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Former assistant auditor general Clyde MacLellan takes helm of the Public Sector Accounting Board, effective November 1, 2020 for a five-year term.

The IFRS Foundation Trustees have published a Consultation Paper to assess demand for global sustainability standards and, if the demand for a global approach is strong, assess the extent to which the Foundation might contribute to the development of such standards. Read the full Paper to find out more and submit your comments by December 31, 2020.

The IPSASB released Exposure Draft 74, IPSAS 5, Borrowing Costs – Non-Authoritative Guidance. The proposed non-authoritative guidance would add implementation guidance and illustrative examples to IPSAS 5. Canadian stakeholders can send comments to the IPSASB until March 1, 2021.

At its recent meeting, the Board discussed Public Private Partnerships, Employment Benefits, and the International Strategy. Read the Decision Summary for full details.

At its recent meeting, the Board discussed Purchased Intangibles, Government Not-for-Profit Strategy, and the revised 2020-2021 Annual Plan. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Conceptual Framework and Financial Reporting Model. Read the Decision Summary for full details.

Connect.FRASCanada.ca is our new online community platform. It’s an easy-to-use way to give your feedback on new or amended standards, take part in post-implementation reviews, or submit issues for discussion at a committee meeting.

This document sets out how the Board reached its decision to pursue Option 2: Adapt IPSAS principles when developing future standards as its future International Strategy. Read the Basis for Conclusions for full details.

The COVID-19 pandemic significantly affected governments, businesses, and the public globally. Government responses and the COVID-19-related financial and economic consequences will need to be considered in financial reporting of public sector organizations. Read this non-authoritative guidance for more details.

Are you struggling with an accounting issue? Need experts to weigh in on it? Submit an issue to the PSA Discussion Group for consideration. Submissions for our upcoming November meeting are due October 2, 2020.