Public Sector Accounting
Archived News

Financial Instruments
December 8, 2009. The deadline for comments on the Exposure Draft has been extended from December 11, 2009 to January 15, 2010.

Foreign Currency Translation
December 8, 2009.  The deadline for comments on the Exposure Draft has been extended from December 11, 2009 to January 15, 2010.

Liability for Contaminated Sites
November 19, 2009. PSAB has issued an Exposure Draft that addresses the recognition, measurement and related disclosures for a liability for contaminated sites. Comments, on the form provided, are requested by January 29, 2010.

Liability for Contaminated Sites
November 19, 2009. PSAB has issued an Issues Analysis that provides commentary, prepared by staff, on issues raised by respondents to the Statement of Principles, the alternatives evaluated and reasons for the proposals in the Exposure Draft.

Not-for-Profit Organizations
November 18, 2009. The AcSB and PSAB have issued an update on the future financial reporting directions for NFPOs in Canada.

Foreign Currency Translation
October 29, 2009.  PSAB has issued an Exposure Draft (ED) that proposes amendments to Section PS 2600, Foreign Currency Translation, that are consistent with the proposals in the Financial Instruments ED.  Comments, on the form provided, are requested by December 11, 2009.

Public Sector Enterprises required to use IFRSs
October, 28, 2009. PSAB has approved an amendment to the scope of public sector accounting standards.

PSAB September 28-30, 2009 Decision Summary
October 14, 2009. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

Interested in Making a Presentation to the Accounting Standards Oversight Council on the Future of Financial Reporting by Not-for-Profit Organizations?
September 24, 2009. AcSOC is seeking input from interested stakeholders on the future of financial reporting by not-for-profit organizations.

Financial Instruments
September 18, 2009. A commentary providing supporting analysis to PSAB's Exposure Draft: Financial Instruments has been issued. This document, prepared by staff, will be useful to those seeking background information on key decisions, the alternatives PSAB evaluated and reasons the approach taken was judged to be superior.

Financial Instruments
September 17, 2009. PSAB has issued an Exposure Draft (ED). The ED addresses the recognition, measurement and related disclosures for derivative and non-derivative financial instruments. Comments are requested by December 11, 2009.

AcSOC Seeking New PSAB Members
September 16, 2009. The Accounting Standards Oversight Council is currently seeking new members to appoint to the Public Sector Accounting Board.

Entity Level Financial Statements
August 4, 2009. PSAB has issued a new Statement of Principles (SOP). The SOP is intended to apply to government entities that apply the PSA Handbook. Comments, on the form provided, are requested by September 28, 2009.

Weathervane Survey
August 4, 2009. PSAB is seeking stakeholder views on three areas of interest as it develops its Strategic Plan for the next three years. Completed Surveys are requested by September 8, 2009.

Stakeholder Survey on PSAB Performance
July 20, 2009. PSAB is seeking stakeholder input on its performance and areas for improvement as it develops its Strategic Plan for the next three years. Completed Surveys are requested by September 4, 2009.

Financial Reporting by Certain Government Organizations
July 3, 2009. PSAB has issued an Exposure Draft (ED) that proposes changes to the Introduction to Public Sector Accounting Standards. The ED is to apply to all levels of government. Comments, on the form provided, are requested by August 7, 2009.

PSAB June 15-16, 2009 Decision Summary
July 3, 2009. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

PSAB Seeking New Task Force Members
July 2, 2009. PSAB is currently seeking members to appoint to the Assets Task Force.

Liability for Remediation and Mitigation of Contaminated Sites
May 28, 2009. The deadline for comments on this Statement of Principles, using the form provided, has been extended from May 29, 2009 to June 15, 2009.

Government Transfers
April 22, 2009. The PSAB has issued a second Re-Exposure Draft (Re-ED) that proposes significant changes from the 2007 Re-ED. The Re-ED is intended to apply to all levels of government. Comments, on the form provided, are requested by September 15, 2009.

Tax Revenue
April 20, 2009. The PSAB has issued a Re-Exposure Draft (Re-ED). The Re-ED is intended to apply to all levels of government. Comments, on the form provided, are requested by June 30, 2009.

Liability for Remediation and Mitigation of Contaminated Sites
April 3, 2009. The PSAB has issued a new Statement of Principles (SOP). The SOP is intended to apply to governments and government organizations. Comments, on the form provided, are requested by May 29, 2009.

Financial Reporting by Not-for-Profit Organizations — Stakeholder Input
April 1, 2009. The AcSB and the PSAB are seeking input from interested stakeholders on the future of financial reporting standards for not-for-profit organizations.

