Review of International Strategy
|Current Status||Next Steps|
Consultation Paper is approved.
Second quarter of 2018 – Consultation Paper to be released.
In developing the 2017-2020 Strategic Plan, the Public Sector Accounting Board (PSAB) determined the time was appropriate to review its current international strategy of influencing the International Public Sector Accounting Board.
Over the 2017-2020 period, the Board intends to:
- conduct research on differences between Canadian Public Sector Accounting Standards and International Public Sector Accounting Standards;
- learn about experiences of other jurisdictions that choose to follow International Public Sector Accounting Standards;
- publish a consultation paper to get the opinion of stakeholders; and
- develop options for the Board’s International Strategy.
To achieve these commitments – and more specifically, ensure a robust set of options are developed – the Board will write a business case for each options identified. Each business case will outline the benefits and costs of the option to which it relates.
Preliminarily, the Board has identified four options it could apply:
- continue to apply Public Sector Accounting Standards as enacted;
- develop future Public Sector Accounting Standards based on International Public Sector Accounting Standards;
- apply International Public Sector Accounting Standards by exception; or
- apply International Public Sector Accounting Standards as issued by the International Public Sector Accounting Standards Board.
Each business case will be included in the Board’s formal consultations. Stakeholders will be asked to provide their feedback on the strategies identified, and to comment on the benefits and costs incorporated in each business case.
Since the outcome of this project may have broad implications in the role the Board plays in developing Public Sector Accounting Standards in Canada, extensive outreach will be performed by the Board and its staff. In addition to formal consultations, the business cases will be discussed at upcoming Public Sector Accounting Discussion Groups as well as at a number of in-person roundtables across the country.
PROJECT NEWS & DECISION SUMMARIES
PSAB Decision Summary – March 22-23, 2018
The Board approved the Consultation Paper, “Reviewing PASB’s Approach to International Public Sector Accounting Standards.” The Board expects to issue the Consultation Paper in the spring of 2018. This Consultation Paper’s purpose is to raise stakeholder awareness of the matters the Board considered and to solicit input concerning the criteria the Board will apply in developing its future international strategy.
PSAB Decision Summary – December 14-15, 2017
The Board reviewed a draft consultation paper outlining options for consideration and gave the staff feedback. The Board expects to approve the consultation paper at its March 2018 meeting.
New Project – PSAB to Review its International Strategy
November 10, 2017. As part of its 2017-2020 Strategic Plan, PSAB has approved a new project that may change the role the Board plays in setting standards in Canada.
Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.