Public Sector Accounting Standards Update 2022
January 13, 2023
It has been a busy year for the Public Sector Accounting Board (PSAB). As public sector entities continue to adapt to the ever-changing market landscape, PSAB has been hard at work advancing the progress of various projects such as its international and government not-for-profit strategies as well as issuing a revised conceptual framework.
This publication looks at the impact of the new standards effective over the next few years, including:
- Section PS 3280, Asset Retirement Obligations
- The Financial Instruments suite of standards
- Section PS 3160, Public Private Partnerships
It also provides an overview of the projects the board is working on that will impact public sector entities in the future such as a revised employee benefits standard and new reporting model.
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BDO can help you navigate the road ahead
Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.
Contact us today to start the conversation.