The Canadian government has pledged $1 million over the next five years to the International Federation of Accountants' board that governs public company accounting.
The Treasury Board of Canada will provide annual funding of $200,000, and, as part of the arrangement, the Canadian Institute of Chartered Accountants will provide a dedicated professional to support the work of the International Public Sector Accounting Standards Board. The board is an independent standard-setting body of IFAC.This month, some of the board's staff, including new technical director Stephenie Fox, will relocate to a Toronto office. The board focuses on the accounting and financial reporting needs of national, regional and local governments, governmental agencies, and the constituencies they serve. Recently, the board has addressed issues such as the application of accrual accounting to the public sector, or accounting for social policy obligations.
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