The Public Sector Accounting Board (PSAB) is an independent body created to serve the public interest by developing 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.
We serve a number of interested and affected parties, including:
We have between 11 and 13 volunteer members. View current PSAB members.
Our membership consists of:
Our members are chosen for their knowledge, experience, judgment, and dedication to serving the public interest. 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:
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 as required.
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 our standard-setting operations in an independent manner.
CPA Canada and AASOC function at arm’s length from one another. As a result, we carry out our standard-setting operations in an independent manner.
Note: The recent work of the Independent Review Committee on Standard Setting in Canada considered what changes might be appropriate to ensure that the current standard-setting model in Canada is “fit for the future” and continues to serve the public interest. The Committee issued 26 recommendations in March 2023, which aim to ensure the structure and oversight of standard setting continues to have a sustainable funding model, and processes that are effective and responsive to the public interest. Implementation decisions for these recommendations are now underway.