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PSAB Annual Report 2022-2023

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Chair Message

Photo of Clyde MacLellanThis past year was the first full year of our new 2022-2027 Strategic Plan. This plan is built on the previous strategic plan and outlines the future direction of PSAB’s work for the next five years. Specifically, our new Strategic Plan is focused on meeting the demands of the present while anticipating the needs of the future. To keep pace with rapid change, we have outlined opportunities to build speed, adaptability, and efficiency into the standard-setting process, and to leverage and adapt international standards to Canada when appropriate. We will work to strengthen relationships with international standard setters. To ensure Canada’s public standards are relevant and forward-looking, we will monitor initiatives to encourage and support sustainability reporting, while initiating specific actions to enhance our relationships with interested and affected parties.

Over the past year, I’m pleased with our progress in several aspects of this transition. Specifically, we approved a new Conceptual Framework and Reporting Model, which represents a major achievement that sets the foundation for future public sector accounting standards. Last year, we approved our Government Not-for-Profit (GNFP) Strategy to incorporate the PS 4200 series into existing PSAS with potential customizations. This year, we approved an implementation plan to begin incorporating the PS 4200 series directly into public sector accounting standards, starting with standards for capital assets. We advanced the implementation of our International Strategy by increasing awareness amongst interested and affected parties of the work being done by the International Public Sector Accounting Standards Board (IPSASB), by engaging with the Chair, the Canadian member, and the staff of IPSASB to ensure they were aware of the Canadian context to their work. We also engaged in robust outreach with Canadians on the International Public Sector Accounting Board’s consultation papers related to Sustainability and Natural Resources, submitting responses reflective of your input. Additionally, we’ve continued to review the extensive feedback received in respect of the Exposure Draft on Employee Benefits.

This past year also saw the release of the report from Canada’s Independent Review Committee on Standard Setting in Canada. The report provides recommendations in the areas of governance and structure for establishing Canadian accounting and assurance standards, including sustainability standards. Within this context, PSAB will work with the various oversight councils, to whom the report is addressed, to ensure its continued relevance to interested and affected parties.

In closing, I continue to offer my deepest thanks to staff, volunteers and contributors for all their efforts to support our standard-setting processes. It’s a true testament to their dedication and belief in the importance of our mission to serve in the public interest. Thanks to them, we have been able to accomplish a lot this past year.

Clyde MacLellan, FCPA, FCA
Chair, PSAB


Conceptual Framework and Reporting Model

We achieved a significant milestone for PSAB with the approval of the new Conceptual Framework in June 2022, and issuance on December 1, 2022. The new Conceptual Framework provides additional clarity and guidance to interested and affected parties, building on the previous Conceptual Framework to strengthen the foundation for public sector financial reporting.

With the accompanying approval of the revised Reporting Model in March 2023, these high priority PSAB projects have been brought to a successful close. We will continue our work to provide educational outreach to interested and affected parties about these projects in 2023-2024.

International Strategy

We have continued investing in our International Strategy, which came into effect in April 2021. In our strategy’s second year of implementation, we strengthened our briefing meetings with the Canadian IPSASB member, providing insight into issues important to the Canadian public sector. We conducted extensive outreach activities to hear your views regarding the International Public Sector Accounting Board (IPSASB) Natural Resources and Sustainability Consultation Papers, and drafted response letters that reflected the Canadian public interest on these important issues. Staff response letters were submitted for two additional IPSASB Exposure Drafts, in alignment with our objective to influence international standards in the Canadian public interest. We released a five session On-Demand workshop, providing an overview of the International Public Sector Accounting Standards Board and an introduction to International Public Sector Accounting Standards.

Government Not-for-Profit Organizations (GNFPOs)

Government Not-for-Profit Organizations (GNFPOs) iconLast year, we approved our GNFP Strategy to incorporate the PS 4200 series into existing PSAS, with potential customizations. In June 2022, we approved the implementation plan for this strategy, outlining the initial standards for consideration. We have established an advisory committee for GNFPOs, to inform our decision-making as we action our decision to incorporate the PS 4200 series into PSAS, beginning with a technical project focused on capital assets held by not-for-profit organizations.

By the Numbers

Read about PSAB’s communications and outreach activities this year, including key statistics.

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Employee Benefits

We received a significant amount of feedback on the project’s first Exposure Draft, focusing on proposed guidance for discount rate and deferral provisions. While we saw overall support from respondents, concerns were raised over proposed guidance for a differentiated discount rate based on an assessment of funding status. We have decided to amend our timelines for the project, to ensure your feedback is examined thoroughly and that final decisions serve the Canadian public interest.

Annual Improvements

In August 2022, we issued an Exposure Draft including proposed amendments to existing PSA Handbook sections. The first phase of proposals was approved for issuance in April 2023. A second phase of improvements was approved for issuance later in 2023, to align with the expected publication of consequential amendments related to the new reporting model.

Public Sector Accounting Discussion Group

The Public Sector Accounting Discussion Group continues to be an important part of the Board’s engagement process. It is a public forum to discuss significant and emerging issues raised by interested and affected parties. This year we had two Discussion Group meetings, which included important topics like cloud computing, climate-related and sustainability reporting, accounting for carbon credits, and cash flow statement presentation.

Technical Advisory Group

In March 2023, we approved the Terms of Reference to establish a Technical Advisory Group (TAG). The purpose of the TAG will be to provide technical review of IPSASB documents for comment, helping the Board develop response letters that ensure Canadian perspectives are obtained on areas that are relevant for development of public sector accounting standards. The TAG may also review other international and domestic standard setters’ documents for comment on an as needed basis.

Indigenous Advisory Group

PSAB is committed to ongoing consultation and cooperation with Indigenous peoples, consideration of Indigenous perspectives, and alignment with the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP). In March 2023, we approved the draft Terms of Reference to establish an ongoing Indigenous Advisory Group (IAG). The IAG is intended to support our commitment to enhancing engagement with Indigenous governments and communities, which was identified as a key strategic objective in our 2022-2027 Strategic Plan. We will seek input from the IAG to further our understanding of the specific needs and challenges faced by Indigenous governments, government business enterprises (GBEs), and GNFPOs when applying our standards.

PSAB Future Work Plan Consultation

In August 2022, we issued a Consultation Paper seeking your feedback to help determine our project priorities. Based on the feedback received, we determined that a project on Intangibles should be added to PSAB’s 2023-2024 Annual Plan.

Looking Ahead

In the coming year, we have many important projects and activities on the go. Make sure that you’re keeping up to date on all our projects and activities throughout the year as we make progress on our Annual Plan.


First row L-R: Maria Berlettano (member), Clyde MacLellan (Chair), Scott Munro (Vice-Chair), Jennifer Teoh (member)
Second row L-R: Martin Boucher (member), Elhaim Roushani (member), Geoffrey Gatien (member), Ida Chong (member), Roch Huppé (member), Karen Hogan (member), Michéle Galipeau (member)
Not pictured: Tim Schuurman (member), Heather Taylor (member), C.J. James (member)


First row L-R: Riley Turnbull (Principal), Antonella Risi (Associate Director), Michael Puskaric (Director), Martha Jones Denning (Associate Director)
Second row L-R: Iman Sheikh (Principal), Sandra Waterson (Principal), Lauren Pennycook (Principal), Thaksa Sethukavalan (Principal), Jean Goguen (Principal), Deven McFadden (Administrative Assistant), Camila Santos (Principal)
Not pictured: Sophia Kasozi (Principal)