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Revised Conceptual Framework – PSAB

Date recorded:

At its meeting on April 14, 2020, the PSAB reviewed the stakeholder feedback related to Chapter 6, Financial Statement Objectives, of the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector," and the key issues raised in the feedback related to the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.”

Some of the feedback received related to:

  • relocating net debt to its own statement;
  • introducing “accumulated other” as a third component of net assets or net liabilities;
  • revising the net debt calculation; and
  • removing the requirement to present the statement of change in net debt.

PSAB also reviewed:

  • the revised Chapter 6 that would be part of the exposure draft for a revised conceptual framework and the accompanying basis for conclusions document; and
  • some of the recommended proposals for a revised reporting model.

The Board provided its feedback to the Concepts Underlying Financial Performance Task Force for consideration. 

PSAB will receive an update on the development of the two exposure drafts (one for the conceptual framework and one for a revised reporting model) at the June 2020 Board meeting.

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

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