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Public sector

Basis for Conclusion – 2018-2019 Annual Improvements to Public Sector Accounting Standards

Aug 30, 2019

On August 30, 2019, the Public Sector Accounting Board (PSAB) released the Basis for Conclusion, which sets out how the Board reached its conclusions on the 2018-2019 Annual Improvements.

It also includes a discussion of significant matters arising from comments received and issues raised in response to its Exposure Draft.

Review the Basis for Conclusion on the PSAB's website.

IPSASB Exposure Draft – Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments

Aug 27, 2019

On August 27, 2019, the International Public Sector Accounting Standards Board (IPSASB) published an exposure draft "Public Sector Financial Instruments: Amendments to IPSAS 41, Financial Instruments" with proposed amendments that would supplement the IPSASB’s existing guidance in IPSAS 41 for topics that are unique to the public sector and have a significant impact on government finances. Comments are requested by December 31, 2019.

The exposure draft proposes clarification of existing guidance for four public sector instruments:

  • Monetary gold;
  • Currency in circulation;
  • IMF quota subscriptions; and
  • IMF special drawing rights.

The IPSASB has come to the conclusion that monetary gold has similar characteristics to a financial asset and proposes to clarify that it is appropriate to account for monetary gold by applying the financial asset principles in certain circumstances.

As regards currency in circulation, IMF quota subscriptions and special drawing rights, the IPSASB has come to the conclusion that these all meet the definition of a financial instrument and proposes adding implementation guidance and an illustrative example to support stakeholders accounting for these instruments.

Review the exposure draft Public Sector Financial Instruments: Amendments to IPSAS 41 "Financial Instruments", a short introductory webinar and an At a Glance introduction on the IPSASB's website.

PSAB Article: Reviewing our approach to International Public Sector Accounting Standards

Jul 05, 2019

On July 5, 2019, the Pub­lic Sec­tor Ac­count­ing Board (PSAB) posted a summary article that encourages stakeholders to comment on PSAB’s second consultation paper concerning its international strategy, which is out for comment until September 30, 2019

Re­view the article on the PSAB's web­site.

IPSASB issues updated IPSAS-IFRS alignment dashboard

Jul 02, 2019

On July 2, 2019, the In­ter­na­tional Pub­lic Sec­tor Ac­count­ing Stan­dards Board (IP­SASB), which develops the of International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

The alignment dashbord was updated for the June 2019 IPSASB meeting. It also offers a table showing for which IFRSs there is no IPSAS equivalent and whether the IPSASB intends to fill that gap.

Please click to access the updated dashboard on the IPSASB website.

PSAB In Brief - A plain and simple overview of Consultation Paper 2, Reviewing PSAB’s Approach to International Public Sector Accounting Standards

Jun 06, 2019

On June 6, 2019, the Pub­lic Sec­tor Ac­count­ing Board (PSAB) published an In Brief with respect to its Consultation Paper 2, Reviewing PSAB’s Approach to International Public Sector Accounting Standards. Read this plain and simple overview to understand the options clarified in PSAB’s second International Strategy consultation paper

Re­view the In Brief on the PSAB's web­site.

Consultation Paper 2, Reviewing PSAB’s Approach to International Public Sector Accounting Standards

May 08, 2019

On May 8, 2019, the Public Sector Accounting Board (PSAB) released its second International Strategy consultation paper. This paper summarizes feedback they heard on their first paper in 2018. The options are clarified to better support stakeholders’ feedback on the important question PSAB will be answering by March 2020 – what is the future of Canada’s public sector accounting international strategy? Comments are requested by September 30, 2019.

The purpose of this second Consultation Paper on International Strategy is to:

  • summarize respondents’ feedback to Consultation Paper 1, notably the decision-making criteria and options outlined therein;
  • clarify the options;
  • describe the updated decision-making criteria that reflects the feedback; and
  • apply the updated criteria to each of the options.

