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PSAB - Review of International Strategy [ED]

Consultation Paper 2 comment period on ends on September 30, 2019

Proposed changes:

The ob­jec­tive of this pro­ject is to re­view the PSAB’s current strategy with respect to the work of the International Public Sector Accounting Standards Board and its IPSASs.

Next steps:

The PSAB expects to be in a position to make a decision on its international strategy at its March 2020 meeting.

Last updated:

December 2019


In developing its 2017-2020 Strategic Plan, the Public Sector Accounting Board (PSAB) determined that the time was appropriate to review its current international strategy of influencing the International Public Sector Accounting Standards Board (IPSASB) and its IPSASs.

Over the 2017-2020 period, the Board intends to:

  1. conduct research on differences between its Canadian PSASs and the IPSASB’s IPSASs;
  2. learn about experiences of other jurisdictions that choose to follow IPSASs;
  3. publish a consultation paper to get the opinion of stakeholders; and
  4. develop options for the Board’s current international strategy.

Preliminarily, the Board has identified four options it could apply:

  1. continue to apply PSASs as enacted;
  2. develop future PSASs based on IPSASs;
  3. apply IPSASs by exception; or
  4. apply IPSASs as issued by the IPSASB.

Each business case will be included in the Board’s formal consultations. Stakeholders will be asked to provide their feedback on the strategies identified, and to comment on the benefits and costs incorporated in each business case.

Since the outcome of this project may have broad implications in the role the Board plays in developing public sector accounting standards in Canada, extensive outreach will be performed by the Board and its staff. In addition to formal consultations, the business cases will be discussed at upcoming Public Sector Accounting Discussion Groups as well as at a number of in-person roundtables across the country.


Other developments

May 2019

On May 8, 2019, the PSAB released its second International Strategy consultation paper. This paper summarizes feedback they heard on their first paper in 2018. The options are clarified to better support stakeholders’ feedback on the important question PSAB will be answering by March 2020 – what is the future of Canada’s public sector accounting international strategy? Comments are requested by September 30, 2019.

October 2018

In October 2018, the staff of the PSAB updated the work plan to indicate that the PSAB expects to issue a second Consultation Paper in Q2/2019 to seek further feedback

May 2018

On May 28, 2018, the PSAB issued a Consultation Paper that introduces the criteria PSAB will use to make a decision on its future international strategy and illustrates the application of the criteria through four possible options. Stakeholders are encouraged to submit their responses by September 28, 2018.

November 2017

In November 2017, the staff of the PSAB updated the work plan of the PSAB to indicate that the PSAB expects to issue a Task Force Consultation Paper in respect of this project for comment in Q2 2018.

On November 10, 2017, as part of its 2017-2020 Strategic Plan, the PSAB approved this new project which may significantly change the role the Board plays in setting public sector accounting standards in Canada.


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