Page 7 - Public Sector Accounting Board 2014/15 Annual Report
P. 7
About the Public Sector Accounting Board 5

All levels of government, government organizations, legislative auditors, private sector auditors,
academe and others are normally represented. Each individual brings his or her individual views
and opinions, and not those of the organization to which he or she is associated.

Each member of the Board has one vote. The Vice-President, Standards and the Director,
Public Sector Accounting are non-voting members of the Board.

Public Sector Accounting Discussion Group

In 2013, PSAB established the Public Sector Accounting Discussion Group as a regular public
forum at which issues arising on the application of the CPA Canada Public Sector Accounting
(PSA) Handbook can be discussed. The Group does not issue pronouncements or offer
interpretations of standards.

The Group also gathers information in order to advise PSAB on priorities and possible agenda
items for its consideration. The Group consists of a Chair and individuals with a range of
backgrounds and experience, including preparers, users and auditors of government and
government organization financial reports prepared in accordance with the PSA Handbook.

Due Process

PSAB follows an extensive due process for setting standards and other guidance augmented
by numerous communications activities. Typically, due process includes:
• approving project proposals;
• releasing statements of principles for public comment;
• reviewing responses and dealing with issues raised;
• publishing exposure drafts of the proposed standard;
• reviewing responses and dealing with any issues raised; and
• issuing a final standard.

All exposure drafts and final standards must receive affirmative votes of at least eight of
12 members in writing before these documents can be published.

Transparency

Board meetings are held in private to protect the confidential views of its volunteer members.

However, PSAB publishes its agenda prior to a meeting, decision summaries subsequent to a
meeting, supporting issues analyses on exposure drafts, and basis for conclusions documents,
which accompany its final standards.

In addition, the development process is supported by comprehensive communication activities
including face-to-face meetings, presentations, webinars, electronic communications, and
various written material such as plain language documents and one-page executive summaries
in non-technical language that accompanies documents open for comment.
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