PSAB’s GNFP Strategy Consultation Paper II

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As outlined in PSAB's 2017-2022 Strategic Plan, the Board wants to implement a public sector not-for-profit strategy that meets the public interest. Since 2017, PSAB has engaged in extensive outreach with stakeholders and researched the not-for-profit landscape to gain a better understanding of the concerns and challenges faced by government not-for-profit organizations (GFNPOs).

PSAB's Government Not-for-Profit (GNFP) Strategy Consultation Paper II proposes that GNFPOs apply Public Sector Accounting Standards (PSAS) by incorporating the PS 4200 series with potential customizations. The existing PS 4200 series would be reviewed to determine if any of those standards should be retained, amended as appropriate, and added to PSAS, where it would be available to all public sector entities to apply if appropriate. PSAB would also be able to provide some customizations for GNFPOs in the case of substantive and distinct accountabilities that warrant a modification from existing PSAS.

This Consultation Paper is open for comment until May 12, 2021. It describes options for a GNFP Strategy, decision-making criteria used to evaluate the options, and other factors.

PSAB is interested in your views as to whether the proposed GNFP Strategy is in the public interest. We encourage comments from all public sector entities. Once we consider all comments received, PSAB expects to finalize its GNFP Strategy by late fall 2021.

Connect with us. We want to hear your views.

.

As outlined in PSAB's 2017-2022 Strategic Plan, the Board wants to implement a public sector not-for-profit strategy that meets the public interest. Since 2017, PSAB has engaged in extensive outreach with stakeholders and researched the not-for-profit landscape to gain a better understanding of the concerns and challenges faced by government not-for-profit organizations (GFNPOs).

PSAB's Government Not-for-Profit (GNFP) Strategy Consultation Paper II proposes that GNFPOs apply Public Sector Accounting Standards (PSAS) by incorporating the PS 4200 series with potential customizations. The existing PS 4200 series would be reviewed to determine if any of those standards should be retained, amended as appropriate, and added to PSAS, where it would be available to all public sector entities to apply if appropriate. PSAB would also be able to provide some customizations for GNFPOs in the case of substantive and distinct accountabilities that warrant a modification from existing PSAS.

This Consultation Paper is open for comment until May 12, 2021. It describes options for a GNFP Strategy, decision-making criteria used to evaluate the options, and other factors.

PSAB is interested in your views as to whether the proposed GNFP Strategy is in the public interest. We encourage comments from all public sector entities. Once we consider all comments received, PSAB expects to finalize its GNFP Strategy by late fall 2021.

Connect with us. We want to hear your views.

.

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Do you agree that GNFPOs should apply PSAS incorporating the PS 4200 series with potential customizations as PSAB's strategy for GNFPOs?

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