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Public sector

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.

In Brief – How the proposals for a revised conceptual framework and reporting model consider the needs of government not-for-profit organizations

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 government not-for-profit organizations and their stakeholders. Deadline for comments is November 28.

Review the overview on the PSAB's website.

Updated IPSAS-IFRS alignment dashboard

Sep 30, 2018

In September 2018, 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, released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRS® Standards.

The alignment dashbord was updated for the September 2018 IPSASB meeting and now also includes IPSAS 41, Financial Instruments issued in August 2018.

Review the updated dashboard on the IPSASB's website.

Article – What’s Happening with Net Debt?

Sep 28, 2018

On September 28, 2018, CPA Canada published an article on how the Public Sector Accounting Board is proposing amendments to the calculation and presentation of net debt.

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.

One Page Summary – Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”

Sep 27, 2018

On September 27, 2018, the Public Sector Accounting Board (PSAB) published a one page summary that provides an overview of the key proposals in PSAB’s Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”.

Review the summary on the PSAB's website.

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