PSAB 3280: Asset retirement obligations | KPMG | CA

PSAB 3280: Asset retirement obligations

PS 3280 on asset retirement obligations is coming – are you prepared?

19 September 2017, 12:00PM - 1:00PM, EST Toronto, Canada

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In April 2017, PSAB issued an Exposure Draft that proposes a new standard PS 3280 on asset retirement obligations (AROs). The proposed new accounting standard addresses the reporting of legal obligations associated with the retirement of certain tangible capital assets and solid waste landfill sites. Whether you are a university, health institution or government entity (federal, provincial, municipal or Indigenous) this new accounting standard may have implications for your finance and accounting teams if you report under the Public Sector Accounting Standards.

Please join Bailey Church – Leader of KPMG's National Public Sector Accounting Advisory service on September 19, 2017 for an in-depth discussion regarding the PSAB exposure draft. Questions he will look to answer in the webinar include:

  • Do you know the scope of retirement obligations to be included in the standard?
  • Do you know the criteria for recognition of a retirement obligation?
  • Do you know when it’s appropriate (and how) to measure the retirement obligation?
  • How can your organization develop a comprehensive plan to assess all in-scope assets?
  • What does your comprehensive plan to assess in-scope assets look like?
  • How should your project plan address your Board’s information needs?
  • How do you effectively engage other internal stakeholders, and your financial statement auditors?
  • Do you have a consistent level of documentation that is fit for the purposes of your auditor?

While the new handbook section on AROs is yet to be released in final, public sector organizations need to start now to assess impact since the implementation period is expected to be short. The new Section PS 3280 is proposed to apply to fiscal years beginning on or after April 1, 2021.

Please plan to join the webcast 15 minutes before the scheduled start time. You may wish to visit the site before the event day to check your computer settings.

Applicable only to those who attend the live session: This KPMG course may qualify for professional development credits as required by your professional association. Each person is responsible for ensuring that he/she complies with the CPE requirements of the professional association or accreditation body to which they belong. KPMG will provide a timed agenda and course materials that participants may retain to support any CPE credits claimed. KPMG will not provide confirmation of CPE credit entitlement that any person has earned by attending a course, seminar or other professional development activity presented by KPMG.

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