Public Sector Accounting Standards

Financial Instruments - Narrow Scope Amendments

Summary

In conjunction with the decision to move forward with Section PS 3450, Financial Instruments, the Public Sector Accounting Board (PSAB) will also investigate three non-hedge accounting issues brought forward by stakeholders during recent consultations.

Staff Contact(s)

Umar Saeed, MAcc, CPA, CA

Principal, Public Sector Accounting Board

Project Status

  • Information gathering

    Completed between 2016–2018

  • Approving project

    Narrow scope amendments project approved by PSAB in March 2018

  • Consulting stakeholders

    Financial Instruments Advisory Group established September 2018

    The Exposure Draft was published in Q1 2019

  • Deliberating feedback

    The Exposure Draft is open for comment until May 1, 2019

  • Final pronouncement

Meeting & event summaries


January 7, 2019

PSAB Decision Summary – December 13-14, 2018

Financial Instruments – Narrow-scope Amendments

PSAB approved the Exposure Draft, “Financial Instruments – Narrow-scope Amendments.” The exposure draft proposes to amend the guidance where a government purchases its own bonds from the open market. It also clarifies the transitional provisions Section PS 3450, Financial Instruments, to simplify the transition for governments and their consolidated entities.

The Board will issue the exposure draft in January 2019, with a 90-day comment period.

September 27, 2018

PSAB Decision Summary – September 27-28, 2018

The Board received an update on the status of Financial Instruments – Narrow-scope Amendments. This project focuses on the following narrow-scope amendments:

  • accounting treatment of a bond repurchase;
  • scope exclusion of certain activities by the federal government; and
  • improvements to transitional provisions.

The Financial Instruments Advisory Group is planning to bring forward an exposure draft for Board approval at the December 2018 meeting.

June 21, 2018

PSAB Decision Summary – June 21-22, 2018

The Board received an update on the narrow-scope amendments proposed for Section PS 3450, Financial Instruments, and provided feedback. It expects an exposure draft to be presented in December 2018. An overview of key decisions made at the Board’s March 2018 meeting regarding the applicability of financial instruments, foreign currency and related standards can be found in this In Brief article.

News


January 31, 2019

Document for Comment

Exposure Draft, Financial Instruments – Narrow Scope Amendments

In this exposure draft, PSAB proposes changes to the accounting treatment of a bond repurchase, simplification of how a government consolidates the accounts of organizations already reporting on a fair value, and several minor improvements and clarifications to the standard. Respond to us on our proposals by May 1, 2019

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 ballot process.