News Listings

The Board discussed the PSA Discussion Group, the Government Not-for-Profit Strategy, Post-Implementation Review Assessments, the Monitoring Project Plan, and more. Read the Decision Summary for full details.

Topics discussed included the recognition of embedded derivatives as part of implementing Section PS 3450, as well as the emerging issue involving accounting for natural capital.

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.

The formation of the new International Sustainability Standards Board (ISSB) was announced on Finance Day at COP26 in Glasgow, along with two other significant developments.

The IFRS Foundation also announced its commitment to consolidating the Climate Disclosure Standards Board and the Value Reporting Foundation with the new ISSB and will publish prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG) – a group formed by the Trustees to undertake preparatory work for the ISSB.

The ISSB’s standards will enable companies to provide comprehensive sustainability information for the global financial markets. It will also have a global and multi-location presence with offices in Frankfurt and Montreal, responsible for key functions supporting the new Board, and enable deeper co-operation with regional stakeholders.

In 2020, after extensive consultation with Canadians and careful consideration, the Public Sector Accounting Board (PSAB) decided to continue developing Public Sector Accounting Standards (PSAS), but future standards would be based on International Public Sector Accounting Standards (IPSAS) principles. This means that if a project is undertaken and an IPSAS already exists, the principles of that IPSAS will be used as a base for developing the corresponding Canadian PSAS. Watch our recorded English or French webinar to learn about the work PSAB has done related to the implementation of its International Strategy.

The Board discussed the Public Sector Accounting Discussion Group, the International Strategy – IPSASB Documents for Comment, and the Draft CPA Competency Map Response. Read the Decision Summary for full details.

Learn more about key proposals in PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251,” by watching our on-demand webinar in English or French. Comments for the Exposure Draft are due November 25, 2021.

Share your Canadian perspective by submitting papers to the Financial Accountability & Management in Governments, Public Services and Charities journal. Research of interest will encourage discussion about “publicness,” “localized-led development,” and the implication of accounting choices and practices within the economy and society. Submit papers by August 31, 2022.

Help PSAB inform the development of IPSAS by submitting papers to the IPSASB Research Forum. Topics of interest include implementation differential reporting and discounting, adoption of intangible assets, and reporting related to sustainability and digitalization. To apply for funding, submit abstracts by September 30, 2021.