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PSAB Decision Summary – April 14, 2020

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.

Standards for Public Sector Entities

Conceptual Framework and Reporting Model

PSAB reviewed the stakeholder feedback related to Chapter 6, Financial Statement Objectives, of the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector," and the key issues raised in the feedback related to the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.”

Some of the feedback received related to:

  • relocating net debt to its own statement;
  • introducing “accumulated other” as a third component of net assets or net liabilities;
  • revising the net debt calculation; and
  • removing the requirement to present the statement of change in net debt.

PSAB also reviewed:

  • the revised Chapter 6 that would be part of the exposure draft for a revised conceptual framework and the accompanying basis for conclusions document; and
  • some of the recommended proposals for a revised reporting model.

The Board provided its feedback to the Concepts Underlying Financial Performance Task Force for consideration. 

PSAB will receive an update on the development of the two exposure drafts (one for the conceptual framework and one for a revised reporting model) at the June 2020 Board meeting.

Other Matters

PSAB also approved the 2020-2021 Annual Plan and the 2019-2020 Performance Report. Following the assessment of whether there was a need for a post-implementation review for Section PS 2200, Related Party Disclosures, the Board determined there is no need for a review of this standard.