The Public Sector Accounting Board (PSAB) was created to serve the public interest by establishing accounting standards for the public sector. We also provide guidance for financial and other performance information reported by the public sector.
Independently set financial reporting standards are critical to promoting confidence in public sector entities. High-quality accounting standards contribute to transparent and accountable information that is made available to the public, as well as quality financial information to support decision making.
The Accounting Standards Oversight Council (AcSOC) oversees our activities and ensures we follow our rigorous due process. AcSOC appoints our members and provides input on strategy and priorities. AcSOC also assesses and reports to the public on our performance.
Our stakeholders include:
- the public;
- legislature and council;
- investors, creditors and bond raters;
- financial statement preparers;
- public sector auditors;
- budget officers;
- public sector management;
- media and analysts;
- CPA Canada’s provincial institutes; and
- the accounting profession at large.
We have between 10 and 12 volunteer members. View current PSAB members.
Our membership consists of:
- deputy ministers of finance;
- controllers’ general;
- legislative auditors;
- prominent public accountants with public sector experience;
- chief financial officers of local governments and government organizations;
- academe; and
- other senior government executives and experts in public sector financial reporting.
Our members are chosen for their knowledge, experience and judgment. They voice their personal convictions and views, independent of the policies of the government or organizations with which they are associated.
PSAB support staff includes:
- a Director;
- eight principals; and
- one administrative assistant.
The Board also hires consultants as the need arises.
We normally meet four times a year for two days in private. Additional meetings and conference calls may take place.
Our relationship with CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) provides funding, staff and other resources to support an independent standard-setting process.
CPA Canada and PSAB function at arm’s length from one another. As a result, we carry out their standard-setting operations in an independent manner.