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 Update
The Indigenous Advisory Group (IAG) finalized its Terms of Reference and nominated Scott Munro as Chair and Jason Rasevych as Vice-Chair. The IAG Chair provided an update to PSAB at its inaugural meeting held on March 25, 2024.
Intangible Assets
In accordance with the project plan approved in September 2023, PSAB applied its International Strategy to develop an exposure draft for a public sector accounting standard for Intangible Assets. PSAB reviewed and discussed proposed modifications for approximately one-third of the paragraphs in the International Public Sector Accounting Standard (IPSAS) 31, Intangible Assets. The Board will continue to discuss proposed modifications for the next third of paragraphs in IPSAS 31 at its upcoming meeting in June 2024.
Post-implementation Review Assessment
As part of its due process, PSAB is required to assess whether a post-implementation review is needed two years after the new or amended standard becomes effective. PSAB staff presented to the Board a preliminary post-implementation review assessment for Section PS 3430, Restructuring Transactions, in the CPA Canada Public Sector Accounting Handbook. Further outreach is being conducted and PSAB staff will bring the outreach results to the Board in June 2024, including its final recommendation on whether a formal post-implementation review for Section PS 3430 is required.
2023/24 Performance Report, 2023/24 Annual Report, and 2024/25 Annual Plan
PSAB approved the Annual Report 2023-2024, the Performance Report 2023-2024, and the Annual Plan 2024-2025.
Employee Benefits
PSAB reviewed and provided feedback on amendments to the Exposure Draft, “Employee Benefits, Proposed Section PS 3251.” The Board concluded that significant changes have been made to the guidance proposed in the Exposure Draft, requiring re-exposure in alignment with PSAB’s Standard-setting Due Process Manual. Re-exposure documents are expected to be presented for the Board’s approval in June 2024.
International Strategy
PSAB received an overview of planned documents for comments for the upcoming 2024-2025 fiscal year from the International Public Sector Accounting Board (IPSASB). PSAB approved which IPSASB documents for comments it will provide a response to as part of PSAB’s 2024-2025 Annual Plan.