News Listings

The Reporting and Assurance Standards Oversight Council and the Standard-setting Boards have released their 2024-2025 Annual Reports, highlighting oversight efforts, standards activity, and engagement that demonstrate transparency and accountability. Read the reports to learn more about their respective years in review.

PSAB is seeking a new Chair to lead the strategic direction of public sector accounting standards. The Chair plays a pivotal role in guiding the Board’s work, ensuring the integrity and independence of the standard-setting process. Interested candidates should apply by August 22, 2025.

The revised CAS 570, Going Concern, issued on June 1, 2025, brings changes to the auditor's expectations for management’s going concern assessment timeline. Read our joint communication with PSAB and the AcSB for details. 

PSAB received updates on the Public Sector Accounting Discussion Group’s May 2025 meeting and the Employee Benefits project. The Board approved the 2024-2025 annual improvements to the Public Sector Accounting Standards. Read our decision summary for more details.

PSAB has issued the Exposure Draft, “Narrow-scope Amendment, SORP-1 Consistency Updates.” Our proposed narrow-scope amendments intend to fix any inconsistencies between existing SORP -1 and the new Conceptual Framework and Reporting Model; provide guidance for new Conceptual Framework and Reporting Model concepts and principles; and update SORP-1 terminology to promote consistency and inclusivity in the CPA Canada Public Sector Accounting Handbook. Submit your feedback by July 24, 2025.

The Public Sector Accounting Discussion Group discussed PSAB’s Exposure Draft, “Intangible Assets, Proposed Section PS 3155” and Accounting for Cryptocurrency. Read the meeting report for full details.

RASOC is pleased to announce the appointments and reappointments for the AASB, the AcSB, PSAB, and the Oversight Council. We also wish to thank those retiring for their dedicated service. Read the appointments page for full details.

PSAB will continue to develop relevant, high-quality public sector accounting standards. We will advance key projects like Intangible Assets and Employee Benefits. As we drive our key strategies forward, obtaining feedback from our advisory groups will remain a priority for our Board. Read more about our next steps and how we will support our initiatives in our 2025-2026 Annual Plan. 

PSAB approved its SORP-1 Narrow Scope Amendment Exposure Draft, Annual Report, Annual Plan, and project proposal for the GNFP Contributions and Financial Statement Presentation Project. The Board also received updates from the Public Sector Discussion Group and the Indigenous Advisory Group. Read our Decision Summary for full details.

PSAB has issued the Exposure Draft, “Intangible Assets, Proposed Section PS 3155,” which provides foundational guidance on accounting for intangible assets. We developed the proposed new standard using PSAB’s International Strategy and guidance provided in the IPSAS 31, Intangible Assets. Help shape the future of public sector accounting by sharing your feedback on how our proposals might affect your organization. Your input is crucial to the success of our consultation. Respond by May 30, 2025.