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2019

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.

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.

Exposure Draft, 2018-2019 Annual Improvements to PSAS

Jan 18, 2019

On January 18, 2019, the Public Sector Accounting Board (PSAB) released an exposure draft that proposes, subject to comments received following exposure, to amend the CPA Canada Public Sector Accounting (PSA) Handbook and Statements of Recommended Practices (other guidance). Comments are requested by April 18, 2019.

The 2018-2019 Annual Improvements reflect the following four main categories of improvements:

  • Removal of due process procedures from the PSA Handbook and other guidance.
  • Amendments to correct inconsistencies relating to the introduction of the government-component category.
  • Various amendments to GOVERNMENT PARTNERSHIPS, Section PS 3060.
  • Other amendments to other inconsistencies or areas requiring clarification.

Review the press release and exposure draft on the PSAB's website.

Exposure Draft, Financial Instruments – Narrow Scope Amendments

Jan 31, 2019

On January 31, 2019, the Public Sector Accounting Board (PSAB) released an Exposure Draft that proposes, subject to comments received following exposure, to amend Section PS 3450, "Financial Instruments". The Basis for Conclusions, which accompanies the Exposure Draft, addresses alternative views and the Board position, with its reasons. Comments are requested by May 1, 2019.

The exposure draft proposes changes to the accounting treatment of a bond repurchase, simplification of how a government consolidates the accounts of organizations already reporting on a fair value, and several minor improvements and clarifications to the standard.

Review the press release and Exposure Draft on the PSAB's website.

Exposure Draft, Narrow Scope Amendment – Purchased Intangibles

Nov 29, 2019

On November 29, 2019, the Public Sector Accounting Board (PSAB) released an exposure draft that proposes to remove the prohibition against recognizing intangibles purchased in an exchange transaction in public sector financial statements. The change is proposed to respond to input from Indigenous governments and other PSAB stakeholders.

The Exposure Draft proposes to remove the exclusion in the conceptual framework prohibiting recognition of purchased intangibles in financial statements. The proposal is limited to intangibles purchased through an exchange transaction. Removing the recognition prohibition on purchased intangibles would address a material imbalance in the statements of financial position of many Indigenous governments. These governments may finance the purchase of commercial fishing (and other) licenses with debt but cannot currently recognize the licenses as assets. The proposal may also have implications for other public sector entities that purchase intangibles.

Like the current situation for purchased Crown lands and purchased natural resources, no guidance on how to account for purchased intangibles is proposed in this Exposure Draft. For now, reference to the asset definition, the general recognition criteria and the GAAP hierarchy is expected. Accounting for these items may be the subject of future PSAB projects.

Read the press release and Exposure Draft on the AcSB's website.

Exposure Draft, Public Private Partnerships

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released an Exposure Draft that proposes specific scope, recognition, measurement, presentation, and disclosure requirements for public private partnerships. Comments are requested by February 29, 2020.

This proposed guidance will have a significant impact in the public sector.

Review the press release and Exposure Draft 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:

In Brief – Public Private Partnerships Exposure Draft

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released a plain and simple overview of PSAB’s proposed accounting treatment for public private partnerships.

Learn how the specific scope, recognition, measurement, presentation, and disclosure requirements could have a significant impact in the public sector.

Review the In Brief 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.

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.

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