PSAB Seeking New Task Force Members
March 31, 2009. The PSAB is currently seeking members to appoint to the Amalgamations and Government Restructuring Task Force.

Financial Reporting by Not-for-Profit Organizations
March 27, 2009. A presentation to assist in understanding the Invitation to Comment, "Financial Reporting by Not-for-Profit Organizations," has been posted.

PSAB March 9-10, 2009 Decision Summary
March 18, 2009. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

Financial Reporting by Government Organizations
February 24, 2009. The PSAB has issued an Invitation to Comment on the application of International Financial Reporting Standards by some government organizations. Comments are requested by April 17, 2009.

PSAB February 9, 2009 Decision Summary
February 13, 2009. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

PSAB January 23, 2009 Decision Summary
February 5, 2009. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

PSAB Project Priority Survey
January 13, 2009. The PSAB is seeking stakeholder views on prioritizing potential project topics as it prepares its 2009-2010 Work Plan. Completed Surveys are requested by February 9, 2009.

IPSASB Conceptual Framework
January 8, 2009. The International Public Sector Accounting Board (IPSASB) has issued a Consultation Paper on Phase 1 of its Conceptual Framework project. It is important that Canadian public sector stakeholders provide their views to IPSASB on these proposals. Comments are requested by March 31, 2009.

Financial Reporting by Not-for-Profit Organizations
December 23, 2008. The Accounting Standards Board and Public Sector Accounting Board have jointly issued an Invitation to Comment to invite feedback on the future of financial reporting by not-for-profit organizations. Comments are requested by June 30, 2009.

Chair’s Message on Adopting IFRSs
December 8, 2008.  The Chair of the PSAB has issued a statement updating stakeholders on key aspects of the adoption of the International Financial Reporting Standards (IFRSs) to certain government organizations.

PSAB November 17-18, 2008 Decision Summary
November 28, 2008. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

New Appointments to AcSOC, AcSB, PSAB
November 20, 2008. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB.

PSAB Seeks Input for New Projects
September 29, 2008. The PSAB is seeking stakeholder views on potential project topics as it prepares its 2009-2010 Work Plan. Comments are requested by October 17, 2008.

PSAB September 18-19, 2008 Decision Summary
September 26, 2008. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

AcSOC 2007-2008 Annual Report
September 25, 2008. The Accounting Standards Oversight Council has issued its 2007-2008 Annual Report, which includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and performance during the year.

AcSOC Seeking New PSAB Members
September 12, 2008. The Accounting Standards Oversight Council is currently seeking new members to appoint to the Public Sector Accounting Board.

Indicators of Financial Condition
September 4, 2008. The PSAB has issued a draft of a new Statement of Recommended Practice (SORP). The SORP is intended to apply to all governments and government organizations. Comments are requested by October 24, 2008.

JWG Report on Meetings, July 2008
July 9, 2008. An executive summary of the activities to date of the Joint Working Group (JWG) between PSAB and the Deputy Ministers of Finance.

Financial Reporting by First Nations
July 4, 2008. This Report recommends that First Nations adopt full accrual accounting and the reporting model for governments as prescribed by PSAB. The Report is also available on the Aboriginal Financial Officers Association of Canada website (www.afoa.ca).

PSAB June 5-6, 2008 Decision Summary
June 18, 2008. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

Assessment of Tangible Capital Assets
May 16, 2008. The PSAB has issued a draft of a new Statement of Recommended Practice (SORP), “Assessment of Tangible Capital Assets.” The SORP is intended to apply to all governments and government organizations. Comments are requested by July 31, 2008.

New Appointments to AcSOC, AcSB, PSAB
April 17, 2008. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB.

PSAB March 17-18, 2008 Decision Summary
March 26, 2008. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

Service Concession Arrangements
March 20, 2008. The International Public Sector Accounting Board (IPSASB) has issued a Consultation Paper “Accounting and Financial Reporting for Service Concession Arrangements” that explores accounting and financial reporting issues for a subset of public-private partnerships from the perspective of the grantor (typically a public sector entity). IPSASB has requested comments by August 1, 2008.

Introduction to Statements of Recommended Practice
March 11, 2008. The PSAB has issued an Exposure Draft proposing amendments to this Introduction. The proposed changes are intended to clarify the purpose and change the scope of SORPs. Comments are requested by April 16, 2008.

Tax Revenue
March 11, 2008. The deadline for comments on this Exposure Draft has been extended from March 14, 2008 to April 15, 2008.

JWG Report on Meetings, February 2008
February 20, 2008. An executive summary of the activities to date of the Joint Working Group (JWG) between PSAB and the Deputy Ministers of Finance.

