News Listings

Topics included cloud computing arrangements that are services and first-time consolidation of a governmental unit when there is a change in control.

PSAB is undergoing a leadership change. Current Chair, Charles-Antoine St-Jean, was named CPA Canada’s new President and CEO, effective July 20, 2020. Taking his place as interim Chair is current PSAB Vice-Chair, Clyde MacLellan. The search for a permanent Chair will commence shortly.

At its recent meeting, the Board discussed the Financial Instruments – Narrow Scope Amendments project and its Basis for Conclusions on its International Strategy decision. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Employment Benefits Project and the Government Not-for-Profit Strategy. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Conceptual Framework and Reporting Model, Purchased Intangibles, and PSAB’s response to COVID-19. Read the Decision Summary for full details.

IPSASB released Exposure Draft (ED) 70, Revenue with Performance Obligations, ED 71, Revenue without Performance Obligations, and ED 72, Transfer Expenses. The three EDs introduce new approaches for some of the most significant transactions of public sector entities. Canadian stakeholders can send comments to the IPSASB until November 1, 2020.

At its May 5, 2020 meeting, PSAB voted to adapt IPSAS principles when developing future standards. This decision has been years in the making, including extensive consultation with Canadian stakeholders, as part of the Board’s International Strategy project. Read this plain and simple overview to understand PSAB’s 2020 decision to adapt IPSAS principles when developing future standards, including a helpful FAQ section.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

The impact of the COVID-19 crisis is unprecedented and we recognize the challenges we all face in continuing our regular operations. Entities that apply public sector accounting standards will need to assess how COVID-19 will impact their year-end financial statements. Jointly presented by CPA Canada and PSAB, this webinar explores specific accounting matters that government entities should consider during this unprecedented time.