Public Sector Accounting Standards

Government Not-for-Profit Strategy

Summary

In developing its 2017-2021 Strategic Plan, the Public Sector Accounting Board (PSAB) heard from its stakeholders that its government not-for-profit (GNFP) strategy required reassessment.

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

understand the fiscal and the regulatory environment in which GNFPOs operate;
understand the financial reporting needs and concerns of the GNFP stakeholders;
publish a consultation paper designed to seek input on key areas that will inform the board in developing the GNFP strategy; and
develop a GNFP strategy.

Staff Contact(s)

Camila Santos, CPA Principal, Public Sector Accounting Board

+1 416 204 3300

[email protected]

Sandra Waterson, CPA, CA Principal, Public Sector Accounting Board

+1 416 204 3282

[email protected]

Project Status

Information gathering

Completed in 2017-2018
Approving project

Completed in June 2018
Consulting stakeholders

Government Not-for-Profit Consultation Paper I issued May 2019

In September 2020, PSAB approved the Government Not-for-Profit Strategy Consultation Paper II
Deliberating feedback

The Government Not-for-Profit Strategy Consultation Paper II was issued in January 2021
Final pronouncement

At its March 2022 meeting, PSAB decided on Option 2 – PSAS incorporating the PS 4200 series with potential customizations as its GNFP Strategy

At its June 2022 meeting, PSAB approved the GNFP Strategy implementation plan

Basis for Conclusions

GNFP Strategy Decision and Implementation Plan

Understand more about the GNFP Strategy Decision and Implementation Plan by watching our on-demand webinar.

Learn more

News

November 9, 2022

Resource, Webinar

On-demand Webinar – Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan

Watch the recorded English or French webinar to learn about PSAB’s Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan.

May 5, 2022

Resource, Other

Basis for Conclusions – Government Not-for-Profit Strategy

PSAB has released its Basis for Conclusions for its Government Not-for-Profit (GNFP) Strategy Decision, which provides an overview of key feedback from stakeholders and how PSAB responded.

April 26, 2021

News

Webinar – Public Sector Accounting Board (PSAB)’s government not-for-profit (GNFP) strategy consultation paper II

To learn more about PSAB’s recently issued Government Not-for-Profit Strategy Consultation Paper II, watch this on-demand webinar (available in English and French). You’ll receive an overview of the options considered for a GNFP strategy, the decision-making criteria used to evaluate the options, and which GNFP strategy is being recommended. Comments on this Consultation Paper are due June 30, 2021.

April 21, 2021

News

Response Deadlines Extended – Concepts Underlying Financial Performance and Government Not-for-Profit Strategy Documents for Comment

The response deadlines of five key documents for comment related to the PSAB’s proposed new Conceptual Framework, Reporting Model, and Government Not-for-Profit Strategy have been extended to June 30, 2021. We encourage stakeholders to use this additional time to share feedback and help shape the future of public sector accounting standards for years to come!

January 11, 2021

Document for Comment

Government Not-for-Profit Strategy Consultation Paper II

PSAB’s issued its Government Not-for-Profit Strategy Consultation Paper II to seek input on its recommended GNFP Strategy. This paper also informs readers of the feedback received to the first Consultation Paper, describes the options considered for a GNFP Strategy, and the decision-making criteria used to evaluate the options. Share your feedback on the GNFP Strategy Consultation Paper II by May 12, 2021 via a comment letter or by taking part in our quick poll and open forum on Connect.FRASCanada.ca.

January 11, 2021

Resource, In Brief

In Brief – PSAB’s Government Not-for-Profit Strategy Consultation Paper II

Have your say on PSAB’s Government Not-for-Profit Strategy Consultation Paper II. This plain and simple overview outlines the options considered and the decision-making criteria used to evaluate them in proposing an updated Government Not-for-Profit Strategy. Please note: The comment deadline for this Consultation Paper was extended to June 30, 2021.

January 11, 2021

Resource

Making Sense of PSAB’s New Documents for Comment

With four significant Exposure Drafts issued related to our proposed Conceptual Framework and Financial Statement Presentation standard, where should you begin? Read this article to learn our suggested order for reading these documents, and why you also need to understand these proposals when considering the newly issued Government Not-for-Profit Strategy Consultation Paper II.

Meeting & event summaries

December 20, 2022

PSAB Decision Summary – December 1-2, 2022

As part of the GNFP Strategy decision and Implementation Plan, PSAB approved the GNFP Capital Assets project proposal.

This project will focus on proposing amendments to Section PS 3150, Tangible Capital Assets, as a result of reviewing Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations.

The project will follow PSAB’s due process and the Board will consult stakeholders on all proposed changes before amendments are made to the PSA Handbook. Stakeholder feedback will be sought throughout the consultation period.

June 28, 2022

PSAB Decision Summary – June 28-29, 2022

When it met in March 2022, PSAB approved Option 2 – public sector accounting standards (PSAS) incorporating the PS 4200 series with potential customizations as its GNFP Strategy. At its June meeting, the Board approved the GNFP Strategy Implementation Plan to incorporate the PS 4200 series, with potential customizations, into PSAS.

In December 2022, PSAB expects a presentation on a project proposal to review tangible capital assets and collections. This will be the first in a series of standard-level projects.

Implementation of the GNFP Strategy will follow PSAB’s due process. That is, the Board will consult stakeholders on all proposed changes before amending the PSA Handbook. Your feedback will be sought throughout the implementation period.

A webinar is planned for fall 2022 to explain the GNFP Strategy decision and to provide an overview of the implementation plan. Watch the Government Not-for-Profit project page for updates.

April 21, 2022

PSAB Decision Summary – March 30-31, 2022

PSAB approved Option 2 – public sector accounting standards (PSAS) incorporating the PS 4200 series with potential customizations as its GNFP Strategy after careful consideration of the feedback to the consultation papers. The associated Basis for Conclusions document was also approved.

PSAB also provided feedback on a draft GNFP Strategy implementation plan, which the Board expects to approve at its June 2022 meeting. Implementation of the GNFP Strategy will follow the Board’s due process. That is, stakeholders will be consulted on all proposed changes to the PS 4200 series before final amendments to the Public Sector Accounting Handbook are made.

September 25, 2020

PSAB Decision Summary – September 25, 2020

PSAB approved Consultation Paper II, “Government Not-for-Profit Strategy,” which it expects to issue in January 2021, with comments due by mid-May 2021. The consultation paper will be issued at the same time as the exposure drafts for the proposed Conceptual Framework and reporting model. Stakeholders are encouraged to read the consultation paper in conjunction with the exposure drafts and to provide PSAB with feedback on its recommended GNFP Strategy.

December 18, 2019

PSAB Decision Summary – December 12-13, 2019

PSAB received a high-level summary of the responses to the Consultation Paper, “Government Not-for-Profit”. The Board will be provided an update on the development of a Government Not-for-Profit Strategy at its March 2020 meeting.

March 21, 2019

PSAB Decision Summary – March 21-22, 2019

PSAB approved the Consultation Paper, “Government Not-for-Profit.” The Consultation Paper will be issued for comment in spring 2019. The comment period will end on September 30, 2019. During the comment period, Board staff will consult extensively with the GNFP stakeholders.

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.