News Listings

The PSA DG is a public forum where issues relating to public sector financial reporting are discussed. Watch this insightful video to learn what it’s all about.

The Board discussed several topics during this two-day meeting, including Identifying and Assessing the Risks of Material Misstatement, Public Sector Auditing Standards, and Quality Management. It also discussed its 2020-2021 Annual Plan. Read the Decision Summary for full details.

PSAB proposes to remove the prohibition against recognizing intangibles purchased in an exchange transaction in public sector financial statements. The change is proposed to respond to input from Indigenous governments and other PSAB stakeholders. Read the Exposure Draft and Basis for Conclusions for full details.

The IASB is carrying out a research project on Goodwill and Impairment to investigate how companies can provide users of financial statements with better information about business combinations at a reasonable cost. The IASB’s preliminary views will be shared in its upcoming Discussion Paper. Canadian stakeholders can help by commenting on the IASB’s Discussion Paper which is expected to be released in the first quarter of 2020. Follow the AcSB’s project page for updates!

PSAB has decided to revisit our Employment Benefits project by reviewing the project plan and scope. Read this article to find out why, and what’s next for our stakeholders. 

The IAASB recently issued an Exposure Draft, Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code. The AASB is considering appropriate revisions to Canadian standards and will issue its own exposure draft in January 2020. Stakeholders are encouraged to respond to the IAASB by January 10, 2020.

Topics discussed were government business enterprises, user fees versus taxes, climate change and sustainable finance, and PSAB’s GNFP Consultation Paper. Read the report for full details.

Update – AASB Expands Key Audit Matter Reporting

The AASB received valuable feedback on its Exposure Draft, Communication of Key Audit Matters in the Auditor’s Report. After reviewing the feedback received, the AASB agreed to require key audit matter reporting for other listed entities, excluding listed entities required to comply with National Instrument 81-106. Read the article for full details.

Exposure Draft, Public Private Partnerships

In this Exposure Draft, PSAB proposes specific scope, recognition, measurement, presentation, and disclosure requirements for public private partnerships. This proposed guidance will have a significant impact in the public sector. Read and respond to the exposure draft before February 29, 2020.

At its public meeting in Toronto, the Council discussed the activities of the AASB and other related matters. The Council also received an update on the activities of the Nominating and Governance Committee, as well as the Independence Standing Committee. Read the full report for more information.