The Public Sector Accounting Board (PSAB) is proposing a strategic plan for 2027-2032, outlining its strategic priorities for the next five years. PSAB invites feedback from interested and affected parties to help shape its future direction and ensure its work continues to serve the public interest. Share your feedback and help inform PSAB’s strategic priorities.
Below is a summary of the proposed strategies and related objectives in the Draft 2027-2032 Strategic Plan.
Strategy 1: Develop relevant and high-quality accounting standards
- Advance major standard-setting projects, including work on government not-for-profit organizations and intangible assets, to support timely, responsive, and decision-useful standards for the public sector.
- Proactively obtain feedback from interested and affected parties throughout the standard-setting process.
- Consider the implementation capacity and resource constraints experienced by interested and affected parties in applying standards and engaging in standard-setting activities.
Strategy 2: Maintain strong relationships with other standard setters
- Maintain active relationships with domestic and international standard setters to support collaboration and information sharing.
- Engage with international bodies, including the International Public Sector Accounting Standards Board, to influence standard development and consider international developments.
- Collaborate with Canadian standard-setting boards to stay aligned on key issues and developments.
- Share technical expertise, research, and insights to support consistent, informed standard-setting decisions.
Strategy 3: Enhance and strengthen relationships with interested and affected parties
- Engage proactively with a broad and diverse range of interested and affected parties before and during standard development.
- Communicate clearly and transparently to build understanding and trust in PSAB’s decisions.
- Strengthen relationships with Indigenous Peoples and seek input on matters relevant to public sector accounting standard setting.
Strategy 4: Support forward-looking accounting and reporting initiatives
- Develop guidance for intangible assets, cloud computing, and other emerging topics where guidance may support interested and affected parties.
- Assess the implications of digital transformation and technology-driven changes for public sector accounting and financial reporting.
- Monitor artificial intelligence’s (AI) growing role in financial reporting and explore how AI could strengthen PSAB’s standard-setting process.
- Identify opportunities to provide non-authoritative guidance or narrow-scope amendments where appropriate.