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.
The Board reviewed a draft 2018-2019 annual plan and gave feedback. A final plan will be presented for approval at its March 2018 meeting.
Standards for Public Sector Entities
Concepts Underlying Financial Performance
The Board approved the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector” and the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.” The Board expects to issue the documents in the spring of 2018.
Asset Retirement Obligations
The Board reviewed the comments to the Exposure Draft, “Asset Retirement Obligations, Proposed Section PS 3280,” and gave feedback. A final standard will be presented for approval at the Board’s next meeting in March 2018.
The Board discussed the appropriate methodology for developing discount rate guidance. To ensure the approach is consistent for all new standards, staff is developing a methodology to use internally.
Financial Instruments ─ Subsequent Issues
The Board received an overview of the key issues stakeholders raised during consultations and recent discussions about the International Public Sector Accounting Standards Board’s Exposure Draft 62, “Financial Instruments.” The Board directed staff to develop options for addressing the issues. These options will be presented at its March meeting.
Accounting Standards Board (AcSB) Update
AcSB Chair Linda Mezon presented to the Board research the AcSB is doing on rate-regulated activities to support the International Accounting Standards Board’s standard-setting project.
Public Sector Accounting Board
The Board received an update and continues to monitor developments.
The Board received a high-level summary of responses to the Exposure Draft, “Revenue, Proposed Section PS 3400.” It gave the Task Force feedback on alternatives to address some of the key issues raised in the responses. The Board asked the Task Force to give a status update on progress at its March 2018 meeting.
Review of International Strategy
The Board reviewed a draft consultation paper outlining options for consideration and gave the staff feedback. The Board expects to approve the consultation paper at its March 2018 meeting.