Revised Conceptual Framework – PSAB

Date recorded:

At its meeting on March 30-31, 2022, the PSAB While respondents indicated overall support for the content in these chapters, the discussion focused on comments regarding: (i) the budget objective (Chapter 6); (ii) the terminology (Chapter 7); (iii) the comparison of asset and liability definitions with those of the International Public Sector Accounting Board (Chapter 8); (iv) the choice of historical cost as a primary measurement attribute (Chapter 9); (v) the development of accounting policies by reporting entities (Chapter 10); and (vi) the request to remove the recognition exclusions for non-purchased natural resources. PSAB plans to approve the entire new Conceptual Framework, the consequential amendments arising from the new Conceptual Framework and the accompanying Basis for Conclusions at the June 2022 Board meeting. PSAB reviewed and commented on proposed revisions to Chapters 6-10 of the Conceptual Framework, the accompanying Basis for Conclusions document and the consequential amendments.

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

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