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Statement of Principles – A Revised Reporting Model for the Canadian Public Sector

  • PSAS - PSAB Image

May 28, 2018

On May 28, 2018, the Public Sector Accounting Board (PSAB) issued a Statement of Principles proposing a revised reporting model for the Canadian public sector. Stakeholders are encouraged to submit their responses by November 28, 2018.

The PSAB proposes to expose a proposed revised Section on financial statement presentation. The proposed revised Section would replace Section PS 1201, FINANCIAL STATEMENT PRESENTATION.

The Board concluded that:

  • The model responds to the need for understandable financial statements for the public and its elected and appointed representatives. The model proposes only elements that the public recognizes from its own finances: assets, liabilities, revenues and expenses.
  • The model is aspirational in that it provides PSAB the ability to deal with current issues, such as hedge accounting, performance obligations and government transfers; and future issues, such as heritage, natural capital and endowments, while ensuring that the economic substance of transactions and other events is reflected for improved accountability information.

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

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