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.
Other Matters
International Strategy
PSAB reviewed the significant feedback received from stakeholders on the Exposure Draft, “Proposal to Modify the Canadian GAAP Hierarchy,” relating to Section PS 1150, Generally Accepted Accounting Principles. The Board deliberated and approved revised amendment to the Section to address stakeholder concerns. The rationale was outlined in the Basis for Conclusions document approved at the meeting. The amendment is applicable for fiscal years beginning on or after April 1, 2021.
These amendments will be reflected in the April 2021 update of the CPA Canada Public Sector Accounting Handbook