Page 4 - Public Sector Accounting Board 2014/15 Annual Report
P. 4
2 PSAB Annual Report 2014-2015

decisions of the Board and task forces, providing an opportunity for members and observers to
gain a better understanding about challenges in applying standards and fostering learning from
the experiences and perspectives of other stakeholders.

In 2014-2015, significant accomplishment was made in standard setting. PSAB issued one
statement of principles, five exposure drafts, six new Handbook Sections, one Handbook
amendment, one consultation paper and one project proposal. However, the Board is aware
of the need for guidance in areas where the CPA Canada Public Sector Accounting (PSA)
Handbook is currently silent, as well as the need to address implementation issues. PSAB is
seeking to increase its capacity both at the Board and the staff levels to better serve the public

Over the next year, PSAB will concentrate its efforts on advancing the Concepts Underlying
Financial Performance project, getting the Employment Benefits project underway, publishing
a feedback statement regarding the post-implementation review of the government transfers
standards, and making progress on its other active projects. The Board will also continue its
extensive outreach and communication activities to improve consultation with stakeholders
and information provided to them.

This year’s success in reaching new milestones and proactively dealing with challenges would
not have been possible without the continuous support and dedication of PSAB, the members of
the task forces and PSA Discussion Group, and staff. I would like to acknowledge the significant
contributions of our retiring PSAB members, Cam Weldon and Tim Wiles. A warm welcome is
extended to our new PSAB members, Nola Buhr and Jean-Guy Gourdeau.

Finally, on behalf of the Board and staff, I would like to extend my sincere condolences to
the family, friends and colleagues of Glenn Rioux, former Vice-President, Standards at CPA
Canada. Glenn passed away in September 2014, following a brave battle against acute
leukemia. We will remember Glenn for his passion for accounting, creative ideas, but above
all, for his remarkable personality and humanity.

Rod Monette
Public Sector Accounting Board
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