AcSOC Meeting: February 7-8, 2008
January 28, 2008. The Accounting Standards Oversight Council to discuss date for changeover to IFRSs for publicly accountable enterprises.

Tax Revenue
January 21, 2008. The PSAB has issued an Exposure Draft of proposed Section PS 3510, Tax Revenue. The Section is intended to apply to governments. Comments are requested by March 14, 2008.

PSAB Bulletin, December 2007
December 21, 2007. The PSAB newsletter includes a message from the Chair, Nola Buhr, and provides an update on ongoing projects.

PSAB November 26-27, 2007 Decision Summary
December 17, 2007. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

AcSOC Seeking New PSAB Members
December 10, 2007. The Accounting Standards Oversight Council is currently seeking new members to appoint to the Public Sector Accounting Board.

Indicators of Government Financial Condition
October 19, 2007. The PSAB has issued a Statement of Principles of a new Statement of Recommended Practice (SORP), Indicators of Government Financial Condition. The SORP is intended to apply to governments. Comments are requested by December 10, 2007.

PSAB Bulletin, October 2007
October 12, 2007. The PSAB newsletter includes a message from the Chair, Nola Buhr, and provides an update on ongoing projects.

PSAB September 17-18, 2007 Decision Summary
October 5, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

AcSOC 2006-2007 Annual Report
October 1, 2007. The Accounting Standards Oversight Council has issued its 2006-2007 Annual Report, which includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and performance during the year.

Government Not-for-Profit Organizations
September 20, 2007. The Accounting Standards Board has issued an Exposure Draft, together with a Background Information and Basis for Conclusion document, proposing amendments to a number of Handbook Sections dealing with not-for-profit organizations. Comments are requested by November 15, 2007.

Government Transfers
September 12, 2007. The deadline for comments on this Re-Exposure Draft has been extended from September 15, 2007 to October 1, 2007.

Financial Instruments
August 7, 2007. The deadline for comments on this Statement of Principles has been extended from September 21, 2007 to December 3, 2007.

PSAB Bulletin, July 2007
July 19, 2007. The PSAB newsletter includes a message from the Chair, Nola Buhr, and provides an update on ongoing projects.

Financial Instruments
July 16, 2007. Two presentations to assist in understanding the recently issued Statement of Principles, Financial Instruments, have been posted.

Introduction to Public Sector Accounting Standards
July 11, 2007. The PSAB has issued an Exposure Draft proposing an amendment to the Introduction. The proposal affects government business enterprises and government business-type organizations. Comments are requested by September 28, 2007.

PSAB June 11-12, 2007 Decision Summary
July 9, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

Financial Instruments
June 29, 2007. The PSAB has issued a Statement of Principles, Financial Instruments. It addresses the recognition and measurement of derivative and non-derivative financial instruments and improvements to the hedge accounting standards. Comments are requested by September 21, 2007.

Assessment of Tangible Capital Assets
May 25, 2007. The deadline for comments on this Statement of Principles has been extended from June 15, 2007 to July 31, 2007.

20 Questions About the Government Reporting Entity
May 16, 2007. This guide is useful for elected officials, the media, taxpayers and others as it answers questions about a government's reporting entity — what it is, why it is important and how summary financial statements are put together.

Assessment of Tangible Capital Assets
May 8, 2007. The PSAB has issued a Statement of Principles of a new Statement of Recommended Practices (SORP), Assessment of Tangible Capital Assets. The SORP is intended to apply to all governments and government organizations. Comments are requested by June 15, 2007.

Guide to Preparing Public Performance Reports
May 4, 2007. This Guide revises and replaces the Public Performance Reporting Assessment Guide.

Government Transfers
April 30, 2007. The PSAB has issued a Re-Exposure Draft of revised Section PS 3410, Government Transfers. The new proposals take a different approach to recipient government accounting and may have significant fiscal implications for some governments. Comments are requested by September 15, 2007.

Guide to Accounting for and Reporting Tangible Capital Assets
April 26, 2007. This Guide is a useful reference for local governments implementing Section PS 3150, Tangible Capital Assets, and the new reporting requirements. It contains valuable information on the need for and benefits of accounting for tangible capital assets, implementation considerations and subsequent accounting requirements, and how that information could be linked with ongoing asset management practices.

PSAB Bulletin, April 2007
April 24, 2007. The PSAB newsletter includes a message from the Chair, Terry Paton, and provides an update on ongoing projects.

New Appointments to AcSOC, AcSB, PSAB
April 11, 2007. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB.

PSAB March 26-27, 2007 Decision Summary
April 10, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

PSAB What it is and What it does
April 5, 2007. This brochure provides information on PSAB, its responsibilities and what it has done.

