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.
Standards for Public Sector Entities
Purchased Intangibles
PSAB approved narrow-scope amendments to Section PS 1000, Financial Statement Concepts, and Section PS 1201, Financial Statement Presentation. It also approved the new Public Sector Guideline 8, Purchased Intangibles, which allows recognition in financial statements of intangibles purchased through an exchange transaction. The effective date is April 1, 2023, although earlier adoption is allowed and encouraged. Application may be retroactive or prospective.
Other Matters
Government Not-for-Profit (GNFP) Strategy
PSAB approved Consultation Paper II, “Government Not-for-Profit Strategy,” which it expects to issue in January 2021, with comments due by mid-May 2021. The consultation paper will be issued at the same time as the exposure drafts for the proposed Conceptual Framework and reporting model. Stakeholders are encouraged to read the consultation paper in conjunction with the exposure drafts and to provide PSAB with feedback on its recommended GNFP Strategy.
Revised 2020-2021 Annual Plan
PSAB approved a revised 2020-2021 Annual Plan. This revised Annual Plan reflects changes in the Board’s planned activities for 2020-2021 in response to the ongoing COVID-19 pandemic. Revisions to the Annual Plan include:
- deferral of the Board’s next strategic plan by one year;
- performance of annual improvements on a bi-annual basis; and
- adjustments to the project schedules of to include work on new financial instruments narrow-scope amendments and the postponement of the post-implementation review of the related party disclosure standard.