At its meeting on June 26, 2020, the PSAB reviewed and approved the revised project plan prepared for the Employment Benefits project to develop a new standard. The Board will use principles from International Public Sector Accounting Standard (IPSAS) 39, Employment Benefits, as a starting point. The Board can modify the IPSAS 39 principles where needed to better fit Canadian circumstances. The Board can also customize guidance where needed. In making its international strategy decision, the Board emphasized that all existing projects underway were grandfathered, which includes the Employment Benefits project. The decision to use IPSAS 39 principles as the starting point represents the Board’s view of the best approach for the project to provide value to stakeholders in a timely manner. PSAB will also employ a multi-release strategy for the project whereby accounting standard functionality is delivered over multiple releases. This means that the first release of the standard will provide the base accounting guidance to be used by PSAB stakeholders with later releases building on those principles to further address current and emerging issues.

Review the Executive Summary on the PSAB's Web site.