Landmark government accounting and reporting standards issued will provide taxpayers a more complete picture of local government finances
March 6, 2007. Local governments will provide a more comprehensive picture of their financial position and results as new standards requiring full accrual accounting are approved by the PSAB of the CICA.

PSAB Bulletin, December 2006
January 4, 2007. The PSAB newsletter includes a message from the Chair, Terry Paton, highlighting significant accomplishments for 2006, and provides an update on ongoing projects.

PSAB November 27-28, 2006 Decision Summary
December 21, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting.

PSAB Bulletin, October 2006
October 31, 2006. The PSAB newsletter provides an update on its strategic plan, current projects and project schedule.

PSAB September 17-19, 2006, Decision Summary

• Strategic Plan — Revisions for 2007-2010 begun.
• Financial Instruments — Issues discussed.
• Performance Reporting — Issues discussed.

PSAB Bulletin, July 2006
August 2, 2006. The PSAB newsletter provides an update on current projects and acknowledges the work of its Performance Reporting Task Force.

Government Transfers
August 1, 2006. The PSAB has issued an Exposure Draft of revised Section PS 3410, Government Transfers. The revised Section is intended to apply to all levels of government. The proposals may have significant fiscal implications for some governments. Comments are requested by September 30, 2006.

Public Sector Financial Reporting Conference
July 24, 2006. The first Public Sector Financial Reporting Conference, featuring leading-edge sessions on issues confronting the public sector in Canada, is to be held on September 11, 2006 in Toronto.

Conceptual Framework
July 13, 2006. A report on the applicability to not-for-profit entities in the private and public sector of the International Accounting Standards Board/US Financial Accounting Standards Board "Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information" has been posted.

Hedge Accounting by Governments
June 27, 2006. PSAB has issued a Staff Request for Information as part of research being undertaken for the project to develop financial instruments standards. PSAB project staff is seeking to better understand how governments establish and maintain hedges. Submissions are requested by August 18, 2006

PSAB June 12-13, 2006, Decision Summary

• Reporting Model and Tangible Capital Assets — Revisions to Section PS 3150, Tangible Capital Assets — approved.
• Performance Reporting — Final SORP, Public Performance Reporting — approved.
• Government Transfers — Exposure Draft — approved.
• Accounting for Trusts — project proposal — approved.
• Environmental Liabilities — project proposal — approved.
• Infrastructure Deficit — project proposal — approved.
• Foreign Currency Translation — project proposal — approved.

Reporting Model
May 31, 2006. The PSAB has issued an Exposure Draft of revised Sections PS 1000, Financial Statement Concepts, PS 1100, Financial Statement Objectives, and PS 1200, Financial Statement Presentation. These Sections are intended to apply to all levels of government. Comments are requested by August 15, 2006.

PSAB Bulletin, May 2006
May 23, 2006. The PSAB newsletter explains the Board's decision to no longer issue Associates' drafts, provides an update on current projects and introduces the entire Board and its staff.

New PSAB Appointments
May 12, 2006. The AcSOC announces new appointments to the PSAB.

Tax Revenue — Invitation to Comment
April 21, 2006. The PSAB invites comments on International Public Sector Accounting Standards Board (IPSASB) proposals that the PSAB is considering adopting for a Canadian tax revenue standard. Comments are requested by June 30, 2006

PSAB March 27-28, 2006, Decision Summary

• Reporting Model — Exposure Draft of revisions to Sections PS 1000, Financial Statement Concepts, PS 1100, Financial Statement Objectives, and PS 1200 Financial Statement Presentation — approved.
• Tax Revenue — Invitation to Comment on International Public Sector Accounting Standards Board Exposure Draft, “Revenue from Non-Exchange Transactions (Including Taxes and Transfers)” — approved.
• Amendment to standard setting due process eliminating the exposure of documents for Associate comment only — approved.

Performance Reporting
March 27, 2006. The PSAB has issued an Exposure Draft of a new Statement of Recommended Practice (SORP), Public Performance Reporting. The SORP is intended to apply to all governments and government organizations. Comments are requested by May 12, 2006.

PSAB Bulletin, March 2006
March 16, 2006. The PSAB newsletter includes an update on current projects, future project priorities and PSAB's project schedule, and introduces Tim Beauchamp as the new Director, Public Sector Accounting.

Tangible Capital Assets
March 9, 2006. The PSAB has issued an Exposure Draft of revised Section PS 3150, Tangible Capital Assets. The Section is intended to apply to all levels of government. Comments are requested by April 30, 2006.

PSAB January 23-24, 2006, Decision Summary