Page 10 - Public Sector Accounting Board 2014/15 Annual Report
P. 10
8 PSAB Annual Report 2014-2015

Overview of Accomplishments

PSAB had a successful year particularly as it has been a challenging and transformative year
for the Board.

Conceptual Framework Is Being Developed

• Consultation Paper 3, “Conceptual Framework Fundamentals and the Reporting Model,”
was developed and released for comment in March 2015. This is the critical piece of the
consultation for the framework as it sets out the criteria for measuring financial position
and annual performance.

The PSA Discussion Group

• During the year, the Public Sector Accounting (PSA) Discussion Group held meetings in
May 2014 and January 2015. Issues such as: shared risk pension plans; budget to actual
comparisons; accounting errors and accounting for government business enterprises;
presentation of budget information; measurement of shared risk retirement benefit
arrangements; the
value of Statements of Recommended Practice (SORPs); and standard setting, as well
as the public interest were discussed.

• The PSA Discussion Group is having its intended effect. For example:
–– discussions on budget presentation informed the deliberations of the Conceptual
Framework Task Force;
–– discussions on shared risk pension plans informed the development of the project
proposal and will inform the ongoing deliberations of the Employment Benefits Task
–– auditing guidance on accounting errors was issued; and
–– discussions have provided opportunities for the PSA Discussion Group members, the
presenters and observers to learn more about the standard, the implementation issues
and the different perspectives.

• Member survey results indicate a high level of satisfaction with the quality of materials,
staff support and the engagement of the members. In addition, the Group is attracting a
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