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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
January 23, 2009

 

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 received the final reports of the JWG from its Co-Chairs and sub-committee Chairs. Recommendations in the reports specific to ongoing projects will be evaluated and included in PSAB’s due process documents. Recommendations related to the conceptual framework, governance and due process will be considered by PSAB and the Accounting Standards Oversight Council in accordance with their respective responsibilities.

Introduction to PSA Handbook – Government Organizations

PSAB reviewed a draft Invitation to Comment (ITC) on the scope of application of IFRSs in the public sector. PSAB agreed to arrange a conference call during the first week in February 2009 to review a revised document taking into consideration the views and issues raised by the Board.

Government Reporting Entity, Section PS 1300

PSAB considered concerns being raised regarding the requirement to consolidate the financial position and results of operations for the broader public sector (i.e., schools, universities, colleges and hospitals) on a line-by-line basis. The Board considered various alternative financial statement presentations and the availability of the information within the sector for governments to implement full consolidation. In light of concerns raised by some jurisdictions, PSAB agreed to extend the effective date in the transitional provisions permitting the use of modified equity accounting in Section PS 1300, from fiscal years beginning on or after April 1, 2008 to April 1, 2009. PSAB considered other related issues and did not approve any further changes.

Liability for Remediation and Mitigation of Contaminated Sites 

PSAB approved a Statement of Principles (SOP) for comment. The SOP addresses recognition of a liability by a government including when a government is responsible for contamination, and provides guidance on measurement and disclosure requirements. The SOP is expected to be released in March 2009.