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Revised Conceptual Framework – PSAB

Date recorded:

At its meeting on December 12-13, 2019, the PSAB reviewed the feedback related to the following chapters of the Statement of Concepts: Chapter 8, Elements of Financial Statements; and Chapter 10, Presentation Concepts. Some of the feedback received from respondents to the Statement of Concepts related to:

  1. the support for the element definitions and the presentation concepts;
  2. encouraging PSAB to reconsider its position on deferred inflows and deferred outflows, and “other resources” and “other obligations” from the Canadian reporting model; and
  3. how the exclusions included in the “government” definition create confusion.

PSAB also reviewed the revised Chapters 8 and 10 that would be part of the Exposure Draft for a revised conceptual framework; the accompanying basis for conclusions document related to Chapters 8 and 10; and the feedback related to the proposed definition of “government” and provided their feedback to the Task Force for consideration. The Board will receive an update on the Exposure Draft’s development at the March 2020 Board meeting.

Review the executive summary on the PSAB's Web site.

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