Purchased Intangibles – PSAB

Date recorded:

At its meeting on June 25, 2020, the PSAB reviewed the responses to the November 2019 Exposure Draft and the analysis of responses. Most respondents supported recognizing purchased intangibles in financial statements. However, comments included: (i) suggestions for adding clarifications or basic accounting guidance; and (ii) requests for a full intangibles project. The Board considered various options to respond to the comments within the narrow-scope amendment mandate of the project. The PSAB asked staff to draft a Public Sector Guideline as interim guidance to clarify the changes proposed in the Exposure Draft to Section PS 1000, Financial Statement Concepts, Section PS 1100, Financial Statement Objectives, and Section PS 1201, Financial Statement Presentation. The Board expects to approve the CPA Canada Public Sector Accounting Handbook material in the fall of 2020.

Review the Executive Summary on the PSAB's Web site.

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