At its meeting on May 5, 2020, the PSAB received an update on the International Strategy project and the work performed since its December 2019 meeting. The Board reviewed all proposed options and the information requested at its December meeting. Prior to its decision, the Board carefully considered the decision-making criteria included in Consultation Paper 2 and the stakeholder feedback to both the first and second consultation papers. 

In accordance with its due process, PSAB voted to approve “Option 2 – Adapt IPSAS principles when developing future standards,” as described in Consultation Paper 2. The Board also directed that the decision will apply to all projects beginning on or after April 1, 2021.

Review the executive summary on the PSAB's Web site.