This year, we made progress on the projects that are important to you. But we felt that the traditional method of reporting back to you on our progress via a written annual report may not do justice to the pivotal actions we have been taking this year to support the paramount decisions on the horizon in public sector accounting.
We are dedicated to using different communications tools to reach our stakeholders – from virtual meetings, podcasting, livestreamed meetings, online webinars, and social media. We want to connect in a way that suits your preferences and ensure our information is offered in ways that relate to our diverse stakeholder group, contributing to a vibrant public service.
So why not expand this to our annual reporting?
Watch Charles-Antoine St-Jean, Chair, PSAB and Michael Puskaric, Director, PSAB, present the Board’s 2018-2019 journey. Details about our progress on projects – from Concepts Underlying Financial Performance and our International Strategy Review to Employment Benefits and Private Public Partnerships – are outlined.
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.
Being focused on advancing our projects means working on building relationships and gathering necessary information to make the significant decisions on the horizon.
It is also necessary to stress that our current projects are challenging. The work being done – and still to be done – will not be easy on both the Board or our stakeholders. We need to give you more opportunity to provide input into these key strategies to inform our next strategic plan. So we made the decision to extend the end date of our current 2017-2020 Strategic Plan by one year – now ending March 31, 2021.
Here’s some detailed information on some of our most critical and challenging projects this year, each illustrating how our engagement with stakeholders is expanding – from the types of stakeholders we are building relationships with, to how we are reaching them – and guiding our decisions.
Concepts Underlying Financial Performance
Our work can only be successful if we continue working together and maintain open and constant communication. So we were pleased with the high activity on our conceptual framework project this year, culminating in an unprecedented number of responses on the two documents for comment issued on this topic.
We heard from a total of 200 respondents, not to mention the countless meetings, online events, and other consultation opportunities we had with a diverse group of stakeholders.
We also received diverse feedback through relationships with new stakeholders as a result of this foundational project, including Indigenous and municipal governments, government not-for-profit organizations, the Municipal Natural Assets Initiative, and accounting firms.
Year-over-year overview of expanding communication reach
Our International Strategy project’s consultation paper was issued alongside our conceptual framework project’s documents for comment, pairing these two projects together to ensure stakeholders could consider each project’s proposals at the same time.
We are extremely appreciative of the responses we received on our first international strategy paper. The thoughtful, insightful, numerous (totaling 63 respondents) and broad feedback will all contribute to the critical decisions on this topic that will take place in 2020.
Our second international strategy consultation paper will be issued soon. We look forward to another round of responses to help shape the future of our standards.
Government Not-for-Profit Strategy
Many government not-for-profit organizations (GNFPOs) are helping us understand their financial reporting needs and concerns.
We are currently gathering information to help guide our strategy. Stakeholder input is essential at this stage. To this end, we are finalizing a consultation paper that will soon be issued. We are also developing the first inventory of all Canadian GNFPOs.
This information will help us develop an evidence-based strategy to meet the needs of our not-for-profit stakeholders.
The Public Sector Accounting Discussion Group is a key tool we have to help us achieve our mission. From increasing observer engagement – both in numbers and geographically – as a result of livestreamed meetings, to expanding its mandate to include emerging issues, the Group has proven to be successful, inclusive and accessible to stakeholders.
It is also breaking new ground. The Group received submissions for discussion on sustainability-related issues such as urban forests and green infrastructure, on social-finance topics like early intervention investments and social impact bonds, and on financial reporting by Indigenous governments.
Make sure you also read our 2019-2020 Annual Plan for what’s to come.