Public Sector Accounting Board
June 16-17, 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.
Standards for Public Sector Entities
Asset Retirement Obligations
PSAB received an update on the project and considered the inclusion of solid waste closure and post-closure costs within the scope of the project. PSAB requested further analysis and examples from the task force.
Concepts Underlying Financial Performance
PSAB discussed the qualitative characteristics and related considerations and provided feedback to the task force.
Financial Instruments – Subsequent Issues
PSAB received a staff presentation on issues identified in cross-country meetings with stakeholders. Staff will continue to meet with stakeholders and provide a report to PSAB in September 2016.
PSAB considered issuing an accounting guideline to clarify interpretations of Section PS 3410, Government Transfers. After considerable deliberation, PSAB concluded that Section PS 3410 is a principles-based standard. On balance, it meets the original public interest objectives. Issuing an accounting guideline would not be the right approach because it could be perceived as overriding due process. Given the other priorities of PSAB, it was decided that it would not be appropriate to initiate a new project to amend Section PS 3410. PSAB plans to communicate considerations that led to this conclusion shortly.
PSAB received an update on the project, including consideration of the approach to an invitation to comment, and provided feedback to the task force.