Public Sector Accounting Standards

2019-2020 Annual Improvements

Summary

The Public Sector Accounting Board (PSAB) adopted an annual improvements process to make minor improvements to the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices (other guidance).

The annual improvements process:

  • clarifies standards or other guidance; or
  • corrects relatively minor unintended consequences, conflicts or oversights.

Major or narrow-scope amendments to the standards or other guidance are not included in the annual improvements process.

Staff Contact(s)

Joanna Chrzanowski, CPA, CA

Principal, Public Sector Accounting Board

Project Status

  • Information gathering

    PSAB is accepting submissions of issues for its annual improvements projects.

  • Approving project

    PSAB approved the annual improvements process in June 2018.

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

  • Consulting stakeholders

    The 2019-2020 Annual Improvements Exposure Draft is set to be issued January 2020

  • Deliberating feedback

    PSAB will deliberate responses in June 2020.

  • Final pronouncement

    Final Handbook amendments are expected to be approved in June 2020 and issued in August 2020.

Participate

Participate in the Annual Improvements Process

Get your issues into PSAB by June 30th of each year to ensure they are considered in the upcoming cycle of the Annual Improvements project!

Meeting & event summaries


December 18, 2019

PSAB Decision Summary – December 12-13, 2019

PSAB approved the Exposure Draft, “2019-2020 Annual Improvements to Public Sector Accounting Standards.” The Exposure Draft reflects proposed amendments to:

  • clarify transitional provisions for consequential amendments;
  • update disclosure requirements in individual standards relating to contractual rights; and
  • replace the term “contingency” with “contingent assets and contingent liabilities”.

The Board will issue the Exposure Draft in January 2020, with a 60-day comment period.

September 27, 2019

PSAB Decision Summary – September 26-27, 2019

PSAB reviewed the issues to be included in the 2019-2020 annual improvements and provided feedback. The Board agreed to address two main categories of improvements in the upcoming exposure draft:

  • Updating disclosure requirements in individual standards relating to contractual rights.
  • Clarifying the effective date and the method of application (e.g., prospective, retroactive) for consequential amendments.

The Board also considered other issues that did not meet the annual improvements criteria as they were not widespread in practice, a correction of an error, or clarification of a standard.

June 21, 2018

PSAB Decision Summary - June 21-22, 2018

The Board discussed and approved an annual improvements process. Staff will begin applying this new process to develop the Board’s first annual improvements exposure draft. Watch for more information to be posted on the Board’s website in the fall of 2018.

News


January 9, 2020

Document for Comment

Exposure Draft – 2019-2020 Annual Improvements to Public Sector Accounting Standards

We need your feedback! PSAB issued its 2019-2020 Annual Improvements Exposure Draft as part of an ongoing process to enhance and improve the PSA Handbook for its stakeholders. Submit your response by March 10, 2020.

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!

June 14, 2019

News

Submit an Issue – PSAB 2019-2020 Annual Improvements

The deadline to submit your issues to ensure that they are considered in the 2019-2020 Annual Improvements project is approaching.  Get your issues into PSAB by June 30, 2019

November 13, 2018

News

Submit an Issue – PSAB Annual Improvements

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

November 12, 2018

News

Approved! – 2018-2019 Annual Improvements Process

PSAB approved its annual improvements process in June 2018 to correct errors in the wording or clarify the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices (other guidance). Participate in this first annual improvements project this January when the first Annual Improvements exposure draft is issued!