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PSAB Decision Summary – July 3, 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

Financial Instruments – Narrow-scope Amendments

PSAB approved the financial instruments, federal government narrow-scope amendments for the CPA Canada Public Sector Accounting (PSA) Handbook. These amendments permit the federal government to present exchange gains and losses related to its foreign reserves, including the associated derivatives, directly in the statement of operations. These amendments will be reflected in the PSA Handbook in the fall of 2020.

PSAB approved the following Exposure Drafts, which will be published in the summer of 2020, with a 90-day comment period:

  • “Financial Instruments: Presentation Narrow-scope Amendments”; and
  • “Financial Instruments: Foreign Exchange Narrow-scope Amendments.”

These amendments were approved for development at the April 2020 PSAB meeting. For more details, see the April 27, 2020, Decision Summary.

Other Matters

International Strategy

PSAB reviewed and approved the Basis for Conclusions document on its international strategy decision. The document will be released in the summer of 2020.

Annual Improvements

PSAB approved the final 2019-2020 Annual Improvements. These improvements will be reflected in the PSA Handbook in fall of 2020.