PSAB’s new Conceptual Framework Issued
Dec 01, 2022
On December 1, 2022, the Public Sector Accounting Board (PSAB) added the new Conceptual Framework in the PSA Handbook. This is a significant milestone for financial reporting in the Canadian public sector. The accompanying Basis for Conclusions document explaining PSAB’s reasoning for key decisions is also available.
The approval and issuance of the Conceptual Framework is a significant milestone for PSAB and financial reporting in the Canadian public sector. The new Conceptual Framework is the foundation for public sector financial reporting standard setting.
This caps an extensive multi-year review and stakeholder consultation process after PSAB approved this high priority project to amend, if necessary:
- the conceptual framework found in Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives, with a focus on measuring the financial performance of public sector entities.
- the reporting model in Section PS 1201, Financial Statement Presentation.
In June 2022, PSAB approved the new Conceptual Framework. The reporting model standard is expected to be approved and issued in 2023.
Review the press release and basis for conclusion on the PSAB's website.