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Summary Comparison – PSAB’s Proposals for a Revised Conceptual Framework and IPSASB’s Existing Conceptual Framework

  • PSAS - PSAB Image

Sep 19, 2018

On September 19, 2018, the Public Sector Accounting Board (PSAB) released a Summary Comparison that provides an overview of the differences between PSAB’s proposals for a revised conceptual framework and IPSASB’s existing conceptual framework.

Here's a summary of the differences:

Subject

Comparison

Characteristics of public sector entities

Similar / Consistent

Objective of financial reporting

Similar / Consistent

Primary users of financial reporting

Minor Differences Noted

Information needs of users

Similar / Consistent

Role of financial statements

Similar / Consistent

Financial statement foundations

Similar / Consistent

Financial statement objectives

Minor Differences Noted

Qualitative characteristics

Similar / Consistent

Considerations

Minor Differences Noted

Elements of financial statements

Minor Differences Noted

Recognition criteria

Minor Differences Noted

Derecognition

Similar / Consistent

Measurement attribute

Difference Noted

Presentation definition

Similar / Consistent

Presentation objective

Similar / Consistent

Review the Summary Comparison on the PSAB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.