PSAB’s 2022 – 2027 Strategic Plan Feedback Statement

What was asked – do you agree with PSAB’s mission and vision statements? 

What you said – generally yes, with some suggestions received on wording and phrasing. You also encouraged PSAB to define the term “public interest” used in the mission statement. 

What was done – wording was refined in the mission and vision statements to better clarify that PSAB’s intent is to serve the Canadian public interest. The Board will also continue to stay abreast of recommendations from the Independent Review Committee on Standard Setting in Canada regarding the development of a public interest framework.

What was asked – are there any significant environmental factors that you think will impact PSAB’s stakeholders that were not identified? 

What you said – several environmental factors were raised for consideration including capacity constraints among stakeholders, the need for additional guidance because of technological advancements, the use of two official languages in Canada, and diversity and inclusion. 

What was done – strategies were updated to incorporate the additional environmental factors identified by stakeholders which were not previously reflected in the Strategic Plan.

What was asked – do you agree with the strategies developed? If not, what additional strategies should be considered?

What you said – overall agreement with PSAB’s strategic direction was expressed; however, some concerns, areas of improvement, and divergence were noted on specific elements. In particular, the Board was encouraged to have more transparency throughout the standard-setting process and to provide more support to its stakeholders during the implementation of standards. Diverse feedback was also received on the topics of customized reporting and sustainability reporting. 

What was done – strategies were refined to incorporate certain suggestions received from stakeholders. PSAB also provided further clarity around customized reporting and how it may be involved with sustainability reporting going forward.

What was asked – do you have any other comments for PSAB on the content included in the Draft Strategic Plan? 

What you said – you encouraged PSAB to develop more robust performance measures and to list the specific activities that would be pursued during the strategic planning period. 

What was done – clarification was made that a list of specific projects and activities, including relevant performance measures, will be included in PSAB’s annual plans.