COVID-19's impact can't be ignored by any corner of society—even standard-setting. Clyde MacLellan, FCPA, FCA, who steps into the Public Sector Accounting Board (PSAB) chair position this month is ready for this and other challenges.
MacLellan brings a wealth of experience to PSAB while offering continuity during a time of change. Having first been appointed a Board member in 2017, following his role as Chair of the Conceptual Framework Task Force, he replaces Charles-Antoine St-Jean, FCPA, FCA, who was named CPA Canada’s new President and CEO in July. MacLellan has acted as interim chair since.
Recently retired as an Assistant Auditor General of Canada, MacLellan has worked in the Auditor General’s office in various roles since 1991. His extensive international auditing experience includes the office’s international audit work with INTERPOL as well as representing the office on the United Nations Panel of External Auditors and its technical working group.
His experience will be critical to PSAB as it moves forward with its international strategy, developing key technical projects and creating a new strategic plan.
Incoming PSAB chair Clyde MacLellan provides a fall 2020 update to stakeholders and the public.
Here are five key initiatives to watch for, with activity starting in January 2021:
1. Conceptual Framework and Reporting Model
PSAB will release exposure drafts on its proposed Conceptual Framework and Reporting Model, launching a final round of consultations. These exposure drafts are based on extensive input received from stakeholders on PSAB’s 2018 preliminary proposals for a revised conceptual framework and reporting model. The documents will also include bases for conclusions, discussing the reasoning behind the proposals and how the Board integrated stakeholder input.
The Conceptual Framework and Reporting Model will serve as a critical foundation when PSAB develops future standards, and stakeholder feedback will be vital in shaping these initiatives before they’re finalized.
2. Government Not-for-Profit Strategy
Along with proposing new options for a revised Conceptual Framework and Reporting Model, PSAB will release a second consultation paper on its Government Not-for-Profit (GNFP) strategy alongside these exposure drafts to seek stakeholder input.
PSAB understands that government not-for-profit organizations (GNFPOs) have distinct financial reporting concerns and will be proposing a way forward for GNFPOs.
3. International Strategy
At its May 5, 2020 meeting, PSAB voted to adapt International Public Sector Accounting Standards (IPSAS) principles when developing future PSAS standards. Years in the making, this decision involved extensive consultation with Canadian stakeholders. It will be implemented April 1, 2021.
PSAB is currently making plans to implement this decision and work is being done to keep stakeholders informed of this change.
4. Next Strategic Plan
Leading the development of PSAB’s next strategic plan is one of MacLellan’s first key tasks as Chair. While the board works to complete the objectives in its 2017-2022 Strategic Plan, it will consult stakeholders on strategic objectives proposed for the next five-year plan. Work is underway to draft the next strategic plan which will be issued for public comment in 2021.
5. Connect.FRASCanada.ca
Sharing feedback with Canada’s accounting standard-setting boards has become easier than ever via our new online community platform, Connect.FRASCanada.ca (Connect). It allows stakeholders to take part in the standard-setting process—from the comfort of home and in just a few minutes.
Expanding our consultation methods, stakeholders can take part in quick polls, surveys, or open forums.
Connect with us by registering today.