Page 3 - Public Sector Accounting Board 2014/15 Annual Report
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Message from the Chair 1

Message from the Chair

It is my pleasure to present the Public Sector Accounting Board’s
(PSAB) 2014-2015 Annual Report. It highlights the Board’s focus
on engaging stakeholders in serving the public interest. As well,
the report covers significant milestones in a number of projects
and deliberations of ongoing and emerging issues. Overall, PSAB
had a successful year, particularly as it has been a challenging and
transformative year for the Board.

During the year, significant attention was given to discussing
stakeholder concerns regarding the implementation of Section
PS 2601, Foreign Currency Translation, and Section PS 3450,
Financial Instruments. To further understand the issues, PSAB held meetings with stakeholders.
The Board also conducted education sessions comparing these standards to the former
standard on foreign currency translation and equivalent international standards. PSAB plans to
extend the effective date of the two standards for the governments to allow time to fully consider
their issues.

In two joint meetings with the Accounting Standard Board (AcSB), the future direction of the
Not-for-Profit project was carefully considered. Both Boards are committed to continue their
communications with stakeholders to ensure that the guidance is developed in the public

In an effort to help PSAB assess any implementation challenges encountered by stakeholders
with respect to the implementation of Section PS 3410, Government Transfers, PSAB approved
a project proposal to undertake a post-implementation review. The results of this review will
assist PSAB in establishing the nature, extent and cause of any ongoing issues and help the
Board to determine the appropriate next steps.

September 2014 marked one year since the initial meeting of the Public Sector Accounting
(PSA) Discussion Group. PSAB conducted a review of the Groups’ effectiveness and based on
feedback from members, presenters and observers, concluded that the PSA Discussion Group
is a success. Of note are the numerous benefits from this discussion forum such as informing
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