated by the following two-factor model: R it = E (R it ) + b β ij F 1t + β t2 F 2t Here: R it is the return on...
-
Apply capital budgeting to a current event (Learning Objective 1) Look through the business section of the newspaper. Find a company that has recently made a capital investment. Summarize the...
-
The new owners of Bluegrass Natural Foods, Inc., have hired you to help them diagnose and cure problems that the company has had in maintaining adequate liquidity. As a first step, you perform a...
-
2. Selected Webwork Practice (a) For each of the following series, determine if the integral test is applicable: 0 i 7\" n28 4n+3 fLl ;f(}+4) (b) Consider the following series: 00 7 2\" \"=2n22n+1 i....
-
You are planning to switch your cell phone provider. The Cellular worksheet presents three options for a cell phone plan with the new company. You could choose a pay-as-you-go plan, a traditional...
-
Can you please help me calculate both calculations in excel?
-
Describe the display views that can be used on 3D drawings (such as view co-ordinate geometry and object co-ordinate geometry
-
East Bank's lending provisions (for bad and doubtful debt) in its balance sheet as at the 1/1/2020 is $87.6 million. East Bank predicts that $36.8 million of its existing pool of loans will be...
-
A building total 100,000 sf which includes a 9,000 sf lobby and 1,000 sf fitness center. If the building is 5 stories (20,000 sf per floor), what would the rentable area be for a single floor tenant...
-
6. (a) Imagine you have a coal mine with the latest valuation of the mine being 7.8 million. From increased demand for coal, prices of mines that are similar has grown by 10% with annual standard...
-
A USA multinational is considering a European opportunity. The multinational is considering an initial investment of 12,000. The size and timing of the before interest and taxes cash flows is as...
-
Sally Forth, a young corporate lawyer, had a taxable income last year of $ 1 5 5 , 0 0 0 . 1 . How much did she pay in taxes? 2 . What is her marginal tax rate? 3 . What is her average tax rate?
-
6. (Potential Energy and Conservation of Energy) What should be the spring constant k of a spring designed to bring a 1200-kg car to rest from a speed of 95 km/h so that the occupants undergo a...
-
(Mutually exclusive projects) The following projects are offered to you. The annual cash flows are expected to continue forever. a. What is the IRR of each project? b. If the cost of capital is 7%,...
-
Bad Debt Expense: Percentage of Credit Sales Method} Kelly's Collectibles sells nearly half its merchandise on credit. During the past four years, the following data were developed for credit sales...
-
(MIRR) For the question above, if your reinvestment or financing rate is 15%, what is the modified IRR?
Study smarter with the SolutionInn App