PSAB Annual Plan

Overview of the Annual Plan

The PSAB Annual Plan 2023-2024 is being released during the second year of implementation of PSAB’s 2022-2027 Strategic Plan. The Strategic Plan builds upon the strong foundation built by PSAB in prior years, focusing on meeting current stakeholder demands while anticipating and responding to the rapidly evolving Canadian public sector environment. Accordingly, the 2023-2024 Annual Plan focuses on moving forward several significant PSAB strategic initiatives and responding to the feedback to our Future Work Plan Consultation and other outreach activities, through the initiation of key technical projects. 

With the approval of PSAB’s Conceptual Framework in December 2022 and Reporting Model in March 2023, the Annual Plan includes significant staff investment for outreach and communication activities required to conclude these foundational projects. This Plan also marks the transition of PSAB’s Government Not-for-Profit Strategy project into its next phase, with the development of a technical project for Capital Assets. The Board plans to approve an exposure draft for this project in December 2023.

Based on significant feedback to PSAB’s Employee Benefits Exposure Draft, the Board has decided that additional analysis and revision of the proposed Employee Benefits standard would be in the Canadian public interest. PSAB also intends to initiate a technical project on Intangibles, based on feedback from our Future Work Plan Consultation. 

Our Strategies and Objectives

Strategy 1: Develop relevant and high-quality accounting standards

Objectives

• Issue a final Reporting Model standard and conclude the project by providing broad implementation support and education to stakeholders 
• Initiate a technical project for Intangibles, based on feedback to the 2022-2023 Future Work Plan Consultation
• Publish an exposure draft on Capital Assets pursuant to the Government Not-for-Profit Strategy
• Release a revised standard for the first phase of the Employee Benefits project
• Issue more annual improvements to the CPA Canada Public Sector Accounting (PSA) Handbook
• Respond to documents for comment issued by the International Public Sector Accounting Standards Board (IPSASB), including consulting Canadian partners
• Complete a post-implementation review assessment for Section PS 3430, Restructuring Transactions

Strategy 2: Enhance and strengthen relationships with our stakeholders

Objectives

• Improve engagement with Indigenous governments and implement the draft Terms of Reference for an Indigenous Advisory Group
• Implement a Technical Advisory Group to review PSAB’s responses to IPSASB documents for comment and support technical review of other items as needed by the Board
• Strengthen engagement with partners using virtual and in-person outreach activities, such as round-tables, conferences, and webinar presentations
• Inform stakeholders of technical agenda items and key decisions made at our meetings, and keep them informed of the progress of projects

Strategy 3: Enhance and strengthen relationships with other standard setters

Objectives

• Maintain support for the Canadian IPSASB member
• Influence the development of IPSAS standards to reflect Canadian perspectives
• Strengthen working relationships between PSAB and IPSASB staff
• Collaborate with other international and domestic standard setters, including the International Accounting Standards Board, Governmental Accounting Standards Board, Accounting Standards Board, Auditing and Assurance Standards Board, International Sustainability Standards Board (ISSB), and the Canadian Sustainability Standards Board (CSSB) on relevant documents for comment and emerging issues

Strategy 4: Support forward-looking accounting and reporting initiatives

Objectives

• Collaborate with the ISSB, CSSB, IPSASB, and other standard-setting bodies to provide public sector perspective in the development of their reporting standards, including sustainability issues
• Solidify Public Sector Accounting (PSA) Discussion Group as a leading forum for public sector accounting discussions
• Promote awareness of PSA Discussion Group and its deliberations

Our Due Process and Governance

Key Accountabilities for 2023–2024

1. Consider recommendations of the Independent Review Committee on Standard Setting in Canada (IRCSS) in reviewing PSAB’s due process. 
2. Conduct PSAB’s Annual Plan activities in line with our due process, our Terms of Reference, and our approved budgets by:
   • providing Accounting Standards Oversight Council (AcSOC) with progress updates;
   • demonstrating our compliance with due process;
   • providing stakeholders with updates on key decisions made at our meetings;
   • publishing an annual plan and annual report; and
   • using financial resources effectively and efficiently.