Statement of Concepts – A Revised Conceptual Framework for the Canadian Public Sector

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May 28, 2018

On May 28, 2018, the Public Sector Accounting Board (PSAB) issued a Statement of Concepts proposing a revised conceptual framework and it wants your input. Stakeholders are encouraged to submit their responses by November 28, 2018.

The proposed revised conceptual framework is intended to replace Section PS 1000, FINANCIAL STATEMENT CONCEPTS and Section PS 1100, FINANCIAL STATEMENT OBJECTIVES.

The PSAB proposes to expose a proposed revised conceptual framework that would include 10 chapters.

  • Chapter 1: Introduction to the Conceptual Framework
  • Chapter 2: Characteristics of Public Sector Entities
  • Chapter 3: Financial Reporting Objective
  • Chapter 4: Role of Financial Statements
  • Chapter 5: Financial Statement Foundations
  • Chapter 6: Financial Statement Objectives
  • Chapter 7: Qualitative Characteristics and Related Considerations
  • Chapter 8: Elements of Financial Statements
  • Chapter 9: Recognition and Measurement
  • Chapter 10: Presentation Concepts

Review the press release and Statement of Concepts on the PSAB's website.

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