Public Sector Accounting Board
September 26-27, 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 considered guidance to be included in an exposure draft to address various issues raised by respondents to the August 2014 Statement of Principles, “Retirement Obligations.” PSAB expects to review an exposure draft at its December 2016 meeting.
Concepts Underlying Financial Performance
PSAB discussed various reporting model alternatives and expects to continue the discussion at its December 2016 meeting.
Financial Instruments – Subsequent Issues
PSAB received a report on stakeholder consultations across the country. The consultation has resulted in better understanding by all parties of the issues with implementation of Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments.
PSAB requested staff to develop a plan to address the technical issues identified in the consultation for PSAB’s consideration at its December 2016 meeting.
PSAB approved the Invitation to Comment, “Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255.” The document is expected to be issued in the fall of 2016.
Public Private Partnerships
PSAB considered key principles related to developing a statement of principles and provided feedback to the task force. PSAB expects to review a statement of principles at its December 2016 meeting.
PSAB considered key principles related to developing an exposure draft and provided feedback to the task force. PSAB expects to review an exposure draft at its December 2016 meeting.
Standards for Not-for-Profit Organizations
PSAB reviewed responses to the Exposure Draft, “Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260.”
PSAB approved the withdrawal of Section PS 4260, Disclosure of Related Party Transactions by Not-for-Profit Organizations.
PSAB approved revised versions of its Terms of Reference and Statement of Operating Procedures, subject to minor amendments, and authorized their submission to the Accounting Standards Oversight Council for final approval in the case of the Terms of Reference, and ratification in the case of the Statement of Operating Procedures.