News Listings

PSAB received updates on the Public Sector Accounting Discussion Group’s May 2025 meeting and the Employee Benefits project. The Board approved the 2024-2025 annual improvements to the Public Sector Accounting Standards. Read our decision summary for more details.

PSAB has issued the Exposure Draft, “Narrow-scope Amendment, SORP-1 Consistency Updates.” Our proposed narrow-scope amendments intend to fix any inconsistencies between existing SORP -1 and the new Conceptual Framework and Reporting Model; provide guidance for new Conceptual Framework and Reporting Model concepts and principles; and update SORP-1 terminology to promote consistency and inclusivity in the CPA Canada Public Sector Accounting Handbook. Submit your feedback by July 24, 2025.

The Public Sector Accounting Discussion Group discussed PSAB’s Exposure Draft, “Intangible Assets, Proposed Section PS 3155” and Accounting for Cryptocurrency. Read the meeting report for full details.

RASOC is pleased to announce the appointments and reappointments for the AASB, the AcSB, PSAB, and the Oversight Council. We also wish to thank those retiring for their dedicated service. Read the appointments page for full details.

PSAB will continue to develop relevant, high-quality public sector accounting standards. We will advance key projects like Intangible Assets and Employee Benefits. As we drive our key strategies forward, obtaining feedback from our advisory groups will remain a priority for our Board. Read more about our next steps and how we will support our initiatives in our 2025-2026 Annual Plan. 

PSAB approved its SORP-1 Narrow Scope Amendment Exposure Draft, Annual Report, Annual Plan, and project proposal for the GNFP Contributions and Financial Statement Presentation Project. The Board also received updates from the Public Sector Discussion Group and the Indigenous Advisory Group. Read our Decision Summary for full details.

PSAB has issued the Exposure Draft, “Intangible Assets, Proposed Section PS 3155,” which provides foundational guidance on accounting for intangible assets. We developed the proposed new standard using PSAB’s International Strategy and guidance provided in the IPSAS 31, Intangible Assets. Help shape the future of public sector accounting by sharing your feedback on how our proposals might affect your organization. Your input is crucial to the success of our consultation. Respond by May 30, 2025.  

Learn more about PSAB’s Exposure Draft, “Intangible Assets, Proposed Section PS 3155,” which is now out for comment. This resource covers key proposals and proposed modifications to IPSAS 31, Intangible Assets. It outlines how we aim to leverage international guidance to develop a standard that will work for the unique needs of Canadian public sector organizations. Read our In Brief and stay up to date on this important project!

PSAB discussed responses to IPSASB’s Exposure Draft 92, “Tangible Natural Resources,” and Sustainability Reporting Standard Exposure Draft 1, “Climate-related Disclosures.” Read the Decision Summary for full details.

PSAB approved the exposure draft for Proposed Section PS 3155, Intangible Assets, including the accompanying Basis for Conclusions and various consequential amendments. The exposure draft is expected to be released for comment between late February and early March 2025, with a 90-day comment period.

PSAB also approved the issuance of two cloud computing surveys, one that is developed for the preparer community and one that is developed for other practitioners, such as auditors and/or consultants. These surveys were developed to gather information on cloud computing arrangements in the Canadian public sector and will help inform the development of PSAB’s cloud computing guideline. These surveys are expected to be released for comment between late February and early March 2025, with a 90-day comment period.