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.
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.
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)