The International Public Sector Accounting Standards Board (IPSASB) approved its global consultation on developing a sustainability reporting framework for the public sector. The IPSASB plans to launch this pivotal consultation in early May.
Beyond the guidance the IPSASB has developed, the urgency surrounding sustainability reporting in the public sector, evidenced by the growing demands from all levels of stakeholders, has led the IPSASB to develop a Consultation Paper (CP) that considers approaches to, and growing support for, developing public sector sustainability standards.
In November, 2021, a new International Sustainability Standards Board (ISSB) was announced to set standards for sustainability reporting. Also, the Independent Review Committee on Standard Setting in Canada is working to review the governance and structure for existing Canadian accounting, auditing, and assurance standards and to identify what might be needed for the future, specifically sustainability standards. The IPSASB CP will be an important step in the development of public sector sustainability standards.
PSAB’s Public Sector Account Discussion Group will be hosting its upcoming meeting on May 12th with the IPSASB Consultation Paper on the Agenda. Having this topic on agenda allows Discussion Group members to share insights and considerations on the IPSASB CP from a Canadian perspective.
In addition, two other topics will be discussed at the PSA DG on May 12:
- Recording of development charges and receivables in municipal financial statements; and
- Climate-related Issues: Considerations under Public Sector Generally Accepted Accounting Principles (GAAP) and Statements of Recommended Practice (SORPs)
The meeting will be accessible via livestream in English and through simultaneous translation in French. Registration to join the meeting as an observer can be completed at the link here.
Unable to join us on May 12th due to other commitments? We have you covered – meetings are recorded and accessible to registrants for a period of 8 weeks following the meeting date. In addition, registrants will have access to observer notes which provide details on the topics on the agenda for discussion.
For information on our past meeting discussions, read our meeting reports.