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2016

A Global Call for International Public Sector Accounting Standards

Aug 09, 2016

On August 9, 2016, the International Federation of Accountants (IFAC) posted a video featuring Frans van Schaik, Deloitte's Global Leader Public Sector Accounting and Auditing in which he calls for governments to use International Public Sector Accounting Standards. His view includes the opinion that the global economy does not need any more sovereign debt surprises, especially as countries need to know more about each other’s financial positions and performance than ever before.

Frans van Schaik is a Netherlands certified public accountant with 18 years of professional experience. He is a Deloitte audit partner, serving as an advisor in IPSAS (International Public Sector Accounting Standards) implementation to national governments and intergovernmental organizations. He served on the IPSAS Board for 6 years.

Please click to access the video on the IFAC's Web site.

Basis for Conclusions – Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations – Section PS 4260

Dec 06, 2016

On December 6, 2016, the Public Sector Accounting Board (PSAB) released this document which sets out how PSAB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

PSAB thought that the disclosure requirements set out in Section PS 2200, Related Party Disclosures, together with the disclosure requirements related to significant influence and economic interest set out in Section PS 4250, Reporting Controlled and Related Entities by Not-For-Profit Organizations, would be sufficient for those entities that apply the PS 4200 series. The withdrawal of Section PS 4260 would not significantly impact current reporting practices.

Download the Basis for Conclusions on the PSAB's website.

Charles-Antoine St-Jean Joins PSAB as New Chair

Nov 07, 2016

On November 7, 2016, the Public Sector Accounting Board (PSAB) announced that it has found its new Chair.

Effective July 1, 2017, Charles-Antoine St-Jean will serve as our new Chair. He will succeed Rod Monette, a veteran of Canada’s federal government and former Comptroller General of Canada. As the Chair, Charles-Antoine will lead the strategic direction of PSAB.

Review the press release on the PSAB's website.

Inaugural forum for public sector standard-setters

May 11, 2016

On May 11, 2016, a summary of an inaugural event that assembled key public sector standard-setters from around the world to build a dialogue, exchange ideas, and discuss critical issues in standard-setting was released. The conference was jointly hosted on March 15-16, 2016 by the US Governmental Accounting Standards Board (GASB) and the International Public Sector Accounting Standards Board (IPSASB).

The forum provided attendees with the opportunity to discuss current IPSASB projects with the board’s members and staff:

  • Social benefits;
  • Revenues;
  • Non-exchange expenses;
  • Heritage assets;
  • Infrastructure assets;
  • Public sector measurement; and
  • Leases.

Additionally, issues outside of the IPSASB work plan were also discussed:

  • “IPSAS lite” (IPSAS for small and medium-sized entities);
  • Tax expenditures;
  • Natural resources accounting;
  • Consolidation;
  • Financial performance measures;
  • Service performance reporting; and
  • Implementation issues.

Based on the success of the inaugural event, the IPSASB is planning a second forum to be held in Zurich, Switzerland July 3-4, 2017.

Please click for the press release on the event including a short video on the IPSAB's Web site.

Interview with IPSASB Chair

Feb 05, 2016

On February 5, 2016, the International Public Sector Accounting Standards Board (IPSASB) released an interview with Ian Carruthers who took office as new IPSASB Chair on January 1, 2016.

In the interview, Mr. Carruthers talks about the IPSASB and the importance of International Public Sector Accounting Standards (IPSAS) for transparency and accountability in public sector financial management.

Please click to access the recording on the IPSASB's Web site.

Invitation to Comment – Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255

Nov 25, 2016

On November 25, 2016, the Public Sector Accounting Board (PSAB) issued an Invitation to Comment to seek stakeholder input before forming its preliminary views on the deferral provisions in the employment benefits standards.

Stakeholders are encouraged to submit their responses by March 3, 2017.

Review the Invitation to Comment on the PSAB's website.

IPSASB concludes interview series

Mar 24, 2016

On March 24, 2016, the International Public Sector Accounting Standards Board (IPSASB) released the final installment of its interview series with Ian Carruthers who took office as new IPSASB Chair on January 1, 2016. In the fifth installment, Mr. Carruthers looks ahead and identifies key priorities for the IPSASB.

Please click to access all interviews on the IPSASB website. They are:

  • What are IPSAS?
  • Why is IPSAS Adoption Important?
  • What are the IPSASB's Key Achievements?
  • What are the IPSASB's Current Areas of Focus?
  • What are Your Key Priorities as IPSASB Chair?

IPSASB continues interview series

Mar 09, 2016

The International Public Sector Accounting Standards Board (IPSASB) has released further instalments of its interview series with Ian Carruthers who took office as new IPSASB Chair on 1 January 2016. In the fourth instalment, Mr Carruthers reviews the key priorities for the IPSASB.

Please click to access all interviews published so far on the IPSASB website. They are:

  • What are IPSAS?
  • Why is IPSAS Adoption Important?
  • What are the IPSASB's Key Achievements?
  • What are the IPSASB's Current Areas of Focus?

Message from the PSAB Chair – November 2016

Nov 18, 2016

On November 18, 2016, the Public Sector Accounting Board (PSAB) released a message from the board Chair, Rod Monette, where he highlights discussions held at the Board’s September 2016 meeting and other topics.

The following are addressed in this message:

  • Asset Retirement Obligations
  • Concepts Underlying Financial Performance
  • Employment Benefits
  • Financial Instruments Standard
  • Public Private Partnerships
  • Revenue
  • Standards for Not-for-Profit Organizations
  • International Public Sector Accounting Standards
  • Rate-regulated Activities

Review the message from the chair on the PSAB's website.

PSAB Matters Article – Progress on its Employment Benefits Project

Aug 26, 2016

On August 26, 2016, the staff of the Public Sector Accounting Board (PSAB) released an article which provides details of the progress made to date by the PSAB in its project to review the standards on employment benefits, including: Section PS 3250, Retirement Benefits; and Section PS 3255, Post-Employment Benefits, Compensated Absences and Termination Benefits.

A task force was appointed in the fall of 2015. Together with the task force, the PSAB is also supported by an advisory group to provide broader experience and perspectives on the issues. The task force and the advisory group are working on the project’s first invitation to comment, which is expected to be issued in the fall of 2016. It will include a discussion paper that addresses the deferral provisions in Sections PS 3250 and PS 3255. A separate invitation to comment on discount rates is expected to be issued in 2017.

Re­view the article on the PSAB's Web site.

PSAB Matters Article – Staying the Course on Government Transfers

Aug 26, 2016

On August 26, 2016, the staff of the Public Sector Accounting Board (PSAB) released an article explaining in greater detail why, following its recent Post-implementation Review of Section PS 3410, Government Transfers, the PSAB decided not to re-open this standard and make significant amendments.

Ultimately, the PSAB were not convinced that a new project, task force, and use of staff resources would result in a markedly different standard than the one currently in place. Nor would it align efforts and resources with the key public interest objectives in their work plan.  

Re­view the article on the PSAB's Web site.

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