In its 2017-2020 Strategic Plan, the Public Sector Accounting Board (PSAB) determined the time was right to review its approach to International Public Sector Accounting Standards (IPSAS).
On May 28, 2018, PSAB issued a Consultation Paper, “Reviewing PSAB’s Approach to International Public Sector Accounting Standards” that introduces stakeholders to the decision-making criteria PSAB will use to evaluate an international strategy that best serves the Canadian public sector, going forward.
The criteria PSAB has developed to date include:
- Canadian influence over the standard-setting process;
- quality of accounting standards;
- transition costs;
- international alignment;
- due process; and
- use of standard-setting resources.
The Consultation Paper illustrates the application of these criteria to four options PSAB believes are viable international strategies.
We want your feedback!
Let us know what you think about the decision-making criteria: Which ones should take precedence over others? Are there additional criteria that should be considered?
Are there other options that should be considered?
The outcome of this review will shape the future of Canadian public sector standards and the role of PSAB going forward.
Stay up-to-date on this project’s progress via the Review of International Strategy project page.