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].
Future Work Plan Consultation
PSAB received a significant amount of feedback on its Future Work Plan Consultation (Consultation). At this meeting, the Board reviewed the survey results and feedback received from Consultation to determine which projects should be added to PSAB’s technical agenda. The Board decided on the following:
- While PSAB has limited resources, the 2023-2024 Draft Annual Plan indicates that there are sufficient resources to commence one new project.
- There was an agreement that a project on Intangibles should be added to PSAB’s 2023-2024 Annual Plan. A formal project proposal would be prepared and presented to the Board to determine the scope of the project in accordance with PSAB’s Due Process by the fall of 2023.
- Public communication of the survey results and feedback received from the Consultation will be summarized alongside PSAB’s 2023-2024 Annual Plan.
2023-2024 Draft Annual Plan & Risk Assessment
PSAB reviewed and provided feedback on the 2023-2024 Draft Annual Plan and Risk Assessment. A final version will be presented for approval at the Board’s meeting in March 2023.
Financial Statement Presentation Standard (“Reporting Model”)
PSAB received a significant amount of feedback on the Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202.” At this meeting, the Board reviewed the feedback related to the distinction between financial and non-financial liabilities and the Concepts Underlying Financial Performance Task Force’s proposals to respond to stakeholder input from the Exposure Draft by:
- simplifying the definitions to make them easier to understand and apply;
- emphasizing through text changes that there are only two categories of liabilities;
- developing criteria to help apply the definitions;
- adding application guidance to expand on the core text of the standard;
- adding illustrative decision trees to help navigate the financial/non-financial liability distinction; and
- adding illustrative examples to show how the guidance might be applied to various scenarios.
PSAB will continue to review an analysis of the feedback related to other aspects of the proposed standard at its February 2023 meeting.