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Chartered Accountants of Canada Public Sector Accounting Board - Conseil sur la comptabilité dans le secteur public

Public Sector Accounting Board
Decision Summary
November 17-18, 2008

 

This summary of decisions of the Public Sector Accounting Board (PSAB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by PSAB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.

For more detailed information about PSAB projects, please refer to the project summaries under Projects.

 

Joint Working Group (JWG)

PSAB discussed the draft recommendations of the JWG arising from its final meeting in November 2008. The JWG Co-chairs are expected to present these recommendations to PSAB at a future meeting.

Introduction to PSA Handbook – Government Organizations

PSAB agreed to review the Introduction to the Public Sector Accounting (PSA) Handbook as it applies to government organizations. This review will be conducted separately from the project on the Introduction to the PSA Handbook for government not-for profit organizations.

Government Transfers

PSAB discussed comments received on the April 2007 Re-Exposure Draft and the proposals set forth by the task force based on those comments. PSAB discussed various alternatives related to the authorization point and revenue recognition by the recipient, and directed the task force to present a draft re-exposure draft at a future meeting.

Financial Instruments

PSAB continued its discussion of responses to the “Financial Instruments” Statement of Principles. The Board evaluated alternative approaches to the presentation of unrealized gains and losses and principles that would determine the extent of fair value measurement. Further analysis has been requested and PSAB expects to continue deliberations at its March meeting.

Liability for Remediation and Mitigation of Contaminated Sites (formerly Environment Liabilities)

PSAB reviewed a draft statement of principles (SOP) and approved the change in the project name to better reflect the scope of the project. PSAB generally agreed with the principles expressed by the task force, and requested some editorial changes. PSAB will reconsider the draft SOP for approval at a future meeting.

International Public Sector Accounting Standards Board (IPSASB)

PSAB received a presentation on the status of various IPSASB projects and initiatives following its meeting in Zurich in October 2008. Topics included conceptual framework, long-term fiscal sustainability, intangible assets and the effect of global economic issues on the public sector, among other things. The next IPSASB meeting is scheduled for February 2009 in Paris.

PSAB 2009-2010 Work Plan

PSAB reviewed potential project topics provided by stakeholders and approved the release of a formal survey. PSAB will use the results of the survey, together with other considerations, when it determines project priorities during fiscal 2009-2010. Staff will present the findings of the survey to the Board in March 2009.