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Umar Saeed - Welch LLP. Toronto, ON, CA

Umar Saeed Umar Saeed

MAcc, CPA, CA, Partner | Welch LLP

Toronto, ON, CANADA

An expert in Public-Sector Accounting Standards (PSAS) as well as International Public-Sector Accounting Standards (IPSAS).


Answers (16)

Does PS 3280 require an Asset Retirement Obligation to be recorded even when the asset is no longer in use?

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How will PS 3280, Asset Retirement Obligations change existing liabilities related to landfill closure costs?

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How will PS 3280, Asset Retirement Obligations, change the values of assets and related amortization expense?

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Umar Saeed Publication




Public Sector Accounting Update Umar Saeed on New Standards for Public Sector Accounting




Mr. Saeed is widely recognized as an expert in public-sector accounting standards (PSAS) as well as International Public Sector Accounting Standards (IPSAS). In this regard, he speaks regularly at conferences and lectures on related topics.

Prior to joining Welch LLP, Mr. Saeed worked for the Public Sector Accounting Board developing standards such as public private partnerships, improving standards on financial instruments and foreign currency, and understanding stakeholder concerns on a variety of complex accounting matters related to PSAS. Before working for the Board, Mr. Saeed worked in a wide range of projects for the Ontario government, from advising on infrastructure development deals to implementing Liabilities for Contaminated Sites (a PSAS standard) across the Ontario government.

Before entering the public sector, Mr. Saeed worked for almost a decade in the hedge fund industry. As a Vice President of Operations at Citco Fund Services, Mr. Saeed provided leading accounting policy advice to some of the world’s largest hedge funds. He holds a Masters of Accounting degree from the University of Waterloo, articled with Ernst & Young (Toronto and Bermuda), and is a published author.

Industry Expertise (2)

Public Policy


Areas of Expertise (7)

Public sector audits

Financial management and control

Accounting policy development

International Public Sector Accounting Standards

Public Sector Accounting Standards

Accounting standards implementation

Legislative budget process

Education (1)

University of Waterloo: MAcc, Accounting 2003

Media Appearances (1)

I’m Just the Accountant Podcast: The Only Finance

Welch LLP  online


Recorded in late March and early April of 2020, in this episode Chris Meyers, CPA, CA and Umar Saeed CPA, CA discuss the impacts of the COVID-19 pandemic, and the reactions of the Government of Canada to date. Featured guest, Dave Moylan, owner of the Waterloo Kung Fu Academy, discusses how he’s digesting various aid packages available to him as a small business owner. Finally, we talk a little bit about quantitative easing and positioning Government of Canada actions in credit markets.

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Articles (2)

What if accountants are no longer reliable?

Financial Post

Umar Saeed


A subtle word change in the IFRS accounting handbook could undermine the traditional role of accountants The moral hazard is alive and well. Companies constantly look to paint a rosy picture of performance by using whatever discretion is available in the accounting handbook. Often, management benefits personally from good company results. We rely on accountants and auditors to provide a check on management. Empowered by accounting rules written with the moral hazard in mind, auditors are armed to push their clients’ optimism back into line. Society expects accountants to produce reliable information because lenders, investors and other stakeholders depend on the final numbers to make decisions. Debt covenants, regulatory requirements, management bonuses – are all separate contracts that depend on accounting numbers. So why then is the international accounting handbook being re-written to eliminate this decades-old check on the moral hazard?...

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Survival of the fittest

CA Magazine

Umar Saeed


Among the pierogies, kielbasa and polka music at North America’s largest Polish festival held In Toronto each fall, you might be surprised to find a booth marketing group scholarship trust registered education savings plans, by far one of the most complex retail investment products in Canada. Years ago, my friend Jane was wandering the street celebration, pushing her one-year-old son in a stroller, when a saleswoman started pitching group RESPs to her. Days later, she paid a visit to Jane’s house to go over the details of the group RESP, focusing on the government grant Jane would receive as a reward for investing in her son’s education. Not long after, Jane was enrolled in the federally sanctioned group RESP. Years later, we checked up on how her son’s money was doing and discovered that it hadn’t grown. It turned out the saleswoman was still collecting a healthy slice from the monthly contributions. All investment products have fees, but there is a startling difference between group plans and individual or family self-directed RESPs offered by your local financial institution. While group plans come with extra fees and restrictions, they also offer a risk and reward relationship that is uncorrelated with the market. The success of Jane’s group RESP is tied to the attrition of others participating in the plan. The plan doesn’t work like Wall Street; it works like Survivor...

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