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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
September 18-19, 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 the 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.

 

Assessment of Tangible Capital Assets

PSAB approved a Statement of Recommended Practice (SORP) on “Assessment of Tangible Capital Assets.” The SORP provides guidance to governments or government organizations that choose to prepare and present a report on the physical condition of their tangible capital assets, including leased tangible capital assets. The SORP is expected to be released this fall.

Introduction to PSA Handbook – Government Not-for-Profit Organizations

In conjunction with the Accounting Standards Board’s efforts, PSAB agreed to work toward the issuance of a collaborative Invitation to Comment that will seek views on the sources of GAAP that could be applied by various types of not-for-profit organizations in both the private and public sectors.

Introduction to PSA Handbook – Government Organizations

In response to letters received from stakeholders, PSAB agreed to seek additional information relating to the application of the current definitions of and the source of GAAP used by government organizations.

Government Transfers

PSAB received an update on the comments received on the 2007 Re-Exposure Draft as well as proposals being considered by the Government Transfers Task Force. PSAB directed the task force to continue to explore all alternatives and report back.

Joint Working Group (JWG)

PSAB received an update on, and discussed the deliberations of, the JWG meeting in June 2008. The final meeting of the JWG is scheduled for October 2008 in Toronto.

International Public Sector Accounting Standards Board (IPSASB)

PSAB received a presentation on the status of various IPSASB projects and initiatives following their meeting in Moscow in June 2008. Topics included conceptual framework, financial instruments, borrowing costs and intangible assets among other things. The next IPSASB meeting is scheduled for October 2008 in Zurich Switzerland.

PSAB 2009-2010 Work Plan

PSAB is seeking the views of its constituents for potential project topics as it prepares for the development of its 2009-2010 work plan. Interested parties are encouraged to submit potential topics through the web site. The call for topics will be available in the next few weeks.