Public Sector Accounting Board
September 21-22, 2017
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
Concepts Underlying Financial Performance
The Board discussed the financial statement foundations and financial statement objectives, as well as a revised reporting model. In particular, the Board discussed the concept of control and service capacity, and considered improvements to the financial statement objectives. The Board also considered a number of illustrative financial statements to help visualize how the proposed reporting model would look for different types of public sector entities.
The Board approved the Invitation to Comment, “Employment Benefits: Discount Rate Guidance in Section PS 3250.”
A key objective of issuing this invitation to comment is to seek stakeholder input prior to PSAB establishing its own preliminary views on the issues. The Board expects to issue the document in November 2017.
Financial Instruments ─ Subsequent Issues
The Board received an update on the project as well as the International Public Sector Accounting Standards Board’s recently issued Exposure Draft 62, “Financial Instruments.” The Board asked staff to continue outreach to stakeholders to promote understanding of the IPSASB’s proposals. The Board also discussed the project timeline and requested more information in December.
The Board discussed the guidance for discount rates found in the CPA Canada Public Sector Accounting Handbook as well as recent proposals. In an effort to ensure a consistent approach to providing discount rate guidance in our standards, the Board asked staff to outline possible approaches for addressing discount rates for future projects in December.
The Board approved a project proposal for reviewing our approach to International Public Sector Accounting Standards. The project proposal sets out the process to achieve the goal as outlined in the 2017-2020 Strategic Plan of developing and communicating options by 2020.