Review the article to learn about why an update to the accounting standard may be needed on the PSAB's website.

The proposed amendments form part of the project to revise the conceptual framework and reporting model for public sector entities.

Review the article on CPA Canada's website.

The project proposes changes that promote greater understandability and transparency to increase the accountability value of information in the financial statements to the public.

Review the article on CPA Canada's website.

Section PS 3280 applies to asset retirement obligations associated with tangible capital assets controlled by the public sector entity that are in productive use and no longer in productive use. Only legal obligations, including obligations created by promissory estoppel, are in scope of this standard.

The new Sec­tion applies to fis­cal years be­gin­ning on or af­ter April 1, 2021. Ear­lier adop­tion is per­mit­ted.

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

The purpose of this Consultation Paper is to:

• make stakeholders aware of the process PSAB will follow in evaluating the international strategy that best serves the public sector;
• introduce stakeholders to the decision-making criteria the Board expects to consider in evaluating the international strategy that best serves the public sector;
• illustrate the application of the criteria, in bullet two above, in four unique proposals the Board believes are viable international strategies available in the public sector context;
• raise stakeholder awareness of the criteria the Board will consider in its decision making process in determining an appropriate option for its future international strategy; and
• solicit stakeholder input on the decision-making criteria and international options proposed.

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

A recent stock contribution made by Boeing to its pension plan illustrates the debate over using the expected return on plan assets as the discount rate in determining employment benefit obligation.

The PSAB is considering the appropriate discount rate guidance that should be provided in its employment benefits standard. The expected return on plan assets is usually used in calculating the obligation of fully or partially funded benefit plans in the public sector.

Review the full article on the PSAB's website.

Employees of U.S. nuclear power firm Westinghouse Electric Co. got a surprise recently. The Pension Benefit Guaranty Corp. (PBGC), a U.S. government agency that insures certain U.S. private employer pension plans, had estimated that the Westinghouse pension plan was under-funded by US$937 million.

The news came as a shock because the plan had been considered fully funded in its most recent report, filed with the U.S. Department of Labor in 2015. This shortfall is massive, given that the plan had US$926 million in assets. However, the shortfall did not arise from mismanagement, fraud or aggressive plan investment strategy. Instead, it was due to the different discount rates used by the company and the PBGC.

The Westinghouse example, however, demonstrated the implications of using an average rate versus a current market rate in estimating benefit obligation, and the implications of using different lengths of period for the average rate.

Review the full article in PSAB's website.

The PSAB discussed the issues to be included in the 2018 - 2019 Annual Improvements project at its meeting on September 27/28, 2018.  Details of the items will be included in the exposure draft in January 2019.

On November 13, 2018, the PSAB also encouraged interested parties to submit issues to be considered for the 2019 – 2020 Annual Improvements project by June 30, 2019.

For further details refer to the PSAB website page.  

PSAB’s new standard on Asset Retirement Obligations, Section PS 3280, was issued in August 2018.

Review the overview on the PSAB's website.

Review the overview on the PSAB's website.