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Public Sector Accounting Standards

Review of International Strategy

Summary

In developing the 2017-2020 Strategic Plan, the Public Sector Accounting Board (PSAB) determined the time was appropriate to review its current approach towards International Public Sector Accounting Standards.

Over the 2017-2021 period, the Board intended to:

  • conduct research on the differences between Canadian Public Sector Accounting Standards and International Public Sector Accounting Standards;
  • learn about the experiences of other jurisdictions that choose to follow International Public Sector Accounting Standards;
  • publish a consultation paper to get the opinion of stakeholders; and
  • develop options for the Board’s International Strategy.

Staff Contact(s)

Camila Santos, CPA Principal, Public Sector Accounting Board

Phone number  +1 416 204 3300
Email address  [email protected]

Project Status

  • Information gathering

    Completed in 2017

  • Approving project

    Completed in September 2017

  • Engaging Communities

    Consultation Paper – Reviewing PSAB’s Approach to International Public Sector Accounting Standards issued May 2018

  • Deliberating feedback

    Consultation Paper II – Reviewing PSAB’s Approach to International Public Sector Accounting Standards issued May 2019

  • Final pronouncement

    At its May 2020 meeting, PSAB decided on Option 2 – Adapt IPSAS principles when developing future standards as its future International Strategy

    PSAB developed changes to its due process documents to reflect its new International Strategy

    PSAB updated its GAAP Hierarchy to reflect the change in its International Strategy

PSAB’s International Activities

As of April 1, 2021, PSAB’s new International Strategy is in effect. Get to know how we use international standards, work with the International Public Sector Accounting Standards Board, and ensure Canadian needs are reflected in the development of standards.

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Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.