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Public Sector Accounting Standards

2026-2027 Annual Improvements

Summary

This project aims to correct errors or clarify existing pronouncements in the CPA Canada Public Sector Accounting Handbook related to the financial instruments suite of standards:

  • Section PS 2601, Foreign Currency Translation
  • Section PS 3041, Portfolio Investments
  • Section PS 3450, Financial Instruments

Annual improvements are not expected to introduce new or change existing principles and, most importantly, annual improvements are not intended to change practice.


Staff Contact(s)

Stella Lee-Szego, CPA, CA Principal, Public Sector Accounting Board

Phone number  647 695 6771
Email address  [email protected]
Antonella Risi, CPA, CA Associate Director, Public Sector Accounting Board

Phone number  +1 416 204 3484
Email address  [email protected]

Project Status

  • Information gathering

    PSAB reviewed the Financial Instruments Monitoring feedback provided by interested and affected parties during its September 2025 meeting.

    PSAB reviewed the Financial Instruments Post-implementation Review Assessment feedback received from interested and affected parties during its March 2026 meeting.

  • Approving project

    During its March 2026 meeting, PSAB approved the development of a 2026-2027 Annual Improvements Exposure Draft, focused upon the amendments relating to the financial instruments suite of standards.

  • Engaging communities

    PSAB approved the Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards” at its June 2026 meeting. The Exposure Draft was issued on July 14, 2026, with a comment deadline of September 18, 2026.

    Submit response
  • Deliberating feedback
  • Final pronouncement

Take the Survey: PSAB Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards”

PSAB is seeking feedback on proposed amendments to Sections PS 2601, PS 3041, and PS 3450. Submit your feedback by September 18, 2026.

Take the survey

News

July 16, 2026

News

PSAB Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards”

The Public Sector Accounting Board seeks feedback on its Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards.” Read the Exposure Draft and share your views on proposed amendments to the financial instruments suite of standards. Submit your comments by September 18, 2026.

June 15, 2026

Meeting Summary

PSAB Decision Summary – June 15-16, 2026

PSAB approved its Exposure Draft, “2026-2027 Annual Improvements,” which focuses on the financial instruments suite of standards and addresses clarifications that interested and affected parties identified through both the Financial Instruments Monitoring and Post-implementation Review Assessment consultation processes.

PSAB expects to publish the Exposure Draft in July 2026.

March 11, 2026

Meeting Summary

PSAB Decision Summary – March 11-12, 2026

Concerns interested and affected parties identified in PSAB’s Financial Instruments Monitoring and Financial Instruments Post-implementation Review Assessment projects will be addressed through the Public Sector Accounting Handbook annual improvement process, and a future narrow-scope amendment project. Additionally, a feedback statement will also be developed outlining how the Board considered or addressed issues identified by interested and affected parties.

Meeting & event summaries

July 16, 2026

PSAB Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards”

The Public Sector Accounting Board seeks feedback on its Exposure Draft, “2026-2027 Annual Improvements to Public Sector Accounting Standards.” Read the Exposure Draft and share your views on proposed amendments to the financial instruments suite of standards. Submit your comments by September 18, 2026.

June 15, 2026

PSAB Decision Summary – June 15-16, 2026

PSAB approved its Exposure Draft, “2026-2027 Annual Improvements,” which focuses on the financial instruments suite of standards and addresses clarifications that interested and affected parties identified through both the Financial Instruments Monitoring and Post-implementation Review Assessment consultation processes.

PSAB expects to publish the Exposure Draft in July 2026.

March 11, 2026

PSAB Decision Summary – March 11-12, 2026

Concerns interested and affected parties identified in PSAB’s Financial Instruments Monitoring and Financial Instruments Post-implementation Review Assessment projects will be addressed through the Public Sector Accounting Handbook annual improvement process, and a future narrow-scope amendment project. Additionally, a feedback statement will also be developed outlining how the Board considered or addressed issues identified by interested and affected parties.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.