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Public sector

One Page Summary – Statement of Principles, “A Revised Reporting Model 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 a snapshot of the reporting model proposed in PSAB’s Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”.

Review the summary on the PSAB's website.

Summary Comparison – PSAB’s Proposals for a Revised Conceptual Framework and IPSASB’s Existing Conceptual Framework

Sep 19, 2018

On September 19, 2018, the Public Sector Accounting Board (PSAB) released a Summary Comparison that provides an overview of the differences between PSAB’s proposals for a revised conceptual framework and IPSASB’s existing conceptual framework.

Here's a summary of the differences:

Subject

Comparison

Characteristics of public sector entities

Similar / Consistent

Objective of financial reporting

Similar / Consistent

Primary users of financial reporting

Minor Differences Noted

Information needs of users

Similar / Consistent

Role of financial statements

Similar / Consistent

Financial statement foundations

Similar / Consistent

Financial statement objectives

Minor Differences Noted

Qualitative characteristics

Similar / Consistent

Considerations

Minor Differences Noted

Elements of financial statements

Minor Differences Noted

Recognition criteria

Minor Differences Noted

Derecognition

Similar / Consistent

Measurement attribute

Difference Noted

Presentation definition

Similar / Consistent

Presentation objective

Similar / Consistent

Review the Summary Comparison on the PSAB's website.

Summary Comparison – PSAB’s Proposals for a Revised Reporting Model and IPSASB’s Existing Reporting Model

Sep 19, 2018

On September 19, 2018, the Public Sector Accounting Board (PSAB) released a Summary Comparison that provides an overview of the differences between PSAB’s proposals for a revised reporting model and IPSASB’s existing reporting model.

Here's a summary of the differences:

Subject

Comparison

Statement of financial position

Minor Differences Noted

Statement of surplus or deficit

Minor Differences Noted

Statement of changes in net assets or net liabilities

Similar / Consistent

Statement of cash flow

Minor Differences Noted

Statement of net debt or net financial assets

Minor Differences Noted

Presentation of the approved budget

Difference Noted

Reporting non-compliance with legislative authorities

Minor Differences Noted

Reporting risks and uncertainties associated with the entity

Similar / Consistent

Review the Summary Comparison on the PSAB's website.

PSAB In Brief — Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key amendments to the reporting model proposed in the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

So we are making changes through the following actions:

  1. Issuing a revised conceptual framework to replace two Sections in the CPA Canada Public Sector Accounting (PSA) Handbook:
    1. PS 1000, Financial Statement Concepts
    2. PS 1100, Financial Statement Objectives
  2. Issuing a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.

Proposals for a revised conceptual framework are included in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector .”

Review the publication on the PSAB's website.

PSAB In Brief — Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key proposals in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

PSAB is making the following changes:

  1. Issuing a revised conceptual framework to replace two Sections in the CPA Canada Public Sector Accounting (PSA) Handbook:
    1. PS 1000, Financial Statement Concepts
    2. PS 1100, Financial Statement Objectives
  2. Issuing a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.

Proposals for a revised financial statement presentation standard are included in the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.”

Review the publication on the PSAB's website.

In Brief Podcast – PSAB’s May 2018 Release of Documents for Comment on its Conceptual Framework, Reporting Model and International Strategy Proposals

Sep 07, 2018

On September 7, 2018, the Public Sector Accounting Board (PSAB) released a podcast that provides an overview of PSAB’s release of documents for comment on its Conceptual Framework, Reporting Model and International Strategy proposals.

Listen to the podcast on the PSAB's website.

PSAB In Brief – Consultation Paper on Approach to International Public Sector Accounting Standards

Aug 29, 2018

On August 29, 2018, the Public Sector Accounting Board (PSAB) released an overview of the elements in PSAB’s Consultation Paper, “Reviewing PSAB’s Approach to International Public Sector Accounting Standards”.

The Consultation Paper introduces the criteria PSAB will use to make a decision on its future international strategy and illustrates the application of the criteria through four possible options.

Review the publication on the PSAB's website.

PSAB Video – Reviewing our International Strategy

Aug 21, 2018

On August 21, 2018, the Public Sector Accounting Board (PSAB) released an easy-to-understand video on their project, "Reviewing our International Strategy".

The video takes you through the key aspects of this project’s first Consultation Paper, which is out for comment until September 28, 2018.

Asset Retirement Obligations – Basis for Conclusions and new standard

Aug 01, 2018

On August 1, 2018, the Public Sector Accounting Board (PSAB) released the new standard, "Asset Retirement Obligations", Section PS 3280. They also released the Basis for Conclusions, which 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.

Section PS 3280 applies to asset retirement obligations associated with tangible capital assets controlled by the public sector entity that are in productive use and no longer in productive use. Only legal obligations, including obligations created by promissory estoppel, are in scope of this standard.

The new Sec­tion applies to fis­cal years be­gin­ning on or af­ter April 1, 2021. Ear­lier adop­tion is per­mit­ted.

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

The Public Needs a Better Understanding of Public Sector Debt

Jun 14, 2018

On June 14, 2018, the International Federation of Accountants (IFAC) posted an article by Ross Campbell, Public Sector Director of the Institute of Chartered Accountants in England and Wales (ICAEW), on how it has become increasingly standard for governments in well-developed economies to borrow to pay day-to-day operating costs—that is, deficit spending.

There is some evidence to suggest that due to structural changes in well-developed economies, the correlation between economic and tax revenue growth is not as strong as it was.

There is also a demographic impact—almost well-developed nations’ populations are aging, which presents a double impact on public finances. This means that there is a decrease in the percentage of the population actively in the workforce at the same time as an increase in the demand on public services, such as pensions, social care for the elderly, and healthcare.

Without some form of change in policy or a substantial increase in the tax revenue, social provisions on the current scale is not likely to be sustainable over the long term.

Review the full article on the IFAC's website.

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