Indigenous Advisory Group
Jason Rasevych, Vice Chair of the Indigenous Advisory Group, shared highlights from the Group’s meeting on September 17, 2025.
- Financial Reporting Challenges:
Discussions focused on key financial reporting issues, including Asset Retirement Obligation remediation responsibilities and the complexities of financial instruments.
- Indigenous Perspectives:
The Group contributed Indigenous viewpoints and insights to help shape PSAB’s response to documents issued by the International Public Sector Accounting Standards Board.
- Collaboration:
The meeting also featured presentations from the AASB and the CSSB, fostering cross-board dialogue.
Employee Future Benefits
PSAB reviewed the proposed amendments to address the feedback received on the Re-exposure Draft proposed Section PS 3251, Employee Benefits, and accompanying Basis for Conclusions. Board staff expect to bring the draft final Section PS 3251, Employee Benefits and the accompanying Basis for Conclusions to the December 2025 Board meeting for final approval. If approved, the final standard will be issued in March 2026.
Government Not-for-Profit
Bill Cox, Chair of the Government Not-for-Profit Advisory Committee (GNFP AC), provided a verbal update on its August 2025 committee meeting. The GNFP AC explored different options for reviewing the second standard-level project in the GNFP suite of projects: Contributions and Financial Statement Presentation and shared initial thoughts on possible solutions.
PSAB reviewed and provided feedback on a new survey that will gather input from interested and affected parties between December 2025 and February 2026. The feedback collected will help shape the draft proposals for future standards.
Statement of Recommended Practice 1
PSAB reviewed the feedback received from the Exposure Draft Narrow-scope Amendments: SORP-1 Consistency Updates. Board staff expect to bring the draft final amendments to Statement of Recommended Practice 1 to the December 2025 meeting for final approval. The Board plans to issue amended guidance in March 2026, in alignment with the effective dates of the New Conceptual Framework and Reporting Model.
Financial Instruments
PSAB approved the project proposal for the Post-implementation Review Assessment for the Financial Instruments suite of standards. In accordance with the PSAB Standard-setting Due Process Manual, the Post-implementation Review Assessment process helps PSAB determine whether a formal Post-implementation Review is required.
Strategic Plan
PSAB reviewed the timeline for developing its next Strategic Plan using strategies from the current 2022–2027 plan as a foundation. Board staff will present the new Strategic Plan for the Board’s consideration at the upcoming Board meeting in December.