June 21, 2018
PSAB Decision Summary – June 21-22, 2018
The Board approved the final Handbook Section PS 3400, Revenue. This new Section will be effective for fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted. Watch for In Brief articles and a podcast to help explain this new Section.
December 15, 2016
PSAB Decision Summary – December 15-16, 2016
PSAB approved an Exposure Draft, “Revenue,” subject to drafting changes and a written ballot in early 2017.
September 26, 2016
PSAB Decision Summary – September 26-27, 2016
PSAB considered key principles related to developing an exposure draft and provided feedback to the task force. PSAB expects to review an exposure draft at its December 2016 meeting.
March 23, 2016
PSAB Decision Summary – March 23-24, 2016
PSAB received an update on the project, including consideration of the recognition of revenue arising from licences and permits and provided feedback to the task force.
March 19, 2015
PSAB Decision Summary – March 19-20, 2015
PSAB reviewed an issues paper on performance obligations and discussed an approach recommended by the task force.
December 15, 2014
PSAB Decision Summary – December 15-16, 2014
PSAB received an update from staff on the discussions at the past two task force meetings, including the key issues identified by respondents to its Statement of Principles, “Revenue,” that are being discussed and deliberated
March 20, 2014
PSAB Decision Summary – March 20-21, 2014
PSAB discussed issues identified by staff based on a preliminary review of responses to its Statement of Principles. PSAB noted that further research on these issues will be required. The project timeline will be extended as a result.
June 12, 2013
PSAB approved a statement of principles on revenue after considering additional information it requested at the March 2013 meeting. The statement of principles proposes a framework for addressing the accounting and reporting of many forms of public sector revenue.
It proposes classifying revenue associated with promises of goods and services as exchange revenue. Public sector entities would identify the performance obligations associated with the goods or services that they have promised to provide. Revenue would be recognized as each performance obligation is satisfied.
Revenue that does not associate with a specific public service or benefit to the payor would be classified as unilateral revenue, unless it is a voluntary contribution. Unilateral revenue would be recognized when there is the authority and an event that establishes a right to the revenue.
The statement of principles also addresses related reporting issues and proposes general disclosure requirements.
March 21, 2013
PSAB Decision Summary – March 21-22, 2013
PSAB reviewed a draft statement of principles. Given the unique nature of and the different circumstances that give rise to public sector revenues, PSAB requested that additional information be presented at its June 2013 meeting prior to further consideration of the proposed principles.
June 23, 2011
PSAB Decision Summary – June 23-24, 2011
PSAB asked staff to prepare an amended project proposal and a related issues paper for approval at a future meeting. As originally conceived in 2009, the revenue project was intended to focus on revenue from exchange transactions. Since then, staff has monitored a private sector project undertaken jointly by International Accounting Standards Board and US Financial Accounting Standards Board on “Revenue from Contracts with Customers” as it was expected to be a useful reference. However, it has become clear that aspects of the financial reporting issues faced by public sector entities are sufficiently different to merit a new approach.
June 15, 2009
PSAB Decision Summary – June 15-16, 2009
PSAB approved a new project on revenue recognition for exchange transactions. This project was also ranked highly in the Survey. The project will expand on the guidance provided in Financial Statement Presentation, paragraphs PS 1200.077-.081, as it pertains to revenue recognition for exchange transactions and will begin by first considering the developments of the joint IASB and FASB project on revenue recognition of contracts with customers.