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.
The Board released two International Strategy consultation papers in May 2018 and May 2019. The stakeholder feedback from both consultation papers were considered in the finalization of PSAB’s International Strategy in May 2020.
The Board worked on implementation activities associated with the International Strategy decision to meet the implementation date of April 1, 2021. The project is now complete and PSAB’s new International Strategy is in effect.