News Listings

Read PSAB’s plain and simple overview of our Exposure Draft, “Employee Benefits, Proposed Section PS 3251.” The first phase of this multi-phase standard focuses on discount rate guidance and deferral provisions. Learn more about our key proposals and submit your comments on the Exposure Draft by November 25, 2021! 

PSAB has received a significant number of response letters to two Exposure Drafts that closed for comment on June 30, 2021 as part of our current Concepts Underlying Financial Performance project.

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

At its recent meetings, the Board discussed such topics as Rate Regulated Accounting, International Strategy, the Consultation Paper of IFR4NPO, and Financial Instruments. Read the Decision Summary for full details.

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards. 

Meeting the needs of stakeholders and responding effectively to the challenges of the past year, PSAB continued the work of a number of key projects and strategies which will lay the groundwork for the future. Read about PSAB’s 2020-2021 activities and accomplishments in this year’s Annual Report.

PSAB issued its Draft 2022 – 2027 Strategic Plan which outlines the Board’s proposed strategic objectives for the next five years. Share your feedback on this document by October 6, 2021 via comment letter or by participating in our online activities on Connect.FRASCanada.ca.

Topics discussed included issues in applying the modified retroactive transition method for Asset Retirement Obligations, Section PS 3280 to a building with asbestos and to a fully depreciated asset still in productive use. The Group also discussed the reporting model exposure draft proposal to split liabilities into financial and non-financial categories, and PSAB’s proposed approach to its GNFP Strategy in Consultation Paper II.

To learn more about PSAB’s recently issued Government Not-for-Profit Strategy Consultation Paper II, watch this on-demand webinar (available in English and French). You’ll receive an overview of the options considered for a GNFP strategy, the decision-making criteria used to evaluate the options, and which GNFP strategy is being recommended. Comments on this Consultation Paper are due June 30, 2021.

The response deadlines of five key documents for comment related to the PSAB’s proposed new Conceptual Framework, Reporting Model, and Government Not-for-Profit Strategy have been extended to June 30, 2021. We encourage stakeholders to use this additional time to share feedback and help shape the future of public sector accounting standards for years to come!