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Public sector

PSAB Standard-setting Due Process Manual

Jan 29, 2019

On January 29, 2019, the Public Sector Accounting Board (PSAB) released their revised due process manual, which provides a clear explanation of their standard-setting due process activities.

PSAB's Standard-Setting Due Process Manual outlines their rigorous set of procedures to develop and adopt standards.

Their due process is based on the following principles:

  • Transparency: conducting standard-setting process in a transparent manner.
  • Consultation: considering the perspectives of those affected by Canadian public sector financial reporting standards and other guidance.
  • Accountability: analyzing the potential effects of their proposals on affected parties and explaining the rationale for the Board’s decisions when developing or changing a standard and other guidance. They are also directly accountable to the Accounting Standards Oversight Council.

Review the Due Process Manual on the PSAB's website.

Notice of Intent –Extending PSAB’s 2017-2020 Strategic Plan

Jan 21, 2019

On January 21, 2019, the Public Sector Accounting Board (PSAB) announced that it will extend the end date of its current 2017-2020 Strategic Plan by one year to March 2021.

Extending the current strategic plan will allow input on key strategies that will inform the development of the next strategic plan. Key strategies include: the international strategy, concepts underlying financial reporting and the government not-for-profit strategy.

Feedback on this extension should be submitted directly to PSAB via their online contact form by March 1, 2019.

Review the press release 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.

In Brief – Asset Retirement Obligations and Liability for Contaminated Sites — determining which standard should be applied

Dec 14, 2018

On December 14, 2018, the Public Sector Accounting Board (PSAB) published an overview explaining the differences between Section PS 3280 and Section PS 3260, and when to apply each standard.

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

Review the overview on the PSAB's website.

Principles-based approach to accounting for non-traditional pension plans

Nov 29, 2018

On November 29, 2018, CPA Canada released an article on how potential accounting guidance reflecting the risk assumed by employers could have a significant impact on their financial positions.

The evolution of Canadian public sector pension plans over the years has resulted in employers sharing different degrees of risk with their employees and/or other employers. These plans are referred to as “non-traditional pension plans” in the Public Sector Accounting Board (PSAB)’s Invitation to Comment, “Employment Benefits: Non-traditional Pension Plans .”

The article discusses:

  • Risk assumed by employers in traditional pension plans
  • Risk assumed by employers in non-traditional pension plans
  • A principles-based approach focuses on risk assumed by employers

Review the full article on the CPA Canada's website.

In Brief – How Asset Retirement Obligations, Section PS 3280 applies to asset retirement obligations associated with landfills

Nov 19, 2018

On November 19, 2018, the Public Sector Accounting Board (PSAB) published an overview of how Section PS 3280 applies to asset retirement obligations associated with solid waste landfills.

Review the overview on the PSAB's website.

PSAB issues materials relating to understanding the new Revenue standard, PS 3400

Nov 15, 2018

On No­vem­ber 15, 2018, the Pub­lic Sec­tor Accounting Board (PSAB) is­sued various materials to assist stakeholders in understanding its new Revenue standard, PS 3400. These include the Basis of Conclusions, two In Brief documents and a podcast. Section PS 3400, Revenue, will apply to fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted.

Details of the materials issued by the PSAB are as follows:

Basis for Conclusions ─ Revenue
This document sets out how the PSAB reached its conclusions and includes discussion of significant matters arising from comments received and issues raised in response to its proposals exposed.

In Brief – PSAB’s New Standard on Revenue
The In Brief provides a plain and simple overview of the recently approved new standard.

In Brief – New Revenue Standard’s Impact on Local Governments
The In Brief provides a plain and simple overview of how PSAB’s new standard on Revenue impacts local governments.

Podcast – PSAB’s New Standard on Revenue
In this podcast, Mike St. Amant, Member of the PSAB’s Revenues Task Force, gives a plain and simple overview of this new standard.

Encouragement to Comment: 2018-2019 Annual Improvements Process

Nov 13, 2018

On November 13, 2018, the Public Sector Accounting Board (PSAB) issued a news item regarding its 2018 – 2019 Annual Improvements project. Noting that the PSAB approved its new annual improvements process in June 2018 to correct errors in the wording or clarify the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices, the news item encourages interested parties to participate in the project this coming January when the first Annual Improvements exposure draft is issued.

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.  

Article – The Evolution of Public Sector Pension Plans and Its Accounting Implications

Oct 30, 2018

On October 30, 2018, CPA Canada published an article on how the public sector pension plans have evolved substantially in the past decade and that new plan features and arrangements have been introduced to address plan sustainability.

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

Video – Statement of Principles, A Revised Reporting Model for the Canadian Public Sector

Oct 29, 2018

On October 29, 2018, the Public Sector Accounting Board released a video that takes you through the key aspects of PSAB’s Statement of Principles, A Revised Reporting Model for the Canadian Public Sector.

Comments are requested by November 28, 2018.

View the video on the PSAB's website.

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