PSAB/Deputy Ministers Joint Working Group Report on Meetings - July 2008

This Report builds on the information provided in the February 2008 update.

The PSAB/Deputy Ministers of Finance Joint Working Group (JWG) held its third meeting on June 4, 2008 at Queen’s Park in Toronto.

Progress in meeting its Terms of Reference is being made in the JWG discussions.

Two papers, “Conceptual Framework,” and “PSAB Governance and Due Process,” were presented at the June 4, 2008 meeting for consideration by JWG members. These two papers were prepared by subgroups that include PSAB staff and representatives from the various ministries of finance. The JWG made some suggestions for changes, clarifications and additions, which the subgroups are incorporating. These papers will be sent to the senior government preparer and fiscal planning communities for comment later this month. Responses will be considered by the subgroups over the summer and revised versions prepared for the next JWG meeting.

An update on the status of a third paper, “Accounting Standards and the Management of Public Finances in Canada,” was also received by the JWG at its June 4, 2008 meeting. Subsequent to the JWG meeting, the first draft of this paper was sent to the senior government preparer and fiscal planning communities for comment. Due to practical considerations, the authors did not have time to consult with PSAB staff for their input prior to issuing the paper for comment to the broader government community. PSAB staff will be providing comments on this paper at the same time as other respondents. Responses will be considered by the relevant subgroup and a revised version of the paper prepared for the next JWG meeting. It is anticipated that this next version will incorporate PSAB staff input, as well as input from the broader government community.

The next JWG meeting is expected to be held in late September or early October 2008. The JWG expects to complete its work by November 2008.