At its meeting on March 30-31, 2022, the PSAB While respondents indicated overall support for the content in these chapters, the discussion focused on comments regarding: (i) the budget objective (Chapter 6); (ii) the terminology (Chapter 7); (iii) the comparison of asset and liability definitions with those of the International Public Sector Accounting Board (Chapter 8); (iv) the choice of historical cost as a primary measurement attribute (Chapter 9); (v) the development of accounting policies by reporting entities (Chapter 10); and (vi) the request to remove the recognition exclusions for non-purchased natural resources. PSAB plans to approve the entire new Conceptual Framework, the consequential amendments arising from the new Conceptual Framework and the accompanying Basis for Conclusions at the June 2022 Board meeting. PSAB reviewed and commented on proposed revisions to Chapters 6-10 of the Conceptual Framework, the accompanying Basis for Conclusions document and the consequential amendments.

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

At its meeting on March 30-31, 2022, the PSAB approved Option 2 – i.e., public sector accounting standards (PSAS) incorporating the PS 4200 series with potential customizations, as its GNFP Strategy after careful consideration of the feedback to the consultation papers. The associated Basis for Conclusions document was also approved. PSAB also provided feedback on a draft GNFP Strategy implementation plan, which the Board expects to approve at its June 2022 meeting. Implementation of the GNFP Strategy will follow the Board’s due process. That is, stakeholders will be consulted on all proposed changes to the PS 4200 series before final amendments to the Public Sector Accounting Handbook are made.

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