Public Sector Accounting Board
March 23-24, 2016
This summary of decisions of the Public Sector Accounting Board (PSAB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by PSAB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.
PSAB approved a draft 2017-2020 strategic plan for public comment.
PSAB approved a proposed one-year extension of its 2013-2016 Strategic Plan for public comment.
PSAB approved its 2016-2017 Work Plan.
PSAB reviewed its 2015-2016 Performance Report.
Standards for Public Sector Entities
Asset Retirement Obligations
PSAB received an update on the project, including consideration of the accounting for the asset retirement costs and provided feedback to the task force.
PSAB approved a feedback statement on the Post-implementation Review of Section PS 3410. In response to its findings, PSAB will explore whether an authoritative accounting guideline would help clarify interpretations of the standard.
PSA Discussion Group
PSAB received a verbal report on the PSA Discussion Group’s March 3, 2016 meeting. The topics discussed include:
- professional judgment;
- definition of government in relation to First Nations trusts;
- selected issues related to endowments; and
- comparison of financial instruments accounting standards.
PSAB received an update on the project, including consideration of the recognition of revenue arising from licences and permits and provided feedback to the task force.
PSAB approved a stakeholder survey for public comment.