At the AcSOC meeting on February 21-22, 2019, the PSAB Chair advised that there had been a record high response rate of a total of 200 respondents for the Statement of Concepts and the Statement of Principles concept papers. A preliminary review of the feedback received indicated that there are diverse views on the proposals and a variety of issues raised that need to be considered to ensure acceptance of the new Conceptual Framework and Reporting Model.

During the year, PSAB will receive regular updates from its Concepts Underlying Financial Performance Task Force, which will further analyze the feedback received and will begin developing the exposure drafts, the bases of conclusions, and the proposed consequential amendments for the new Conceptual Framework and Reporting Model. In response to questions, the PSAB Chair informed the AcSOC that he hopes that PSAB will be able to release an exposure draft in the upcoming year, especially given that the Task Force will meet quarterly.

Review the meeting summary on the AcSOC's Web site.