This summary of decisions of the Public Sector Accounting Board (PSAB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by PSAB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process. For more information, please contact Michael Puskaric, Director at PSAB at [email protected].
Indigenous Advisory Group
The Indigenous Advisory Group met on December 2, 2024. PSAB was provided with an update on the Group’s meeting. At its meeting, the Group welcomed presentations from the International Public Sector Accounting Board (IPSASB) and provided Indigenous insights and perspectives on IPSASB’s Sustainability Reporting Standards Exposure Draft 1, “Climate-related Disclosures,” and the Exposure Draft 92, “Tangible Natural Resources.”
Annual Improvements
PSAB approved the upcoming exposure draft, “2024-2025 Annual Improvements,” which is expected to be issued in early 2025, with a 60-day comment period. This exposure draft reflects the following main categories of improvements:
- terminology updates;
- amendments to enhance alignment of various sections of the CPA Canada Public Sector Accounting (PSA) Handbook with PSAB’s Conceptual Framework for Financial Reporting and Reporting Model; and
- other minor editorial updates to the PSA Handbook.
The proposed annual improvements are not intended to change practice.
Government Not-for-Profit Projects
PSAB approved the project Amendments to Section PS 3150, Tangible Capital Assets, and the accompanying Basis for Conclusions. The final amendments are expected to be published in the May 2025 PSA Handbook release and will be effective for fiscal years beginning on or after April 1, 2030.
PSAB provided feedback that will assist the Government Not-for-Profit Advisory Committee to develop a final project proposal for the second standard-level project to implement its Government Not-for-Profit Strategy for Contributions and Financial Statements Presentation. The project proposal will be presented for approval to PSAB in March 2025.
2024-2025 Performance Report & 2025-2026 Annual Plan
PSAB reviewed and provided feedback on the 2024-2025 Performance Report and the 2025-2026 Annual Plan. Final versions will be presented for approval at PSAB’s March 2025 meeting.
Public Sector Accounting Discussion Group
PSAB received an update on the Public Sector Accounting Discussion Group’s meeting held on November 28, 2024, and reviewed a summary of the discussion. The Group will post the meeting report on its webpage in early 2025.
Statement of Recommended Practice 1, Financial Statement Discussion & Analysis
PSAB reviewed and approved the project proposal to update Statement of Recommended Practice 1, Financial Statement Discussion & Analysis. This narrow-scope amendment project aims to ensure consistency with PSAB’s new Conceptual Framework, and Section PS 1202, Financial Statement Presentation. The updates will align with the April 1, 2026, effective date of these documents.
Intangible Assets
PSAB approved the exposure draft for Proposed Section PS 3155, Intangible Assets, including the accompanying Basis for Conclusions and various consequential amendments. The exposure draft is expected to be released for comment between late February and early March 2025, with a 90-day comment period.
PSAB also approved the issuance of two cloud computing surveys, one that is developed for the preparer community and one that is developed for other practitioners, such as auditors and/or consultants. These surveys were developed to gather information on cloud computing arrangements in the Canadian public sector and will help inform the development of PSAB’s cloud computing guideline. These surveys are expected to be released for comment between late February and early March 2025, with a 90-day comment period.