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PSAB – 2019-2020 Annual Improvements Project [Completed]

Effective date(s):

The changes made by the PSAB as a result of the 2019-2020 An­nual Im­prove­ments project were included in the PSA Hand­book in November 2020

Last up­dated:

November 2020


The Public Sector Accounting Board (PSAB) has adopted an annual improvements process to make minor improvements to the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices (other guidance).

The annual improvements process:

  • clarifies standards or other guidance; or
  • corrects relatively minor unintended consequences, conflicts or oversights.

Major or narrow-scope amendments to the standards or other guidance are not included in the annual improvements process.

As of July 31, 2019, the PSAB is accepting submissions of issues for this annual improvements project.

On November 1, 2020, the following amendments have been made to the PSA Handbook as a result of the 2019-2020 annual improvements project:

  •    The Introduction to Public Sector Accounting Standards, paragraph .33 has been added to clarify that early adoption of a new or amended standard also requires early adoption of all consequential amendments related to that standard. Consequential amendments are not available for early adoption if the related amended standard has not been early adopted.
  •    Updating individual standards to reflect the requirement to disclose contractual rights in addition to contractual obligations.
  •    Updating individual standards to replace the term "contingency" with "contingent assets and contingent liabilities".

Other developments

November 2020

On November 1, 2020, the PSA Handbook was updated for the changes made as a result of the 2019-2020 Annual Improvements project.

January 2020

On January 9, 2020, the 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.


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