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Public Sector Accounting Standards

Financial Instruments – Narrow Scope Amendments

Summary

In response to feedback received from the Canadian Council of Comptrollers, the Public Sector Accounting Board (PSAB) will develop additional narrow scope amendments to address specific concerns raised.

The objective of this project is to review the following topics:

  • Presentation of the fair value of derivatives;
  • Presentation of certain foreign exchange gains/losses and changes in the fair value of associated derivatives; and 
  • Accounting for rate-setting transactions.  

In connection with this project, PSAB also previously approved the following amendments:

  • Financial Instruments - Narrow Scope Amendments; and 
  • Financial Instruments - Federal Government Narrow Scope Amendments.

Staff Contact(s)

Lauren Pennycook, CPA, CA Principal, Accounting Standards Board

Phone number  +1 416 204 2950
Email address  [email protected]

Project Status

  • Information gathering

    Completed between 2016–2018 and 2020

  • Approving project

    Narrow scope amendments project approved by PSAB in March 2018

    Additional narrow scope amendments approved by PSAB in April 2020

  • Engaging Communities

    Financial Instruments Advisory Group established September 2018

    The Financial Instruments – Narrow Scope Amendments Exposure Draft issued in January 2019

    The Financial Instruments – Federal Government Narrow Scope Amendments Exposure Draft issued in January 2020

    The Financial Instruments – Presentation Narrow Scope Amendments Exposure Draft issued in July 2020

    The Financial Instruments – Foreign Exchange Narrow Scope Amendments Exposure Draft issued in July 2020

  • Deliberating feedback

    PSAB reviewed stakeholder feedback on the Financial Instruments – Narrow Scope Amendments Exposure Draft in December 2019

    PSAB reviewed stakeholder feedback on the Financial Instruments – Federal Government Narrow Scope Amendments Exposure Draft in July 2020

    PSAB reviewed stakeholder feedback on the Financial Instruments – Presentation Narrow Scope Amendments and Financial Instruments – Foreign Exchange Narrow Scope Amendments in December 2020

  • Final pronouncement

    The final amendments for the Financial Instruments – Narrow Scope Amendments were issued in the PSA Handbook in March 2020

    The final amendments for the Financial Instruments – Federal Government Narrow Scope Amendments were issued in the PSA Handbook in October 2020

    The final amendments for the Financial Instruments – Presentation Narrow Scope Amendments and Financial Instruments – Foreign Exchange Narrow Scope Amendments were issued in the PSA Handbook in April 2021

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.