Alert: Release of PS 3280 Asset Retirement Obligations

Alert: Release of PS 3280 Asset Retirement Obligations

In August 2018, the Public Sector Accounting Board (PSAB) issued Section PS 3280 Asset Retirement Obligations. This Section provides guidance on:

  • Which activities are included in a liability for retirement of a tangible capital asset;
  • When to recognize and how to measure a liability for an asset retirement obligation; and
  • Appropriate financial statement presentation and disclosures.

Prior to this standard being released, the CPA Canada Public Sector Accounting Handbook did not provide specific guidance on how to account for or report various types of asset retirement obligations. On application of PS 3280, PS 3270 Solid Waste Landfill Closure and Post-Closure Liability is withdrawn. The accounting treatment of asset retirement costs associated with landfills will move from incremental recognition based on usage, to recognition on acquisition, construction, development, or normal use.

Purchased Intangibles: Narrow-Scope Amendments

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.