Public Sector Accounting Standards

Exposure Draft, Financial Instruments – Federal Government Narrow Scope Amendments

Summary

The Public Sector Accounting Board (PSAB) proposes, subject to comments received following exposure, to amend the following sections in the CPA Canada Public Sector (PSA) Accounting Handbook:

  • FINANCIAL STATEMENT PRESENTATION, Section PS 1201
  • FOREIGN CURRENCY TRANSLATION, Section PS 2601
  • FINANCIAL INSTRUMENTS, Section PS 3450

The Basis for Conclusions, which accompanies this Exposure Draft, addresses alternative views and the Board position, with its reasons.

Staff Contact(s)

Michael Puskaric, MBA, CPA, CMA

Director, Public Sector Accounting Board

How to reply

Respond to Exposure Draft, Financial Instruments – Federal Government Narrow Scope Amendments by March 4, 2020 submitting a comment letter (in a Word file).

Background

Narrow-scope amendments are being proposed to permit special presentation of foreign exchange gains and losses resulting from transactions intended to sustain foreign exchange reserves and orderly conditions in the foreign exchange market for the Canadian dollar or to aid foreign countries.