Standards Digest — April 2016

The AcSB has issued its 2016-2021 strategic plan, while the PSAB has launched a public private partnerships task force.

HOT TOPIC

AcSB Strategic Plan: 2016-2021

As of April 1, the Accounting Standards Board (AcSB) put in place our 2016-2021 strategic plan. This five-year plan builds on the overall strategies already adopted for our four categories of reporting entities.

We kept these strategies in place because we know they are meeting our stakeholders’ needs. But we always think we can do better for you. This new strategic plan incorporates improvements to the way we implement each strategy and we aim to do that by keeping our ears to the ground to hear what our stakeholders have to say — you are critical to the success of the standards we set. This means we’ll be:

• anticipating changes needed to our strategies resulting from developments in the financial reporting environments; and

• conducting research to make evidence-based decisions when developing standards.

We’ll be monitoring our progress over the next five years. And we’ll fine-tune this plan whenever needed to meet stakeholders’ needs.

Get to know more about the 2016-2021 AcSB Strategic Plan by visiting www.frascanada.ca/acsbstratplan.

Q&A

PSAB’s New Task Force

The Public Sector Accounting Board’s public private partnerships task force will develop a new standard for these joint ventures. We asked PSAB’s recently appointed director, Michael Puskaric, about this new committee:

Public private partnerships was identified as a high-priority project for PSAB. Dedicated to serving the public interest, we knew we had to move on it to meet our stakeholders’ needs. The board approved our staff’s project proposal to develop a standard on the topic last December.

We’ll be focusing this project on defining the scope of the proposed standard and developing guidance for public sector entities. And to support the development of this brand- new standard, we’ve put together our public private partnerships task force, made up of professionals who have the experience and vision necessary to anticipate the implications of the proposed standard.

To get the project done, we’ll be undertaking it in two stages:

● contemplating specific issues, such as project scope, recognition and measurement of a public private partnership and disclosure requirements; and

● determining how to account for public private partnerships.

The task force will also consider the work of other standard-setters, relevant accounting literature and the nature of new public private partnerships introduced in the public sector.

The task force is holding its first meeting this this month. You can keep up to date on its progress via www.frascanada.ca/PPP.

DOCUMENTS FOR COMMENT

Get your voice heard

Respond to these open documents for comment today:

● Accounting Standards for Private Enterprises

Discussion Paper, Agriculture: Comments due May 19.

● Public Sector Standards for Not-for-Profit Organizations

Exposure Draft, Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260: Comments due April 29.

Access these documents and keep up to date with projects, effective dates of new standards and how to get involved in the standard-setting process by visiting www.frascanada.ca.

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