PSAB Consultation Paper – Founded on Trust, Ready for the Future – 2027-2032 Draft Strategic Plan

The Public Sector Accounting Board (PSAB) wants to hear from you on its 2027-2032 Draft Strategic Plan.

Our proposed strategies focus on continuing to develop relevant and high-quality accounting standards, maintaining strong relationships with other standard setters, enhancing relationships with our interested and affected parties, and supporting forward-looking accounting and reporting initiatives.

Take the survey and help inform our strategic direction for the next five years!

Below is a summary of the proposed strategies and related objectives in the Draft 2027–2032 Strategic Plan:

Strategy 1: Develop relevant and high-quality accounting standards

• Advance major standard-setting projects, including work on government not-for-profit organizations and intangible assets, to support timely, responsive, and decision-useful standards for the public sector.
• Proactively obtain feedback from interested and affected parties throughout the standard-setting process.
• Consider the implementation capacity and resource constraints experienced by interested and affected parties in applying standards and engaging in standard-setting activities.

Strategy 2: Maintain strong relationships with other standard setters

• Maintain active relationships with domestic and international standard setters to support collaboration and information sharing.
• Engage with international bodies, including the International Public Sector Accounting Standards Board, to influence standard development and consider international developments.
• Collaborate with Canadian standard-setting boards to stay aligned on key issues and developments.
• Share technical expertise, research, and insights to support consistent, informed standard-setting decisions.

Strategy 3: Enhance and strengthen relationships with interested and affected parties

• Engage proactively with a broad and diverse range of interested and affected parties before and during standard development.
• Communicate clearly and transparently to build understanding and trust in PSAB’s decisions.
• Strengthen relationships with Indigenous Peoples and seek input on matters relevant to public sector accounting standard setting.

Strategy 4: Support forward-looking accounting and reporting initiatives

• Develop guidance for intangible assets, cloud computing, and other emerging topics where guidance may support interested and affected parties.
• Assess the implications of digital transformation and technology-driven changes for public sector accounting and financial reporting.
• Monitor artificial intelligence's (AI) growing role in financial reporting and explore how AI could strengthen PSAB’s standard-setting process.
• Identify opportunities to provide non-authoritative guidance or narrow-scope amendments where appropriate.