ThinkTWENTY20

According to the preface to the plan, the PSAB’s Strategic plan for 2022-2023 builds upon the strong foundation built by PSAB in prior years and focuses on meeting current stakeholder demands while anticipating and responding to the rapidly evolving Canadian public sector environment. “Accordingly, the 2022-2023 Annual Plan marks both the completion of several significant PSAB strategic initiatives, and the inception of many new initiatives and technical projects.”

Of note, the year 2022-2023 will see the completion of the revised Conceptual Framework and Reporting Model, “a significant project for PSAB. This project has been underway since December 2010, and significant work has been done to consult with stakeholders at each step of the project. The Board plans to approve its Conceptual Framework in June 2022 and the Reporting Model in December 2022.”

Among other objectives, the PSAB plans to:

• Develop final Handbook sections for Conceptual Framework and Reporting Model, based on stakeholder feedback.
• Develop a final Handbook section for the first phase of the Employee Benefits project and outline an approach for additional phases.
• Issue a project survey to align PSAB’s technical agenda with stakeholder needs.
• Approve an implementation plan for PSAB’s Government Not-For-Profit Strategy decision (Option 2 – PSAS incorporating the PS 4200 series with customizations).

A second strategic object will be to strengthen relationships with stakeholders. PSAAB also wants to strengthen relationships with other standards setters. And it hopes to support forward-looking accounting and reporting initiatives such as collaborating with the International Sustainability Standards Board and other standard-setting bodies to provide public sector perspective in the development of their reporting standards. As well, it plans to conduct stakeholder outreach and provide a response to the IPSASB’s Natural Resources Consultation Paper.

 As PSAB embarks on future standard-setting activities and continues to implement its International Strategy, says the plan, “the completion of this project will provide important foundational principles. The 2022-2023 Annual Plan was developed with consideration of the ongoing COVID-19 pandemic. The impacts of the pandemic on PSAB staff, PSAB stakeholders and the Board have been considered throughout the plan. While all stakeholder engagement and Board meetings were conducted virtually during 2021-2022, PSAB continues to assess the potential for resumption of hybrid and in-person meetings.”

For the fine details, consult Strategic Plan (frascanada.ca).