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PSAB Decision Summary – February 22, 2023

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. For more information, please contact Michael Puskaric, Director at PSAB at [email protected].

Indigenous Advisory Group (IAG)

PSAB expressed overall support for the creation of an Indigenous Advisory Group (IAG). The Board provided their feedback related to the mandate, governance structure, and the Draft Terms of Reference for the group. A final version of the Terms of Reference will be presented to the Board for their review and approval at the March 2023 meeting.

Technical Advisory Group (TAG)

The Technical Advisory Group (TAG) will be created to support the implementation of PSAB’s International Strategy and other projects as determined by the Board. The Board reviewed and provided feedback on the Draft Terms of Reference and a final version will be presented for approval at the March 2023 meeting.

Financial Statement Presentation Standard (“Reporting Model”)

PSAB received a significant amount of feedback on the Exposure Draft “Financial Statement Presentation, Proposed Section PS 1202.” At this meeting, the Board reviewed the feedback and the Concepts Underlying Financial Performance Task Force’s recommendations related to:

  • disclosing non-compliance with financial authorities;
  • disclosing risks and uncertainties;
  • the illustrative financial statements; and
  • other miscellaneous comments.

The final version of Section PS 1202, Financial Statement Presentation, the accompanying Basis for Conclusions, and the related consequential amendments will be presented to the Board for review and approval at the March 2023 meeting.