At the Accounting Standards Oversight Council (AcSOC) meeting on October 25-26, 2018, the PSAB Chair Charles-Antoine St-Jean noted that, at its September 2018 meeting, PSAB approved a one-year extension of its 2017-2020 Strategic Plan to 2021. The rationale for the extension is that the Board’s future direction, its Government Not-for-Profit Organization Strategy, the Concepts Underlying Financial Performance project, and ultimately its next Strategic Plan, could vary significantly depending on the Board’s decision on its International Strategy project in March 2020.

Some AcSOC members suggested that PSAB consider extending its 2017-2020 Strategic Plan by more than one year. They said that the 2017-2020 Strategic Plan encompassed matters in addition to International Strategy and that it should consider how the extension affects these other matters and requested more time to consider the implications of a one-year extension. Mr. St-Jean thanked the AcSOC members for this suggestion, but respectfully expressed some reservations. He said that a longer delay might be counterproductive to PSAB’s efforts to build momentum to accelerate the delivery of standards’ solutions on a timelier basis. Stakeholders frequently ask about the excessive time taken to produce and issue standards. Mr. St-Jean said he would share the Council’s concerns at the next PSAB meeting and then report back to the Council at its meeting on February 21-22, 2019.

Review the meeting summary on the AcSOC's Web site.