At its meeting on June 28-29, 2022, the PSAB reviewed and approved the Exposure Draft, “2022-2023 Annual Improvements to Public Sector Accounting Standards.” The Board expects to release the Exposure Draft in August 2022.

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

At its meeting on June 28-29, 2022, the PSAB provided feedback on the analysis of the responses to the July 2021 Exposure Draft. Board feedback was provided on the key topics of the project’s first phase: discount rate guidance and deferral provisions. The Board plans to discuss other topics in the Exposure Draft at its September meeting.

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

At its meeting on June 28-29, 2022, the PSAB approved the Conceptual Framework for Financial Reporting in the Public Sector. This is a significant milestone for PSAB and the Canadian public sector. The Board thanked its stakeholders for their input in creating a Canadian-specific set of concepts and its Concepts Underlying Financial Performance Task Force for its dedication and hard work in creating the high-quality framework. The Conceptual Framework will be effective for fiscal years beginning on or after April 1, 2026. Earlier adoption is encouraged. Major concepts included in the 2021 Exposure Draft have been retained. Changes made were to add clarity or improve/refine concepts based on stakeholder feedback. Some of the notable amendments include: (i) adding the possible interrelationships among public sector entities to fulfill the obligation to serve the public as part of the characteristics of public sector entities, in Chapter 2; (ii) recognizing the United Nations Declaration of the Rights of Indigenous Peoples in Chapter 3; (iii) ensuring consistency  between the control paragraphs in Chapter 5 and those in Section PS 1300, Government Reporting Entity;  (iv) removing references to “legislative accounting” in Chapter 10; and (v) delaying the Conceptual Framework’s effective date for users to match the date of  the financial statement presentation standard. The revised Conceptual Framework and the related consequential amendments will be issued in the CPA Canada Public Sector Accounting (PSA) Handbook in December 2022. The Basis for Conclusions, explaining PSAB’s reasoning on key project issues, will be published on the project page in December 2022 then in the PSA Handbook in February 2023. A comprehensive package of plain-language documents and non-authoritative guidance will be issued to help stakeholders implement the Conceptual Framework.

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

At its meeting on June 28-29, 2022, the PSAB received a significant amount of stakeholder feedback on the Exposure Draft. At this meeting, the Board had its first look at some of the input received. The Board reviewed the responses related to: (i) the “accumulated other” component of net assets/net liabilities; (ii) amended budgets; and (iii) the share capital component of net assets/net liabilities. PSAB will receive an analysis of feedback related to other aspects of the proposed financial statement presentation standard at its September 2022 meeting. The PSAB noted that it appreciated the extensive feedback, and the time respondents took to review the various Exposure Drafts related to the proposed financial statement presentation standard.

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

At its meeting on June 28-29, 2022, the PSAB approved the GNFP Strategy Implementation Plan to incorporate the PS 4200 series, with potential customizations, into PSAS. In December 2022, the PSAB expects a presentation on a project proposal to review tangible capital assets and collections. This will be the first in a series  of standard-level projects. Implementation of the GNFP Strategy will follow PSAB’s due process. That is, the Board will consult stakeholders on all proposed changes before amending the PSA Handbook. Feedback will be sought throughout the implementation period. A webinar is planned for fall 2022 to explain the GNFP Strategy decision and to provide an overview of the implementation plan. Stakeholders should watch the Government Not-for-Profit project page  for updates.

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