Public Sector Accounting Board
March 22-23, 2018
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.
The Board approved its 2018-2019 Annual Plan.
Standards for Public Sector Entities
Asset Retirement Obligations
The Board approved the final Handbook Section PS 3280, Asset Retirement Obligations. This new Section will be effective for fiscal years beginning on or after April 1, 2021. Earlier adoption is permitted.
The Board received an update on the project from the Task Force Chair and discussed the scope of the invitation to comment on non-traditional plans. The Board will receive an update on the invitation to comment’s development at its June 2018 meeting.
Financial Instruments ─ Subsequent Issues
The Board approved an extension of the effective date of Sections PS 3450, Financial Instruments, and PS 2601, Foreign Currency Translation, to fiscal years beginning on or after April 1, 2021. Narrow-scope amendments will be proposed for Section PS 3450 to address some of the non-hedge accounting issues raised during the consultation process. In making these decisions, the Board considered comments received from Canadian stakeholders on the International Public Sector Accounting Standards Board’s Exposure Draft 62, “Financial Instruments,” as well the feedback received from PSAB’s different stakeholder groups.
The Board received a project update from the Task Force Chair and discussed the key issues raised from responses to the Exposure Draft, “Revenue, Proposed Section PS 3400.” The Board provided feedback to the Task Force’s recommendations for addressing the issues raised in the responses. The Board expects to approve a final standard in June 2018.
Review of International Strategy
The Board approved the Consultation Paper, “Reviewing PASB’s Approach to International Public Sector Accounting Standards.” The Board expects to issue the Consultation Paper in the spring of 2018. This Consultation Paper’s purpose is to raise stakeholder awareness of the matters the Board considered and to solicit input concerning the criteria the Board will apply in developing its future international strategy.
Standards for Not-for-Profit Organizations
The Board discussed the results of the consultations held with over 100 not-for-profit organizations and other stakeholders, and provided feedback to staff about next steps.
The Board approved its 2017-2018 Performance Report.