Public Sector Accounting Board
December 15-16, 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 reviewed responses to its Draft Strategic Plan for 2017-2020.
A revised strategic plan and the 2017-2018 work plan will be presented to the Accounting Standards Oversight Council (AcSOC) in February 2017 and to PSAB for final approval at its March 2017 meeting.
Standards for Public Sector Entities
Asset Retirement Obligations
PSAB approved an Exposure Draft, “Asset Retirement Obligations.” The document is expected to be issued in March 2017.
Concepts Underlying Financial Performance
PSAB continued its discussion on the reporting model and provided the task force with direction on a proposed reporting model to be presented in a statement of principles.
Financial Instruments – Subsequent Issues
PSAB discussed a draft work plan to evaluate what would be involved from a technical and resource perspective to address the challenges identified by stakeholders in applying Section PS 3450, Financial Instruments. PSAB noted that developing a hedge accounting option could affect entities that have already adopted the standard. The Board requested staff to consult with these entities about their implementation experience to inform PSAB’s future decision.
PSAB approved an Exposure Draft, “Revenue,” subject to drafting changes and a written ballot in early 2017.