PSAB’s Chair, Rod Monette, highlights discussions held at the Board’s March 2016 meeting and other topics.
Our March meeting saw many projects and initiatives move forward. As reported by The Standard.
Use of Public Sector Financial Statements by Credit Rating Agencies
We received a presentation from Standard & Poor’s Ratings Services about the credit ratings process and how they use the financial statements of public sector entities.
Our Strategic Plan
Our draft 2017-2020 strategic plan was presented to the Accounting Standards Oversight Council (AcSOC) in February 2016. AcSOC was in agreement with the objectives outlined in the plan, which include:
- finalizing the conceptual framework;
- reviewing our approach to international public sector accounting standards;
- encouraging stakeholders to support and accept our standards;
- implementing a not-for-profit sector strategy that meets the public interest; and
- developing standards that support public interest considerations.
We approved the issuance of invitations to comment on our draft 2017-2020 strategic plan and a proposed one-year extension of our 2013-2016 Strategic Plan. Our draft strategic plan will be posted online shortly with an exposure period of five months.
We look forward to your feedback on these documents.
Government Transfers
We concluded our first post-implementation review with the approval of our Feedback Statement on the Post-implementation Review of Section PS 3410, Government Transfers. At our June 2016 meeting, we will explore whether an authoritative guideline would help clarify interpretations of the standard.
Financial Instruments Standard
Staff met with stakeholders to:
- understand the challenges in applying the financial instruments standard to specific transactions
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