PSAB

PSAB Decision Summary – March 21-22, 2019

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

The Public Sector Accounting Board (PSAB) received a high-level summary of the responses to 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,”

PSAB discussed the relationship between the Conceptual Framework, the International Strategy, and the Government Not-for-Profit (GNFP) Strategy projects. The Board reconfirmed the need for continuing collaboration between the three projects. The Board will be provided an update on the development of the exposure draft for a revised conceptual framework at its June 2019 meeting.

Liability for Contaminated Sites

PSAB discussed the need for a post-implementation review of Section PS 3260, Liability for Contaminated Sites. Given this standard is closely tied to Section PS 3280, Asset Retirement Obligations, the Board decided not to carry out a post-implementation review of Section PS 3260 at this time. It will reconsider this matter when considering the need for a post-implementation review of Section PS 3280.

Public Private Partnership

PSAB received an update on the Public Private Partnerships project and provided feedback on the development of an exposure draft.

Government Not-for-Profit Strategy

PSAB approved the Consultation Paper, “Government Not-for-Profit.” The Consultation Paper will be issued for comment in spring 2019. The comment period will end on September 30, 2019. During the comment period, Board staff will consult extensively with the GNFP stakeholders.

Review of International Strategy

PSAB approved Consultation Paper 2, “Reviewing PSAB’s Approach to International Public Sector Accounting Standards.” The Consultation Paper will be issued for comment in spring 2019. The comment period will end on September 30, 2019. During the comment period, Board staff will consult extensively with the stakeholders.

PSAB Governance

PSAB approved its 2019-2020 Annual Plan and its 2018-2019 Performance Report.