PSAB Government Not-for-Profit Strategy Consultation Paper II
Jan 11, 2021
On January 11, 2021, the Public Sector Accounting Board (PSAB) issued a new Consultation Paper together with related supporting information in respect of its project to develop a strategy for financial reporting by government not-for-profit organizations. Comments on the Consultation Paper are requested by May 12, 2021.
In PSAB’s 2017-2022 Strategic Plan, the Board signaled intent to understand the needs and concerns of government not-for-profit Organizations (GNFPOs) and consider if some standards should be applied differently by them.
The purpose of this Consultation Paper is to:
- summarize the feedback to Consultation Paper I;
- describe the options considered for a GNFPO Strategy;
- describe the decision-making criteria used to evaluate the options; and
- propose a GNFPO Strategy.
In this Consultation Paper, of the three options identified, PSAB proposes that GNFPOs should apply Option 2 – PSAS incorporating the PS 4200 series with potential customizations as the strategy going forward. As part of this proposal, the existing standards in the PS 4200 series would be reviewed to determine if they should be retained and added to PSAS. This may involve amending standards to update them and ensure consistency with PSAB’s conceptual framework. Also, PSAB would be able to provide customized solutions for GNFPOs if it identifies substantive and distinct accountabilities warranting a modification of existing PSAS.
PSAB expects to be in a position to decide on the future of its GNFPO Strategy by late fall 2021, once it has considered all responses to Consultation Paper II. When it has decided, the Board will explain the reasoning for its future GNFPO Strategy through various communication channels.
For further details, refer to the following material on the PSAB's website:
- Consultation Paper, PSAB’s Government Not-for-Profit Strategy
- In Brief summary of the proposals
