The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose...

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The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose of this project is to reassess the GNFP strategy to develop a new GNFP strategy that aligns with the stakeholders needs and concerns. They will take into consideration the fiscal and regulatory environment, the financial reporting needs for stakeholders, and include a consultation paper to generate input on key areas to inform the board responsible for developing the GNFP strategy. To date, the project has gathered information, approved the project, consulted the stakeholders in 2 consultation papers, and have deliberated feedback. The final pronouncement at the June 2022 meeting, PSAB approved the GNFP strategy implementation plan. In this implementation plan some of the outcomes that will be as follows: "Improve the comparability and understandability of financial statements as all public sector entities would be applying a common reporting model. provide PSAB with a tool and some flexibility to address matters warranting a different presentation or accounting treatment for government not-for-profit organizations (GNFPOs) when appropriate. make some of the guidance currently found only in the PS 4200 series available to all public sector entities with similar transactions, improving comparability and consistent application of accounting standards." (PSAB, pg.4) In this strategy it is clear that the key strategy is to align the not-for-profit landscape with the GNFP stakeholders needs. Do you think that the presentation of the consultation paper to the stakeholders was an efficient way to gather the information needed to get a well-rounded view of what implementation will benefit the stakeholders? Or do you think there would have been a better way of compiling information to inform the board responsible for developing the GNFP strategy? The active PSAB project that I have chosen is the Government Not-for-Profit Strategy. The main purpose of this project is to reassess the GNFP strategy to develop a new GNFP strategy that aligns with the stakeholders needs and concerns. They will take into consideration the fiscal and regulatory environment, the financial reporting needs for stakeholders, and include a consultation paper to generate input on key areas to inform the board responsible for developing the GNFP strategy. To date, the project has gathered information, approved the project, consulted the stakeholders in 2 consultation papers, and have deliberated feedback. The final pronouncement at the June 2022 meeting, PSAB approved the GNFP strategy implementation plan. In this implementation plan some of the outcomes that will be as follows: "Improve the comparability and understandability of financial statements as all public sector entities would be applying a common reporting model. provide PSAB with a tool and some flexibility to address matters warranting a different presentation or accounting treatment for government not-for-profit organizations (GNFPOs) when appropriate. make some of the guidance currently found only in the PS 4200 series available to all public sector entities with similar transactions, improving comparability and consistent application of accounting standards." (PSAB, pg.4) In this strategy it is clear that the key strategy is to align the not-for-profit landscape with the GNFP stakeholders needs. Do you think that the presentation of the consultation paper to the stakeholders was an efficient way to gather the information needed to get a well-rounded view of what implementation will benefit the stakeholders? Or do you think there would have been a better way of compiling information to inform the board responsible for developing the GNFP strategy?

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Presenting consultation papers to stakeholders can be an effective way to gather information ... View the full answer