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PSAB Decision Summary – January 17-18, 2022

This summary of decisions of the Public Sector Accounting Board (PSAB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by PSAB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process. For more information, please contact Michael Puskaric, Director at PSAB at [email protected].

2022-2027 Draft Strategic Plan

PSAB reviewed and discussed the following with respect to its Draft 2022-2027 Strategic Plan:

  • Outreach activities conducted to obtain stakeholder feedback;
  • Stakeholder feedback received; and
  • Updates to this document in response to the feedback received.

The Board expects to approve a final Strategic Plan in March 2022, with input from the Accounting Standards Oversight Council, for release in April 2022.

Risk Assessment

PSAB reviewed and provided comments on the risk assessment completed as part of the process of developing the Draft 2022-2027 Strategic Plan. The Board agreed with the risks presented, the mitigating controls and the overall ranking of risks. The final approval will be at the Board’s March 2022 meeting, along with the final 2022-2027 Strategic Plan.

2021-2022 Interim Performance Report and 2022-2023 Draft Annual Plan

PSAB reviewed the interim 2021-2022 Performance Report and commented on the draft 2022-2023 Annual Plan. The Annual Plan will be presented for approval at the Board’s March 2022 meeting then issued in April 2022.

Conceptual Framework

PSAB received a significant amount of stakeholder feedback on the Exposure Draft “The Conceptual Framework for Financial Reporting in the Public Sector.” At this meeting, the Board reviewed the feedback related to:

  • Chapter 1, Introduction to the Conceptual Framework;
  • Chapter 2, Characteristics of Public Sector Entities;
  • Chapter 3, Financial Reporting Objective;
  • Chapter 4, Role of Financial Statements; and
  • Chapter 5, Financial Statement Foundations.

While respondents indicated overall support for the content in Chapters 1-5, some of their feedback related to:

  • including the interdependency on other levels of government to fulfill the obligation to serve the public in Chapter 2;
  • recognizing the United Nations Declaration of the Rights of Indigenous Peoples in Chapter 3;
  • concern with the inconsistency of certain control paragraphs in Chapter 5 with those in Section PS 1300, Government Reporting Entity; and
  • delaying the effective date of the Conceptual Framework for users.

PSAB reviewed and provided comments on proposed revisions to Chapters 1-5 as a result of the feedback and on the accompanying Basis for Conclusions document.

PSAB will receive an analysis of the feedback related to Chapters 6-10 of the Exposure Draft at the March 2022 Board meeting.

PSAB appreciates the extensive feedback and the time respondents took to review the various Exposure Drafts. The Board acknowledges the stakeholders’ efforts to provide input while dealing with other extraordinary challenges.