Our 2024-2025 improvements to the CPA Canada Public Sector Accounting (PSA) Handbook are intended to correct errors or clarify existing pronouncements in the PSA Handbook. These annual improvements are not expected to propose any new principles or change any existing principles. Most important, the proposed annual improvements are not intended to change practice.
PSAB’s Exposure Draft, “2024-2025 Annual Improvements,” proposes amendments grouped by the themes outlined below for easy reference:
- terminology updates;
- amendments to enhance alignment of various sections of the PSA Handbook with PSAB’s Conceptual Framework and Reporting Model; and
- other minor editorial updates to the PSA Handbook.
Help shape the future of public sector accounting
Respond to our Exposure Draft via our Connect Survey or send us a comment letter . We are particularly interested in comments on our proposed actions, listed below:
- To change terminology from “government” to “public sector entity,” “entity,” or another appropriate term in certain sections of the PSA Handbook.
- To replace the term “reliability” with “faithful representation” because of terminology changes introduced in the Conceptual Framework.
- To update references to “presentation and disclosure” to align with consequential amendments arising from the new Conceptual Framework.
- To replace the reference from Section PS 1201, Financial Statement Presentation, to Section PS 1202, Financial Statement Presentation, in Appendix A of Section PS 3060, Interest in Partnerships.
- To appropriately align references to verifiability introduced in the new Conceptual Framework.
- To separate the italicized principle from the non-italicized guidance in First-time Adoption by Government, paragraph 2125.08.
- To remove references to London Interbank Offered Rate and replace them with a reference to Secured Overnight Financing Rate in Section PS 3450, Financial Instruments.
- To change title of the decision tree to Appendix A in Section PS 3160, Public Private Partnerships.
If you disagree with our proposals, please clearly identify which proposal you oppose, explain the problem, and include a suggested alternative, supported by specific reasoning. This information is key to the success of our consultation.