| This summary of Public Sector Accounting Board (PSAB) projects has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further deliberations by PSAB. Decisions to publish Handbook material are final only after a formal ballot process. |
Status: Final amendments approved. Background
Activities to Date
Related Information
Contact Information Background PSAB approved an amendment to the Introduction to Public Sector Accounting Standards (Introduction) in September 2009 that will result in government business enterprises (GBEs) following the International Financial Reporting Standards (IFRSs). Other government organizations (OGOs) would generally base their financial reporting on the PSA Handbook. However, in certain cases, OGOs may determine that IFRSs would be the most appropriate basis of accounting for their organizations. Appendix B of the Introduction currently requires all government organizations including GBEs follow Section PS 3270, Solid Waste Landfill Closure and Post-Closure Liability, and GBEs follow Section PS 3800, Government Assistance — Application of CICA Handbook – Accounting Section 3800. Reasons for the Project
When PSAB approved the amendment to the Introduction in September 2009, it also decided that government organizations that follow IFRSs should not be required to adhere to additional PSA standards because this would result in overriding a standard in IFRSs. Consequently, removal of Appendix B is required to reflect this decision. When government organizations adopt IFRSs, they will be required to follow IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. Section PS 3800 would become redundant as its primary purpose is to provide guidance for GBEs on applying CICA Handbook – Accounting Section 3800, Accounting for Government Assistance. Objective
The objective is to withdraw Section PS 3800 from the PSA Handbook and to remove Appendix B from the Introduction effective for period beginning on or after January 1, 2011. Activities to Date March 2010
PSAB approved withdrawal of Section PS 3800, Government Assistance – Application of CICA Handbook – Accounting Section 3800, from the PSA Handbook and removal of Appendix B, Standards Applicable to Government Organizations, from the Introduction to Public Sector Accounting Standards. November 2009
PSAB approved an Exposure Draft (ED). September 2009
PSAB decided no additional requirements will be imposed on those government organizations that adhere to IFRSs for purposes of preparing their general purpose financial statements. PSAB approved developing an ED to withdraw Section PS 3800 from the PSA Handbook and to remove Appendix B from the Introduction. Related Information Responses to Exposure Draft
Exposure Draft Contact Information Questions or comments on this project should be directed to: Jim Keates, CA
Principal, Public Sector Accounting
Telephone: +1 (416) 204-3282
Fax: +1 (416) 204-3412
The Canadian Institute of Chartered Accountants
277 Wellington Street West
Toronto ON M5V 3H2 Canada |
