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2020

Basis for Conclusions, Financial Instruments – Narrow Scope Amendments

Mar 31, 2020

On March 31, 2020, the Public Sector Accounting Board (PSAB) released the Basis for Conclusion, which describes the Board’s amendments to Section PS 3450, Financial instruments.

This includes changes to the accounting treatment of bond repurchase transactions, clarification of transitional provisions, and other minor improvements.

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

Exposure Draft – 2019-2020 Annual Improvements to Public Sector Accounting Standards

Jan 09, 2020

On January 9, 2020, the Public Sector Accounting Board (PSAB) issued its 2019-2020 Annual Improvements Exposure Draft as part of an ongoing process to enhance and improve the PSA Handbook for its stakeholders. Comments are requested by March 10, 2020.

The 2019-2020 Annual Improvements reflect proposed amendments to:

  • clarify transitional provisions for consequential amendments;
  • update disclosure requirements in individual standards relating to contractual rights; and
  • replace the term “contingency” with “contingent assets and contingent liabilities”.

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

Exposure Draft, Financial Instruments – Narrow Scope Amendment (Federal Government)

Jan 03, 2020

On January 3, 2020, the Public Sector Accounting Board (PSAB) released an Exposure Draft that proposes a specific amendment to permit the Federal government of Canada to present foreign exchange gains or losses directly in the statement of operations for those financial instruments associated with Canada’s foreign reserves. Comments are requested by March 4, 2020.

The PSAB proposes to amend the following sections:

  • FINANCIAL STATEMENT PRESENTATION, Section PS 1201
  • FOREIGN CURRENCY TRANSLATION, Section PS 2601
  • FINANCIAL INSTRUMENTS, Section PS 3450

The Basis for Conclusions, which accompanies this Exposure Draft, addresses alternative views and the Board position, with its reasons.

Narrow-scope amendments are being proposed to permit special presentation of foreign exchange gains and losses resulting from transactions intended to sustain foreign exchange reserves and orderly conditions in the foreign exchange market for the Canadian dollar or to aid foreign countries.

Review the Exposure Draft on the PSAB's website.

Correction list for hyphenation

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