Public Sector Accounting Board
June 21-22, 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.
Standards for Public Sector Entities
The Board received a presentation from the Task Force Chair on the approach, structure and content of the invitation to comment on non-traditional plans. The Board provided feedback to the Task Force. The Board expects to approve the invitation to comment at its September 2018 meeting.
Financial Instruments ─ Subsequent Issues
The Board received an update on the narrow-scope amendments proposed for Section PS 3450, Financial Instruments, and provided feedback. It expects an exposure draft to be presented in December 2018. An overview of key decisions made at the Board’s March 2018 meeting regarding the applicability of financial instruments, foreign currency and related standards can be found in this In Brief article.
Public Private Partnerships
The Board received an update from the Task Force Chair and discussed two key issues on scope and discount rate raised from responses to the Statement of Principles. The Board provided feedback to the Task Force’s recommendations for addressing the issues. The Board expects to approve an exposure draft in December 2018.
The Board approved the final Handbook Section PS 3400, Revenue. This new Section will be effective for fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted. Watch for In Brief articles and a podcast to help explain this new Section.
Government Not-for-Profit Organizations
The Board approved a project proposal for a consultation paper communicating results on the outreach performed and seeking input from government not-for-profit stakeholders on key issues. The Board expects to discuss a draft consultation paper at the September 2018 meeting.
The Board discussed and approved an annual improvements process. Staff will begin applying this new process to develop the Board’s first annual improvements exposure draft. Watch for more information to be posted on the Board’s website in the fall of 2018.
The Board discussed and provided feedback on proposed amendments to its Due Process Procedures. The revised Due Process Procedures are expected to be reviewed by the Accounting Standards Oversight Council in October 2018 and approved by the Board in December 2018.