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