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In May 2018, the Public Sector Accounting Board (PSAB) issued the first of two Consultation Papers (CPs) to review its current approach to International Public Sector Accounting Standards (IPSAS). This first CP sought feedback to develop a decision-making model and the criteria that PSAB will use to make a final decision on its international strategy. This paper outlined 4 international strategy options. It did not seek opinions on which option PSAB should adopt, but rather sought opinions on the criteria each option would be weighted against.
After reviewing the feedback received on this first CP, PSAB issued the second CP in May 2019 to clarify the international strategy options and ask stakeholders which option they support for an international approach.
PSAB determined the decision on the international strategy that best serves the public sector should be evidence based. Initially, PSAB proposed six criteria to be used for its decision-making. After receiving feedback from the first CP, PSAB settled on five decision-making criteria to facilitate the evaluation of evidence. These five criteria, in order of importance, are:
PSAB initially considered four options for an international approach:
Although PSAB has not yet decided on its international strategy, the Board has determined that Option IV is not a viable option given Canada’s strong accrual-based financial reporting framework.
The deadline for comments on the first CP was September 28, 2018. Comments for the second CP are due by September 30, 2019. During the comment period, PSAB staff will be undertaking extensive consultation with stakeholders. PSAB is expected to reach a decision on its international strategy by March 2020.
Full details on the project can be found
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of September 18, 2019. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2019. All rights reserved.
Categories:Public Sector Standards
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