The Public Sector Accounting Board (PSAB) has received a significant number of response letters to two Exposure Drafts that closed for comment on June 30, 2021 as part of our current Concepts Underlying Financial Performance project:
- “The Conceptual Framework for Financial Reporting in the Public Sector;” and
- “Financial Statement Presentation, Proposed Section PS 1202.”
The development of our standards is directly driven by the input of our stakeholders. Participating in the standard-setting process by replying to open documents for comment ensures that our standards reflect and capture the needs of our stakeholders.
These two Exposure Drafts are foundational to everything PSAB does and will affect public sector accounting for years to come. We therefore thank everyone who took the time and care to give us their feedback and participate in this important project.
What’s next?
PSAB is now going to thoroughly deliberate the feedback we received on these Exposure Drafts, following our robust and rigorous due process. Our due process is based on three important principles:
- Transparency: We are committed to conducting our standard-setting process in a transparent manner.
- Consultation: We consider the perspectives of those affected by Canadian public sector financial reporting standards and other guidance.
- Accountability: We analyze the potential effects of our proposals on affected parties. We also will explain the rationale for our decisions when developing or changing a standard.
As per our process, we are committed to consistent and transparent communication as we move forward.
Questions? Contact us