Public Sector Accounting Board

AbOUT PSAB

The Public Sector Accounting Board (PSAB) was created to serve the public interest by establishing accounting standards for the public sector. PSAB also provides guidance for financial and other performance information reported by the public sector.

The Accounting Standards Oversight Council (AcSOC) oversees the activities of PSAB and ensures they follow their rigorous due process. The AcSOC appoints PSAB members and provides input on strategy and priorities. The AcSOC also assesses and reports to the public on the performance of PSAB.

Why PSAB Matters

PSAB serves the public interest by establishing high-quality accounting standards for public sector entities.

Independently set financial reporting standards are critical to promoting confidence in public sector entities. High-quality accounting standards contribute to transparent and accountable information that is made available to the public, as well as supporting quality financial information to support decision-making.

PSAB's Responsibilities

See PSAB’s Terms of Reference.

PSAB's Stakeholders

PSAB’s stakeholders include:

• the public;
• CPA Canada’s provincial institutes;
• media and analysts;
• legislature and council;
• investors, creditors and bond raters;
• public sector management;
• financial statement preparers;
• public sector auditors;
• budget officers; and
• the accounting profession at large.

PSAB's Members

12 voting and two non-voting members make up PSAB’s membership. View current PSAB members.

PSAB’s membership consists of:

• deputy ministers of finance;
• controllers’ general;
• legislative auditors;
• prominent public accountants with public sector experience;
• chief financial officers of local governments and government organizations;
• academe; and
• other senior government executives and experts in public sector financial reporting.

PSAB members are chosen for their knowledge, experience and judgment. They voice their personal convictions and views, independent of the policies of the government or organizations with which they are associated.

The Board also hires consultants as the need arises.

PSAB’s support staff includes:

• a Director;
• six principals; and
• one administrative assistant.

Setting Agendas

PSAB consults stakeholders for their input to set its technical agenda.

A project survey is posted online yearly to identify possible projects to be undertaken. Stakeholders are requested to identity projects that are of the highest priority.

The results of the survey are considered with established criteria and other factors as per PSAB’s due process.

PSAB Meetings

PSAB normally meets four times a year for two days in private. To better serve the Board’s objectives, additional meetings and conference calls may take place.

View the PSAB meeting calendar.

PSAB's Relationship with CPA Canada

CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process.

CPA Canada and the boards and oversight councils function at arms-length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner.

About AcSOC

The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (CICA)* in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB).

Why AcSOC Matters

AcSOC serves the public interest by playing a key role in Canadian financial reporting by overseeing and evaluating the performance of, and providing input into, the activities of Canada’s accounting standard-setting boards – the AcSB and PSAB.

AcSOC's Responsibilities

See AcSOC’s Terms of Reference.

Note: AcSOC is empowered by its terms of reference to take necessary, reasonable actions to carry out its responsibilities.

AcSOC's Membership

AcSOC comprises between 20 and 25 voting members, including five non-voting members. View current AcSOC members.

The AcSOC membership consists of senior members from, amongst others, the following:

• Business
• Finance
• Government
• Academia
• Accounting and legal professions
• Regulators
• Private sector not-for-profits
• Financial analyst communities.

Members have a broad perspective of the complex issues facing standard setters.

AcSOC's Meetings

AcSOC normally meets three times a year. To better serve the Council’s objectives, additional meetings and conference calls may take place.

With the exception of administrative matters, meetings are generally open to public observation. Read the Guidelines for Observers for information on attending AcSOC meetings.

View the AcSOC meeting calendar.

AcSOC's Relationship with CPA Canada

CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process.

CPA Canada and the boards and oversight councils function at arms-length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner.

External links

• Public Sector Accounting Board's Website
• The CICA and CMA Canada joined together January 1, 2013 to create CPA Canada as the national organization to support unification of the Canadian accounting profession under the CPA banner.