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PSAB’s Draft 2022 – 2027 Strategic Plan outlines the Board’s proposed strategic objectives for the next five years. Watch this short, on-demand webinar to get an overview of these proposals, and learn more information to help you prepare your feedback. Comments are due to PSAB on October 6, 2021.

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

At its recent meetings, the Board discussed such topics as Rate Regulated Accounting, International Strategy, the Consultation Paper of IFR4NPO, and Financial Instruments. Read the Decision Summary for full details.

Meeting the needs of stakeholders and responding effectively to the challenges of the past year, PSAB continued the work of a number of key projects and strategies which will lay the groundwork for the future. Read about PSAB’s 2020-2021 activities and accomplishments in this year’s Annual Report.

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards. 

Topics discussed included issues in applying the modified retroactive transition method for Asset Retirement Obligations, Section PS 3280 to a building with asbestos and to a fully depreciated asset still in productive use. The Group also discussed the reporting model exposure draft proposal to split liabilities into financial and non-financial categories, and PSAB’s proposed approach to its GNFP Strategy in Consultation Paper II.

PSAB issued its Draft 2022 – 2027 Strategic Plan which outlines the Board’s proposed strategic objectives for the next five years. Share your feedback on this document by October 6, 2021 via comment letter or by participating in our online activities on Connect.FRASCanada.ca.

The response deadlines of five key documents for comment related to the PSAB’s proposed new Conceptual Framework, Reporting Model, and Government Not-for-Profit Strategy have been extended to June 30, 2021. We encourage stakeholders to use this additional time to share feedback and help shape the future of public sector accounting standards for years to come!

This Annual Plan sets out the Board’s key activities and project milestones in 2021-2022, helping to achieve the objectives in the last year of its strategic plan. Read the plan for full details.

Need help evaluating a government business enterprise's financial self-sufficiency or viability during the COVID-19 pandemic? PSAB’s new how-to guidance offers insights into how you can do so.