PSAB Decision Summary – June 19-20, 2025

Public Sector Accounting Discussion Group

PSAB received an update on the Public Sector Accounting Discussion Group’s meeting held on May 15, 2025, and reviewed a summary of the discussion. The Group will post the meeting report on its webpage in July 2025.

Employee Benefits

PSAB reviewed the feedback on the Re-exposure Draft, “Employee Benefits, Proposed Section PS 3251.” The Board will consider the final amendments to proposed Section PS 3251and the related Basis for Conclusions at the December 2025 meeting. Subject to approval, the Board expects to issue the final standard in spring 2026, with an effective date of April 1, 2029.

Annual Improvements

PSAB considered the feedback on the Exposure Draft, “2024-2025 Annual Improvements to Public Sector Accounting Standards,” and approved the final amendments to the CPA Canada Public Sector Accounting (PSA) Handbook.

Key features of the 2024-2025 annual improvements include:

• terminology updates to enhance clarity and consistency;
• amendments aligning various sections of the PSA Handbook with the Conceptual Framework for Financial Reporting in the Public Sector and Section PS 1202, Financial Statement Presentation;
• minor revisions to replace outdated references and clarify existing guidance.

PSAB expects to issue these amendments in the PSA Handbook in November 2025, with an effective date of April 1, 2026.