At its meeting on March 22-23, 2018, the PSAB approved the final Handbook Section PS 3280, Asset Retirement Obligations. This new Section will be effective for fiscal years beginning on or after April 1, 2021. Earlier adoption is permitted.

Review the executive summary on the PSAB's Web site.

At its meeting on March 22-23, 2018, the PSAB received an update on the project from the Task Force Chair and discussed the scope of the invitation to comment on non-traditional plans. The Board will receive an update on the invitation to comment’s development at its June 2018 meeting.

Review the executive summary on the PSAB's Web site.

At its meeting on March 22-23, 2018, the PSAB received a project update from the Task Force Chair and discussed the key issues raised from responses to the Exposure Draft, “Revenue, Proposed Section PS 3400.” The Board provided feedback to the Task Force’s recommendations for addressing the issues raised in the responses. The Board expects to approve a final standard in June 2018.

Review the executive summary on the PSAB's Web site.

At its meeting on March 22-23, 2018, the PSAB approved the Consultation Paper, “Reviewing PASB’s Approach to International Public Sector Accounting Standards.” The Board expects to issue the Consultation Paper in the spring of 2018. This Consultation Paper’s purpose is to raise stakeholder awareness of the matters the Board considered and to solicit input concerning the criteria the Board will apply in developing its future international strategy.

Review the executive summary on the PSAB's Web site.

At its meeting on March 22-23, 2018, the PSAB (i) concluded that the PSA Handbook sections on foreign currency and financial instruments were appropriate for public sector entities, including governments and (ii) approved an extension of the effective date for governments of Sections PS 3450, Financial Instruments, and PS 2601, Foreign Currency Translation, to fiscal years beginning on or after April 1, 2021. As well, as part of a future project to be carried out prior to governments being required to adopt these two sections, the PSAB plans to issue an exposure draft to improve the transitional provisions for these standards and potentially address other non-hedge accounting issues raised during the consultation process.

In making these decisions, the Board considered comments received from Canadian stakeholders on the International Public Sector Accounting Standards Board’s Exposure Draft 62, “Financial Instruments,” as well the feedback received from PSAB’s different stakeholder groups.

Review the executive summary on the PSAB's Web site.