With this second Consultation Paper, PSAB anticipates being in a position to decide on its approach to IPSAS by March 2020 at its regular Board Meeting.

Review the press release and Consultation Paper 2 on the PSAB's website.

Government Not-for-Profit Consultation Paper Released

May 08, 2019

On May 8, 2019, the Public Sector Accounting Board (PSAB) issued its Government Not-for Profit (GNFP) Consultation Paper to inform the readers of the results of the 2017-2018 consultations and seek feedback on matters that would assist them in determining next steps relating to the government not-for-profit strategy. Comments are requested by September 30, 2019.

The purpose of the consultation paper is to:

  • inform GNFP stakeholders of the Canadian and international not-for-profit financial reporting landscape;
  • communicate results of the 2017-2018 GNFP consultations; and
  • request stakeholder input on key issues that will guide PSAB in determining its next steps for the GNFP Strategy.

Review the following information of the PSAB's website:

Reviewing PSAB’s approach to International Public Sector Accounting Standards podcasts:

Reviewing PSAB’s approach to International Public Sector Accounting Standards podcast scripts:

IPSASB takes first step in establishing a comprehensive measurement framework for the public sector

Apr 30, 2019

On April 30, 2019, the International Public Sector Accounting Standards Board (IPSASB) released a consultation paper "Measurement" that addresses how measurement bases are determined in the public sector.

In an effort to better communicate with its constituents, the IPSASB is testing a new consultation approach. Therefore, the consultation document contains two separate sections:

  • A concepts-based discussion in the consultation paper which
    • lays out proposed guidance for measurement bases for the assets and liabilities most commonly used by public sector entities when applying IPSAS;
    • proposes the development of a single standard which will provide definitions and guidance on the main measurement bases, while other IPSAS will continue to provide guidance on which particular measurement basis is to be used;and
    • identifies areas where the IPSASB has reached preliminary views; and
  • An illustrative exposure draft, which illustrates what a draft IPSAS could look like, given the IPSASB’s preliminary views.

Comments on the consultation paper are requested by September 30, 2019.

Review the following information on the IPSASB's website:

 

PSAB Annual Plan 2019-2020

Apr 01, 2019

On April 1, 2019, the Pub­lic Sec­tor Ac­count­ing Board (PSAB) published its Annual Plan for 2019-2020. This Annual Plan sets out the Board’s key activities in 2019-2020, in order to help it achieve the objectives in its current Strategic Plan.

The PSAB is in the final year of its Strategic Plan for 2017-2020, which it currently plans to extend by one year to March 31, 2021.

The Annual Plan covers the detailed plans for its five current strategies:

  • the Board’s current standard setting projects;
  • finalizing the Board’s Conceptual Framework;
  • reviewing the Board’s approach to International Public Sector Accounting Standards;
  • encouraging stakeholders to support and accept the Board’s standards; and
  • implementation of a not-for-profit strategy that meets the public interest.

It also provides details of the Board’s other key initiatives which include (i) jointly with the AASB, monitoring the different audit opinions being used for public sector financial statements; and (ii) monitoring government accounting issues related to rate regulated activities across Canada.

For further details, refer to the Annual Plan on the PSAB’s website.

IPSASB publishes strategy and work plan for 2019-2023

Feb 28, 2019

On February 28, 2019, the International Public Sector Accounting Standards Board (IPSASB) published its strategy and work plan for 2019 through 2023.

The IPSASB’s strategic objective is to strengthen public financial management globally through increasing adoption of accrual-based IPSAS. To achieve this, the IPSASB will develop and maintain IPSAS and other high-quality financial reporting guidance for the public sector and raise awareness of IPSAS and the benefits of accrual adoption. The development of global standards includes setting standards on public sector specific issues, maintaining IFRS alignment, and developing guidance to meet users’ broader financial reporting needs.

Review the press release and strategy and work plan for 2019-2023 on the IPSASB's website.

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