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Financial Instruments – Narrow Scope Amendments – PSAB

Date recorded:

At its meetings on June 29, 2021 and July 8, 2021, the PSAB received the Financial Instruments Advisory Group’s overview, comprehensive analysis, and recommendation on rate-setting transactions, as part of the Financial Instruments – Narrow-scope Amendments project. The PSAB accepted the Financial Instruments Advisory Group’s recommendation not to proceed with an exposure draft on the accounting for rate-setting transactions. The Board made this decision on the basis that the amendments required to permit such transactions within public sector accounting standards could not be accommodated through the narrow-scope-amendment mandate. The extensive changes required to accommodate rate-setting transactions were inconsistent with the Board’s due process for narrow-scope amendments and could introduce principles inconsistent with previously approved decisions in the development of the financial instruments suite of standards.

This completes the Financial Instruments – Narrow-scope Amendments project prior to its effective date for fiscal years beginning on or after April 1, 2022. PSAB will continue to monitor and review the accounting for the financial instruments suite of standards, including rate-setting and other financial risk management activities. In accordance with its due process, approximately two years after the implementation of these new standards, the Board will assess whether a post-implementation review of the financial instruments suite of standards should be performed.

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

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