News Listings

As we enter a busy time of year for our stakeholders, we want to highlight the importance of consultations being led by the Independent Review Committee on Standard Setting (IRCSS) in Canada. Read the joint statement from our Board Chairs to find out how you can contribute to the future of standard setting in Canada.

The IPSASB released Exposure Draft 81, Proposed Update to Conceptual Framework. PSAB encourages stakeholders to send comments directly to the IPSASB by May 31, 2022. If you would like PSAB to consider your feedback in its response, please reply by May 16, 2022.

The Board discussed the 2022-2027 Draft Strategic Plan, Risk Assessment, 2021-2022 Interim Performance Report, 2022-2023 Draft Annual Plan and the Conceptual Framework. Read the Decision Summary for full details.

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the IRCSS has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

Since commencing a review of standard setting in May 2021, the Independent Review Committee on Standard Setting in Canada (IRCSS) has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the IRCSS’ paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes. Respond by February 28, 2022, and help the IRCSS shape its final recommendations report.

In 2020, after extensive consultation with Canadians and careful consideration, the Public Sector Accounting Board (PSAB) decided to continue developing Public Sector Accounting Standards (PSAS), but future standards would be based on International Public Sector Accounting Standards (IPSAS) principles. This means that if a project is undertaken and an IPSAS already exists, the principles of that IPSAS will be used as a base for developing the corresponding Canadian PSAS. Watch our recorded English or French webinar to learn about the work PSAB has done related to the implementation of its International Strategy.

The Board discussed the PSA Discussion Group, the Government Not-for-Profit Strategy, Post-Implementation Review Assessments, the Monitoring Project Plan, and more. Read the Decision Summary for full details.

Topics discussed included the recognition of embedded derivatives as part of implementing Section PS 3450, as well as the emerging issue involving accounting for natural capital.

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.