At their meeting on June 20-21, 2019, the PSAB reviewed the feedback related to Chapter 1, “Introduction to the Conceptual Framework,” and Chapter 2, “Characteristics of Public Sector Entities,” of the Statement of Concepts. Some of the feedback related to:

1. where to communicate Board justification of any future inconsistency between a new or revised standard and the conceptual framework;
2. how the conceptual framework fits within the GAAP hierarchy;
3. how the characteristics of public sector entities apply to government not-for-profit organizations (GNFPOs);
4. the longevity of governments; and
5. other improvements to the description of the characteristics.

The Board also reviewed:

1. the revised Chapters 1 and 2 that would be part of the Exposure Draft for a revised conceptual framework; and
2. the accompanying basis for conclusions document related to Chapters 1 and 2.

PSAB will receive an update on the development of the Exposure Draft for a revised conceptual framework at the September 2019 Board meeting.

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