Public Sector Accounting Board
September 27-28, 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.
2017-2020 Strategic Plan Extension
The Board approved a one-year extension to the 2017-2020 Strategic Plan and timelines. This will provide more time to develop the key strategies for the next strategic plan.
Standards for Public Sector Entities
The Board approved the Invitation to Comment, “Employment Benefits: Non-traditional Pension Plans.”
Non-traditional pension plans are plans that involve employers sharing different degrees of risk related to pension benefits with other parties, including employees and other employers.
The accounting principles and guidance explored in the document may have significant effect on the accrued benefit obligation reported by public sector entities.
The Board expects to issue the document in October 2018, along with In Brief, a plain and simple overview of the document. On November 16, 2018, Task Force members will present a webinar about the document’s key features.
Financial Instruments ─ Narrow Scope Amendments
The Board received an update on the status of Financial Instruments – Narrow-scope Amendments. This project focuses on the following narrow-scope amendments:
- accounting treatment of a bond repurchase;
- scope exclusion of certain activities by the federal government; and
- improvements to transitional provisions.
The Financial Instruments Advisory Group is planning to bring forward an exposure draft for Board approval at the December 2018 meeting.
Public Private Partnerships
The Board received an update on the status of the Public Private Partnerships project. The Task Force is planning to bring forward an exposure draft for Board approval at the December 2018 meeting.
The Board discussed the issues to be included in the 2018-2019 Annual Improvements Exposure Draft and provided feedback. Further communication with respect to the annual improvements will be posted online in November 2018.
Government Not-for-Profit Organizations
The Board discussed the contents of the Government Not-for-Profit (GNFP) consultation paper; specifically, matters on which the Board will seek feedback from the stakeholders. The consultation paper will articulate the results of the 2017-2018 GNFP consultations, provide an overview of the Canadian and international not-for-profit financial reporting landscape and seek feedback on different matters. The consultation paper is expected to be presented to the Board for approval at its December 2018 meeting.