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PSAB Decision Summary – December 2-3, 2021

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. For more information, please contact Michael Puskaric, Director at PSAB at [email protected]

Government Not-for-Profit Strategy

PSAB reviewed the analysis of the responses to the January 2021 “Government Not-for-Profit Strategy Consultation Paper II” and provided feedback.

PSAB expects to make its GNFP Strategy decision at its March 2022 meeting.

Public Sector Accounting Discussion Group

PSAB received an update on the Public Sector Accounting Discussion Group’s meeting held on November 12, 2021, and a summary of the discussion. The Group will post its meeting report in mid-December 2021 on the Board’s website.

Post-implementation Review Assessments

As part of its due process, PSAB is required to assess whether a post-implementation review is needed within two years after the new or amended standard becomes effective. The Board completed post-implementation review assessments for the following standards:

  • Section PS 3210, Assets;
  • Section PS 3320, Contingent Assets;
  • Section PS 3380, Contractual Rights; and
  • Section PS 3420, Inter-entity Transactions.

PSAB reviewed and discussed the assessments, and decided not to conduct post-implementation reviews for the standards.

Monitoring Project Plan

PSAB reviewed and provided feedback on the project plan to specifically monitor the accounting for rate-setting and other financial risk management activities under the existing accounting model in Section PS 3450, Financial Instruments. The project’s results will be part of the Board’s assessment on whether to perform a post-implementation review of the financial instruments suite of standards. The final proposal will be presented for approval at the Board’s March 2022 meeting.