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Consultation Paper – Conceptual Framework Fundamentals and the Reporting Model

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Mar 11, 2015

On March 11, 2015, the Public Sector Accounting Board’s Conceptual Framework Task Force issued Consultation Paper 3 that proposes a new reporting model and draft principles on public sector characteristics, financial statement objectives, qualitative characteristics, elements, recognition, measurement and presentation.

The Conceptual Framework Task Force has undertaken a comprehensive review of the concepts that underlie the reporting of financial performance in the general purpose financial statements of public sector entities. Many of its conclusions to date are set out as proposed principles and a proposed reporting model in this Consultation Paper for scrutiny and input by PSAB’s stakeholders. Public accountability is the lens through which the proposals in Conceptual Framework Consultation Paper 3 were developed.

The Consultation Paper 3 has been developed by the Public Sector Accounting Standards Board’s (PSAB) Conceptual Framework Task Force. It seeks input from PSAB’s stakeholders regarding:

  • A new reporting model to better reflect the accountability objective. The proposed reporting model contains significant changes to PSAB’s existing reporting model. Consequently, it needs to be considered carefully.
  • Draft principles on public sector characteristics, financial reporting and financial statement objectives, qualitative characteristics, elements, recognition and measurement, as well as presentation and disclosure.

The objective of this project is to review and amend, if necessary, the concepts underlying financial performance in the public sector conceptual framework in Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives, and the reporting model in Section PS 1201, Financial Statement Presentation.

Download the Consultation Paper.

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