Page 6 - Public Sector Accounting Board 2014/15 Annual Report
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4 PSAB Annual Report 2014-2015


PSAB has the following objectives:
• To establish financial reporting standards and guidance that improve the quality of

information reported by Canadian public sector entities, with due consideration for the
costs and the benefits to the preparers and users of financial reports of different categories
of reporting entity, and changes in the economic environment.
• To facilitate the resource allocation process in the public sector through improved
• To participate with other standard setters in the development of a single set of high-quality,
internationally-accepted public sector financial reporting standards.
• To support the implementation of financial reporting standards and the resolution of
emerging application issues.

In meeting its objectives, PSAB is committed to:
• meeting the financial reporting needs of governments and various categories of government

• providing high-quality standards that promote confidence in reported financial information;
• respecting and encouraging input from all of its stakeholders;
• bringing objectivity to the consideration of issues;
• respecting the ability of its stakeholders to exercise professional judgment;
• responding to stakeholder needs in a timely manner;
• improving the process of standard setting; and
• acting as thought leaders on financial reporting issues.


PSAB uses a board and task force approach for developing standards and other guidance.

A remunerated Chair and 11 volunteer members constitute the Board. PSAB is responsible
for approving all due process documents and the final standards.

Task forces comprise volunteer members who have a particular interest or expertise in the topic
being discussed. Task forces submit material for PSAB’s consideration by identifying issues,
assessing alternatives and making recommendations.

The Accounting Standards Oversight Council (AcSOC) appoints the Chair and members of the
Board. PSAB, through its Chair and Director, appoints the individual members of the task forces.
Board and task force members are selected to ensure that a wide variety of backgrounds, skills
and views are brought to bear on the issues facing PSAB.
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