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.
International Strategy
PSAB received an overview of the International Public Sector Accounting Standards Board’s (IPSASB) documents for comment for the upcoming 2025-2026 fiscal year. The Board agreed that the Presentation of Financial Statements and the Work Program Consultation documents are relevant to the Canadian public sector environment. The Board will issue comment letters to IPSASB on these two projects.
Government Not-For-Profit (GNFP) Projects
The Board approved the project proposal for the second standards-level project in the GNFP Implementation Strategy. This project will focus on amendments to applicable public sector accounting standards and involves a review of Sections PS 4210, Contributions – Revenue Recognition; PS 4220, Contributions Receivable; PS 4200, Financial Statement Presentation by Not-For-Profit Organizations; and PS 4270, Disclosure of Allocated Expenses by Not-for-Profit Organizations. Additionally, the project includes the development of enhanced endowment guidance for all public sector entities.
Robust consultation with interested and affected parties is expected, beginning with a kick-off webinar in September 2025.
Statement of Recommended Practice 1
The Board approved the Exposure Draft and Basis for Conclusions for the Narrow Scope Amendment: Statement of Recommended Practice 1 (SORP-1) Project. The proposed amendments to SORP-1 are intended to ensure alignment with the new Conceptual Framework and Reporting Model. The document will be available for comment in May 2025, with a 60-day comment period closing in July 2025.
Indigenous Advisory Group
The Indigenous Advisory Group met on March 24-25, 2025, to discuss financial reporting issues and share Indigenous perspectives and insights on PSAB’s Exposure Draft, “Intangible Assets, Proposed Section PS 3155” and its Cloud Computing Arrangement surveys. The Group also welcomed presentations from the Auditing and Assurance Standards Board (AASB) and the Canadian Sustainability Standards Board (CSSB).Public Sector Accounting Discussion Group
PSAB received an annual summary of the Public Sector Accounting Discussion Group’s meetings and activities. The Board discussed recommendations resulting from the meetings held in June and November 2024.
2024-2025 Performance Report, Annual Report 2024-2025, and 2025-2026 Annual Plan
The Board approved the 2024-25 Performance Report, Annual Report 2024-2025, and the 2025-2026 Annual Plan.