Government Not-For-Profit: Contributions and Financial Statement Presentation
PSAB received an update from the Government Not-For-Profit Advisory Committee (GNFP AC) on key issues that are being addressed by the Government Not-For-Profit Contributions and Financial Statement Presentation project. The Board provided direction, in principle, on the GNFP AC preliminary recommendations to address the issues.
Employee Benefits
PSAB received a presentation on the research performed to inform the next steps for Employee Benefits.
A proposal for a monitoring project addressing issues related to the implementation of Employee Benefits, Section PS 3251, for non-traditional pension plans will be reviewed at a future meeting.
Public Sector Accounting Discussion Group
PSAB reviewed the annual summary report on topics discussed by the Public Sector Accounting Discussion Group (the Group). The Board discussed recommendations resulting from the meetings held in May and November 2025.
For information on submitting topics to the Group, visit our PSA DG webpage.
Impairment of Assets Held for Service Potential
PSAB reviewed and approved the project proposal for the second official application of PSAB’s International Strategy, Impairment of Assets Held for Service Potential . The project will be adapting International Public Sector Accounting Standard (IPSAS) 21, Impairment of Non-Cash Generating Assets, in keeping with PSAB’s Criteria for Modifying and Reviewing IPSAS principles. Adaptation of IPSAS 26, Impairment of Cash-Generating Assets, will be considered at a future date.
The presentation included feedback from both the Indigenous Advisory Group (IAG) and the Technical Advisory Group (TAG) on the project scope.
Intangible Assets
PSAB reviewed responses to the Proposed Section PS 3155, Intangible Assets Exposure Draft, including recommendations to address the feedback. The Board will continue deliberating the feedback at upcoming meetings.
PSAB staff will present proposed amendments to the Exposure Draft proposals for the Board’s consideration later this year.
Financial Instruments Post-implementation Review Assessment
As part of its due process, PSAB assesses whether a post-implementation review (PIR) is required within two years of a new or amended standard becoming effective. The Board completed its PIR assessment for Section PS 3450, Financial Instruments (FI), and the related suite of standards. Based on the research performed and the feedback received from interested and affected parties, the Board concluded that a PIR for the FI suite of standards is not required.
PSAB will address concerns and issues identified by interested and affected parties on this topic through its annual Public Sector Accounting Handbook improvement process, and a future narrow-scope amendment project. Additionally, the Board will develop a feedback statement outlining how feedback from interested and affected parties has been considered or addressed.
Accounting Changes
PSAB approved the project proposal to make amendments to Section PS 2120, Accounting Changes. The project scope includes topics such as aligning terminology with other standard-setters and amending guidance related to changes in accounting policy and accounting estimates. The Board also considered feedback from both the IAG and the TAG on the project scope.
The Exposure Draft will be tabled for approval later this year.
International Public Sector Accounting Standards Board (IPSASB) Work Plan Consultation Paper
PSAB approved the formal response letter to IPSASB’s Work Plan Consultation The response letter will be available for public viewing as part of PSAB’s international activities.
The response was informed by feedback from the IAG, TAG, and survey responses that identified Canadian priorities for IPSASB financial and sustainability reporting projects.
International Strategy
PSAB has approved staff and TAG recommendations for fiscal 2026-2027 to respond to three IPSASB documents: the Consultation Paper on Presentation of Financial Statements, the Exposure Draft on Improvements to IPSAS Accounting Standards, and the Exposure Draft on Making Materiality Judgements – Limited Scope .
Indigenous Advisory Group (IAG)
PSAB received an update from the IAG Chair on the meetings held in February 2026.
2027-2032 Strategic Plan
PSAB discussed a preliminary draft of its 2027-2032 strategic plan . The Board expects to issue its draft strategic plan for comment in the second quarter of 2026.
Annual Plan and Performance Reporting
PSAB approved its 2025-2026 Performance Report, 2025-2026 Annual Report, and 2026-2027 Annual Plan.