At its meeting on December 1-2, 2022, the PSAB approved the proposals, which were recommended as part of the Exposure Draft, with two exceptions: (i) terminology changes to replace “government” with “public sector entity” were not approved for Section PS 3100, because of complexities related to internally restricted entities that warrant further consideration in a future project; and (ii) PSAB did not approve updating the designation of existing CPA Canada Public Sector Accounting (PSA) Handbook appendices to respond to respondents’ requests for clarity about the status of each appendix as a source of GAAP, as described in Generally Accepted Accounting Principles, paragraph PS 1150.03(d). The Board concluded that clarifying the status of some application guidance appendices within GAAP went beyond the definition of an annual improvement and requires consideration in a future project. The PSAB agreed to publish the approved annual improvements in the PSA Handbook in two phases: (a) in April 2023, the PSA Handbook release will allow early adoption of Section PS 3160, Public Private Partnerships, and clarify the application of PSG-8, Purchased Intangibles, to inter-entity transactions. The effective date of these is April 1, 2023; and (b) the remainder of the annual improvements, excluding the two exceptions noted, will be published in a PSA Handbook release later in 2023, with an effective date of the first day of the month published. This approach will allow for the coordination of the remaining annual improvements with the expected publication of consequential amendments related to the new reporting model, Section PS 1202, Financial Statement Presentation, in fall 2023.
Review the Executive Summary on the PSAB's Web site.