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PSAB Decision Summary – September 28-29, 2022

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. For more information, please contact Michael Puskaric, Director at PSAB at [email protected].

Independent Review of Standard Setting

PSAB received an update on the Independent Review Committee on Standard Setting

International Strategy

PSAB received an overview of the International Public Sector Accounting Standards Board’s (IPSASB) Natural Resources Consultation Paper and key feedback received from Canadian stakeholders during consultations on this topic. The Board approved sending a response to the IPSASB on the Consultation Paper by October 17, 2022.

Financial Statement Presentation Standard (“Reporting Model”)

PSAB received a significant amount of stakeholder feedback on the Exposure Draft “Financial Statement Presentation, Proposed Section PS 1202.” At this meeting, the Board reviewed the feedback related to:

  • the “net debt” indicator;
  • the change in “net debt”
  • some aspects of the statement of financial position;
  • the statement of operations;
  • the statement of changes in net assets or net liabilities; and
  • the statement of cash flows.

PSAB also started to review aspects of the proposed final Section PS 1202, Financial Statement Presentation, standard and the accompanying Basis for Conclusions that considers the feedback from stakeholders. The Board will continue to review an analysis of the feedback related to other aspects of the proposed standard at its December 2022 meeting.

Employee Benefits

PSAB provided further feedback on the analysis of the responses to the July 2021 Exposure Draft, “Employee Benefits, Proposed Section 3251.” The Board provided its feedback on other topics of the project’s first phase, including:

  • recognition and presentation of remeasurement gains and losses and the scope;
  • definitions; and
  • terminology in the proposed standard.

The Board plans to continue its discussion of the Exposure Draft and timelines for the project at its December meeting.