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PSAB

PSAB Annual Plan

Overview of the Annual Plan

The Public Sector Accounting Board’s (PSAB) 2024-2025 Annual Plan marks the third year of implementation of the Board’s 2022-2027 Strategic Plan. The Strategic Plan builds upon the strong foundation built by PSAB in prior years, focusing on meeting the current demands of PSAB’s interested and affected parties, while also anticipating and responding to the needs of the rapidly evolving Canadian public sector environment. Accordingly, the 2024-2025 Annual Plan continues to focus on moving forward some of PSAB’s significant strategic initiatives, developing several key technical projects, and responding to the feedback to our 2022-2023 Future Work Plan Consultation and other outreach activities.

This Annual Plan provides staff resources to manage and co-ordinate meetings for both the Indigenous Advisory Group and the Technical Advisory Group throughout the year, thereby advancing PSAB’s Indigenous Engagement Strategy and International Strategy, respectively. Additionally, the 2024-2025 Annual Plan includes significant staff investment toward developing PSAB’s exposure draft on Intangible Assets, along with the approval or re-exposure of the Exposure Draft, “Employee Benefits, Proposed Section 3251.” As a part of PSAB’s Government Not-For-Profit Strategy, the Annual Plan includes the completion of the Capital Assets technical project and the initiation of the Contributions technical project.

Based upon feedback to our Future Work Plan Consultation, PSAB also intends to initiate a technical project to update Statement of Recommended Practice (SORP) 1, Financial Statement Discussion & Analysis.

Our Strategies and Objectives

 

PSAB Strategies

 

 

Strategy 1: Develop relevant and high-quality accounting standards

Objectives

  • Issue an exposure draft on Intangible Assets, based on feedback to the 2022-2023 Future Work Plan Consultation 
  • Approve or re-expose the Exposure Draft, “Employee Benefits, Proposed Section 3251” 
  • Approve the final amendments to the Tangible Capital Assets standard, and initiate a new technical project on Contributions in accordance with the Government Not-for-Profit Strategy
  • Issue an exposure draft on Handbook Improvements for the CPA Canada Public Sector Accounting Handbook
  • Initiate a technical project to update SORP-1, based on feedback to the 2022-2023 Future Work Plan Consultation
  • Respond to documents for comment issued by the International Public Sector Accounting Standards Board (IPSASB), including consulting Canadian interested and affected parties

 

Strategy 2: Enhance and strengthen relationships with our interested and affected parties

Objectives

  • Continue to improve engagement with Indigenous governments, and manage Indigenous Advisory Group meetings throughout the year
  • Co-ordinate Technical Advisory Group meetings to review PSAB’s responses to IPSASB documents for comment and support technical review of other items as needed by the Board
  • Strengthen engagement with partners using virtual and in-person outreach activities, such as round tables, conferences, and webinar presentations
  • Inform interested and affected parties of technical agenda items and key decisions made at our meetings, and keep them informed on the progress of projects

 

Strategy 3: Enhance and strengthen relationships with other standard setters

Objectives

  • Maintain support for the Canadian IPSASB member
  • Influence the development of International Public Sector Accounting Standards and Canadian Sustainability Standards to reflect Canadian public sector perspectives
  • Strengthen PSAB’s working relationships with the staff of the Canadian Sustainability Standards Board (CSSB) and IPSASB, respectively
  • Collaborate with other international and domestic standard setters, such as IPSASB, the Governmental Accounting Standards Board, the Accounting Standards Board, the International Sustainability Standards Board (ISSB), and the CSSB, on relevant documents for comment and emerging issues

 

Strategy 4: Support forward-looking accounting and reporting initiatives

Objectives

  • Collaborate with the ISSB, CSSB, IPSASB, and other standard-setting bodies to provide the Canadian public sector perspective in the development of their reporting standards, including sustainability issues
  • Solidify the Public Sector Accounting Discussion Group as a leading forum for public sector accounting    discussions
  • Promote awareness of the Group and its deliberations

Our Due Process and Governance

Key Accountabilities for 2024–2025

  1. Implement recommendations of the Independent Review Committee on Standard Setting in Canada as incorporated into PSAB’s Due Process 
  2. Conduct PSAB’s Annual Plan activities in line with our Due Process, our Terms of Reference, and our approved budgets by: 
    • providing the Oversight Council with progress updates
    • demonstrating our compliance with due process
    • providing interested and affected parties with updates on key decisions made at our meetings
    • publishing an annual plan and annual report
    • using financial resources effectively and efficiently