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PSAB Decision Summary – October 1, 2021

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.

Public Sector Accounting Discussion Group

PSAB received an update on the Public Sector Accounting Discussion Group’s membership and the submissions tabled for discussion at the Group’s upcoming meeting on November 12, 2021.

International Strategy

PSAB reviewed and discussed the PSAB responses to the following International Public Sector Accounting Sector Board’s (IPSASB) Exposure Drafts and Consultation Document:

  • ED 76, “Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements”
  • ED 77, “Measurement”
  • ED 78, “Property, Plant, and Equipment”
  • ED 79, “Non-Current Assets held for Sale and Discontinued Operations”
  • “Mid-Period Work Program Consultation”

PSAB will publish the finalized responses on its website once submitted to the IPSASB.

Response to Chartered Professional Accountants (CPA) Canada’s Draft Competency Map

PSAB reviewed and approved a formal response to CPA Canada’s draft competency map. The draft competency map proposes that CPA students have the same high level of proficiency in public sector accounting standards as they have in private sector standards and assurance standards. The Board’s letter also supports and appreciates:

  • the mentions of government;
  • the reference to the PSA Handbook;
  • the mentions of sustainability and environmental, social and corporate governance as a foundational competency; and
  • the requirement to consider Indigenous views.

PSAB Confirms Effective Dates for Standards

In response to inquiries from stakeholders, PSAB confirmed the effective date for fiscal years beginning on or after April 1, 2022. This applies to the following standards: 

  • For governments:
    • Section PS 1201, Financial Statement Presentation;
    • Section PS 2601, Foreign Currency Translation;
    • Section PS 3041, Portfolio Investments; and
    • Section PS 3450, Financial Instruments; and
  • For all public sector entities, including governments:
    • Section PS 3280, Asset Retirement Obligations.

In accordance with its due process, approximately two years after implementation, PSAB will assess whether a post-implementation review of these standards should be performed.