Public Sector Accounting Standards

Consultation Paper, Reviewing PSAB’s Approach to International Public Sector Accounting Standards

Summary

The purpose of this Consultation Paper is to introduce stakeholders to:

  1. the decision-making criteria developed to determine the international strategy that best serves the public sector;
  2. four international strategies alternatives, including maintaining status quo, PSAB identified for the public sector; and
  3. solicit stakeholder input concerning both the criteria the Board will apply in determining an appropriate option for its future international strategy and the options identified.

The Board will use this input when selecting an approach that results in developing public sector standards that will best serve the public sector.

Staff Contact(s)

Michael Puskaric, MBA, CPA, CMA

Director, Public Sector Accounting Board

Background

In developing its 2017-2020 Strategic Plan, in light of the current environment and current expectations about the future of standard setting, PSAB agreed that the time was right to review its approach to International Public Sector Accounting Standards (IPSAS). By March 2020, the Board has committed to:

  1. researching the differences between Canadian Public Sector Accounting (PSA) standards and IPSAS;
  2. learning about experiences of other jurisdictions that have elected to follow, partially follow or not to follow IPSAS;
  3. issuing a public consultation paper to get stakeholders’ opinions; and

developing options related to IPSAS that would lead to the Board’s future international strategy.