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Public sector

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.

Video – Statement of Concepts, A Revised Conceptual Framework 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 Concepts, A Revised Conceptual Framework for the Canadian Public Sector.

Comments are requested by November 28, 2018.

View the video on the PSAB's website.

In Brief – Invitation to Comment, Employment Benefits: Non-traditional Pension Plans

Oct 19, 2018

On October 19, 2018, the Public Sector Accounting Board (PSAB) published an overview on the Invitation to Comment, Employment Benefits: Non-traditional Pension Plans. It also presents background information about PSAB’s Employment Benefits project.

Review the overview on the PSAB's website.

Invitation to Comment – Employment Benefits: Non-traditional Pension Plans

Oct 19, 2018

On October 19, 2018, the Public Sector Accounting Board (PSAB) issued an Invitation to Comment on potential accounting guidance for non-traditional pension plans. Comments are requested by February 1, 2019.

The objectives of this Invitation to Comment are to:

  • explain why PSAB is considering an update of the accounting guidance in Section PS 3250;
  • explore how to reflect the entity’s share of the risk and ultimate cost related to non-traditional
    pension plans in the reported accrued benefit obligation; and
  • seek stakeholder input prior to the Board establishing its preliminary views on this issue.

This project’s ultimate objective is to issue a new employment benefits Section in the CPA Canada Public Sector Accounting Handbook, replacing Section PS 3250, Retirement Benefits, and Section PS 3255, Post-employment Benefits, Compensated Absences and Termination Benefits.

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

In Brief and Podcast – Asset Retirement Obligations, Section PS 3280

Oct 17, 2018

On October 17, 2018, the Public Sector Accounting Board (PSAB) published an overview and podcasts on the new standard on Asset Retirement Obligations which was issued in August 2018.

The In Brief addresses the accounting and reporting of legal obligations associated with the retirement of tangible capital assets

In the podcast, hear Kim MacPherson, Chair of PSAB’s Asset Retirement Obligations Task Force, give a plain and simple overview of this new standard via this easy-to-understand, four-minute podcast.

Section PS 3280 becomes effective on or after April 1, 2021.

Review the overview and podcast on the PSAB's website.

Article – Working in the public interest: Increasing accountability in public sector financial statements

Oct 17, 2018

On October 17, 2018, CPA Canada released an article on PSAB’s project to revise the public sector conceptual framework and reporting model.

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.

In Brief – How the proposals for a revised conceptual framework and reporting model consider the needs of Indigenous governments

Oct 05, 2018

On October 5, 2018, the Public Sector Accounting Board (PSAB) published an overview of how the proposals in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector” and the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector” consider the needs of Indigenous governments and their stakeholders. Deadline for comments is November 28.

Review the overview on the PSAB's website.

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