The Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants (CICA) issues recommendations and guidance with respect to matters of accounting in the public sector. These standards are included in the CICA Public Sector Accounting Handbook (CICA PSA Handbook). The Ontario government follows PSAB financial accounting and reporting standards and local municipalities adopted PSAB standards in 2000.

In July, 2003, the ministry set up a workgroup to review the implications of moving to the PSAB standards for school board financial accounting and reporting. The working group recommended unanimously the implementation of PSAB for local government effective with the 2003-04 school year.

The ministry informed school boards in March 2004, that they will be required to adopt Public Sector Accounting Board (PSAB) recommendations for local governments as the financial reporting standard, effective with the preparation of financial statements for the 2003- 04 school year with a one year delay in consolidating school generated funds in their financial statements.

Background Information:	Report of the PSAB Workgroup on the Implementation of Public Sector Accounting Handbook Recommendations for School Board Financial Reporting (December 2, 2003) Financial Reporting for School Boards (Presentation to CODE/SBO Annual Conference January 22, 2004 General Guide - PSAB & School Board Financial Reporting (August 5, 2004)
Memorandum:	2004:B4 - April 22, 2004 Reporting of School Funds 2004:SB6 - April 15, 2004 Reporting of Employee Future Benefits for School Authorities 2004:SB5 - April 8, 2004 Funding of PSAB Implementation Agreement 2004:B2 - March 24, 2004 PSAB Financial Reporting for School Boards
Training Materials:	Public Sector Accounting Training Manual Ministry Financial Forms in Excel Illustrative Notes Disclosures to the Financial Statements
FAQ:	Frequently Asked Questions (November 9, 2004)