Public Sector Accounting Discussion Group Meetings

The Group discussed the application of Section PS 1202, Financial Statement Presentation, and the International Public Sector Accounting Standards Board’s Exposure Draft 97, IPSAS Practice Statement, Making Materiality Judgements. Read the meeting report for full details. 

The Group discussed Application of the Generally Accepted Accounting Principles Hierarchy to the amendments to IFRS 9 Financial Instruments, application issues for the Subsequent Measurement of Asset Retirement Obligations, and Considerations for Subsequent Events Disclosures. Read the meeting report for full details.

The Public Sector Accounting Discussion Group discussed PSAB’s Exposure Draft, “Intangible Assets, Proposed Section PS 3155” and Accounting for Cryptocurrency. Read the meeting report for full details.

The Group discussed the International Public Sector Accounting Standards Board’s 2024-2028 Strategy and Work Program, its Exposure Draft 92, “Tangible Natural Resources,” and its Sustainability Reporting Standards Exposure Draft 1, “Climate-related Disclosures.”

The Group discussed Asset Retirement Obligations: Exploration of Potential Application Issues, Application of GAAP Hierarchy – Operating Leases, Lessee Accounting Treatment, and more. Read the meeting report for full details.

At its November meeting, the Group discussed natural resources inventory, scalability of standards, accounting for extreme weather, tangible capital assets, reporting climate-related impacts, and more. Read the Meeting Report for full details. 

At its June meeting, the Group discussed the impacts of rising inflation and economic environment on financial reporting, public sector considerations for the Auditor’s reporting on Going Concern, and more. Read the Meeting Report for full details.

Topics discussed include cloud computing, carbon credits, statement of cash flows, Public Sector Accounting (PSA) Handbook issue, and more. Read the Meeting Report for full details.

At its May 2022 meeting, the Group discussed International Public Sector Accounting Standards Board’s (IPSASB) Consultation Paper on Sustainability Reporting, Climate-related Issues including considerations under Public Sector GAAP and SORPs, and General Application Standards. Read the Meeting Report for full details.

Topics discussed included the recognition of embedded derivatives as part of implementing Section PS 3450, as well as the emerging issue involving accounting for natural capital.