Public Sector Accounting Standards

Overview

Active Projects

2019-2020 Annual Improvements

PSAB discussed the issues that will be included in the 2019-2020 Annual Improvements Exposure Draft in September 2019.

Concepts Underlying Financial Performance

PSAB is deliberating the feedback received on the Statement of Concepts and Statement of Principles.

As it deliberates the feedback, PSAB is developing two exposure drafts (one for a revised conceptual framework and one for a revised reporting model) with two accompanying basis for conclusions documents and the resulting consequential amendments.

PSAB expects to issue the two exposure drafts and accompanying documents in 2020.

Employment Benefits

Responses to the three Invitations to Comment to be discussed in 2019

Financial Instruments - Narrow Scope Amendments

PSAB is deliberating responses to the Exposure Draft.

Government Not-for-Profit Strategy

A consultation paper is being prepared for release in May 2019.

Narrow Scope Amendment – Purchased Intangibles

The Exposure Draft is the first document for comment in this project.

Public Private Partnerships

PSAB established the Public Private Partnerships Task Force Q1 2016

Statement of Principles published in 2017, followed by public outreach

The Exposure Draft is being developed and expected to be published Q4 2019

Review of International Strategy

PSAB to approve a second consultation paper at its March 2019 meeting

CPA Canada Handbook

The CPA Canada Public Sector Accounting Handbook contains all the public sector accounting standards, set by PSAB. Its available in print and online. 

News


November 28, 2019 News
Update – Revisiting PSAB’s Employment Benefits Project

PSAB has decided to revisit our Employment Benefits project by reviewing the project plan and scope. Read this article to find out why, and what’s next for our stakeholders. 

November 15, 2019 Meeting Summary
PSAB’s September 26-27, 2019 Decision Summary Narrow Scope Amendment Purchased Intangibles

PSAB approved an exposure draft that proposes to remove the exclusion in the conceptual framework prohibiting recognition of purchased intangibles in financial statements. The exposure draft proposes allowing recognition of intangibles purchased through an exchange transaction. Removing the recognition prohibition on purchased intangibles would address a material imbalance in the statements of financial position of many Indigenous governments that finance the purchase of commercial fishing (and other) licenses with debt but cannot currently recognize the licenses as assets. The proposal may also have implications for other public sector entities that purchase intangibles.

Similar to the current situation for purchased Crown lands and purchased natural resources, no guidance on how to account for purchased intangibles is proposed. For now, reference to the asset definition, the general recognition criteria and the GAAP hierarchy is expected. Accounting for these items may be the subject of future PSAB projects.

November 4, 2019 News
Submit an Issue – PSAB Annual Improvements

Did you know you can provide PSAB with information on minor Handbook issues at any time? Review the submission requirements, and how PSAB will address them through its annual improvements process!