PSAB

Decision Summary – December 13-14, 2018

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

Annual Improvements

PSAB approved the Exposure Draft, “2018-2019 Annual Improvements to Public Sector Accounting Standards.” The exposure draft reflects the following main categories of improvements:

  • Removal of due process procedures from the CPA Canada Public Sector Accounting Handbook and Statements of Recommended Practices.
  • Amendments to correct inconsistencies relating to the introduction of the government-component category.
  • Various amendments to Section PS 3060, Government Partnerships.
  • Other amendments to remove inconsistencies and update to areas requiring clarification. 

The Board will issue the exposure draft in January 2019, with a 90-day comment period.

Financial Instruments – Narrow-scope Amendments

PSAB approved the Exposure Draft, “Financial Instruments – Narrow-scope Amendments.” The exposure draft proposes to amend the guidance where a government purchases its own bonds from the open market. It also clarifies the transitional provisions Section PS 3450, Financial Instruments, to simplify the transition for governments and their consolidated entities. 

The Board will issue the exposure draft in January 2019, with a 90-day comment period.

Government Not-for-Profit Strategy

PSAB reviewed and provided feedback on the Government Not-for-Profit (GNFP) consultation paper. The consultation paper will detail the results of the 2017-2018 GNFP consultations, provide an overview of the Canadian and international financial reporting landscape, and seek feedback on different matters. The Board provided input on the questions for stakeholder feedback. Staff will present the consultation paper for approval at the Board’s March 2019 meeting. The Board expects to issue it in conjunction with the, International Strategy consultation paper 2.

Review of International Strategy

PSAB was briefed on the results of the Consultation Paper, “International Strategy.” It also reviewed the draft of the International Strategy consultation paper 2, providing feedback on its content and organization. Staff expects to present consultation paper 2 for review and approval at the Board’s March 2019 meeting.

PSAB Governance

PSAB’s Standard-Setting Due Process

The Board approved its revised Standard-Setting Due Process Manual after considering the Accounting Standards Oversight Council’s feedback. It expects to issue it in February 2019.

PSAB’s Interim Performance Report

The Board reviewed and provided feedback on the draft 2018-2019 Interim Performance Report. It will be presented for approval at the Board’s March 2019 meeting.

PSAB Planning

The Board reviewed and provided feedback on the draft 2019-2020 Annual Plan and Risk Assessment. It will be presented for approval at the Board’s March 2019 meeting.