At its meeting on March 30-31, 2022, the PSAB approved Option 2 – i.e., 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.

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