In the June 2023 Municipalities Today issue, municipalities and their auditors were reminded to prepare for new accounting standards introduced by the Public Sector Accounting Board that impacted reporting for the year ending December 31, 2023.
The Ministry of Government Relations has worked with experts in the field to update the Financial Statements Template, Municipal Accounting Manual (MAM), and Municipal Audit Guidelines (MAG). This material also reflects a series of recommendations made by a working group led by Chartered Professional Accountants Saskatchewan (CPA SK). In addition, an information sheet and a guide on the new accounting standards have been developed to better assist municipalities and their auditors. All documents are available at saskatchewan.ca.
The 2023 Financial Statements Template was emailed to municipalities and their auditors in early November, along with the information sheet and the guide regarding the accounting standards effective in 2023. Additionally, updated versions of the MAM and MAG were included in the same email. Municipalities are encouraged to review the education materials sent to them, which are also available for download from the Government of Saskatchewan's website.
Municipalities are legislatively required to submit a copy of the audited financial statements, auditor’s report, and management letter to financialstatements@gov.sk.ca on or before July 1, 2024, except for cities, whose submission due date is on or before September 1, 2024.
Municipalities must also submit a management letter for any controlled corporation.
For questions regarding the completion or submission of municipal financial statements, please email financialstatements@gov.sk.ca.