Following a scoping and research phase, the IPSASB has now published a project brief as a first step in this major new project. The new guidance will build on international guidance by the ISSB and GRI. In addition, the IPSASB staff will monitor the IASB’s work programme relating to any climate-related financial reporting projects and engage with IASB staff as appropriate. An exposure draft of the proposed guidance is currently expected in June 2024, final guidance in H2 2025.

Review the news release on the IPSASB website .

An introductory overview was provided by CPA Canada’s Chief Economist on economic trends and considerations of potential impacts to the Canadian public sector to support discussions for the two agenda topics, which were:

• Impacts of Rising Inflation and Economic Environment on Financial Reporting
• Auditor Reporting on Going Concern: Public Sector Considerations

Access the meeting recording on the FRAS Canada website.

Access the updated alignment dashboard, which was prepared for the June 2023 IPSASB meeting, on the IPSASB website.

Ahead of a decision by the IPSASB on the potential development of a framework for public sector specific sustainability reporting guidance, the additional non-authoritative guidance included in Recommended Practice Guideline (RPG) 1, Reporting on the Long-Term Sustainability of an Entity’s Finances, and RPG 3, Reporting Service Performance Information, can be immediately applied by governments and public sector entities to report on sustainability program information.

Review the guidance on the IPSASB website .

As noted in a recent article in Accountancy Europe, this move comes as sustainability reporting has taken on greater urgency around the world as extreme weather events become an almost daily occurrence. The International Sustainability Standards Board, the Securities and Exchange Commission and the European Commission have all unveiled or proposed climate-related disclosures for companies to make over the past year, but governments also need to report on their progress, not only in terms of meeting the United Nations' 17 Sustainable Development Goals.

Watch the recording which is avail­able on the IP­SASB's web­site.

Respond directly to IPSASB by May 17, 2023, to ensure Canadian-specific issues and perspectives related to concessionary leases and right-of-use assets in-kind are considered.

Review the exposure draft on the IPSASB's website.

The Introduction to IPSAS Workshop includes five sessions:

• Session 1 provides an overview of the IPSASB and IPSAS
• Session 2 provides an overview of various IPSAS related to assets
• Session 3 provides an overview of various IPSAS related to liabilities
• Session 4 provides an overview of various IPSAS related to revenues
• Session 5 provides an overview of various IPSAS related to expenses

Review the press release on the PSAB's website.

Feedback was provided to IPSASB on several areas of their Consultation Paper, including the description of human intervention, the need for increased engagement with Indigenous Peoples, and the measurement of natural resources.

Review the response letter on PSAB's website.

The approval and issuance of the Conceptual Framework is a significant milestone for PSAB and financial reporting in the Canadian public sector. The new Conceptual Framework is the foundation for public sector financial reporting standard setting.

This caps an extensive multi-year review and stakeholder consultation process after PSAB approved this high priority project to amend, if necessary:

• the conceptual framework found in Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives, with a focus on measuring the financial performance of public sector entities.
• the reporting model in Section PS 1201, Financial Statement Presentation.

In June 2022, PSAB approved the new Conceptual Framework. The reporting model standard is expected to be approved and issued in 2023.

Review the press release and basis for conclusion on the PSAB's website.

Respond directly to IPSASB by January 16, 2023, to ensure Canadian-specific issues and perspectives related to public sector sustainability reporting are considered.

Review the exposure draft on the IPSASB's website.