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Public sector

In Brief – How the proposals for a revised conceptual framework and reporting model consider the needs of government not-for-profit organizations

Oct 05, 2018

On October 5, 2018, the Public Sector Accounting Board (PSAB) published an overview of how the proposals in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector” and the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector” consider the needs of government not-for-profit organizations and their stakeholders. Deadline for comments is November 28.

Review the overview on the PSAB's website.

Updated IPSAS-IFRS alignment dashboard

Sep 30, 2018

In September 2018, the International Public Sector Accounting Standards Board (IPSASB), which develops the of International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRS® Standards.

The alignment dashbord was updated for the September 2018 IPSASB meeting and now also includes IPSAS 41, Financial Instruments issued in August 2018.

Review the updated dashboard on the IPSASB's website.

Article – What’s Happening with Net Debt?

Sep 28, 2018

On September 28, 2018, CPA Canada published an article on how the Public Sector Accounting Board is proposing amendments to the calculation and presentation of net debt.

The proposed amendments form part of the project to revise the conceptual framework and reporting model for public sector entities.

Review the article on CPA Canada's website.

One Page Summary – Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”

Sep 27, 2018

On September 27, 2018, the Public Sector Accounting Board (PSAB) published a one page summary that provides an overview of the key proposals in PSAB’s Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”.

Review the summary on the PSAB's website.

One Page Summary – Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”

Sep 27, 2018

On September 27, 2018, the Public Sector Accounting Board (PSAB) published a one page summary that provides a snapshot of the reporting model proposed in PSAB’s Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”.

Review the summary on the PSAB's website.

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.

Summary Comparison – PSAB’s Proposals for a Revised Reporting Model and IPSASB’s Existing Reporting Model

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 reporting model and IPSASB’s existing reporting model.

Here's a summary of the differences:

Subject

Comparison

Statement of financial position

Minor Differences Noted

Statement of surplus or deficit

Minor Differences Noted

Statement of changes in net assets or net liabilities

Similar / Consistent

Statement of cash flow

Minor Differences Noted

Statement of net debt or net financial assets

Minor Differences Noted

Presentation of the approved budget

Difference Noted

Reporting non-compliance with legislative authorities

Minor Differences Noted

Reporting risks and uncertainties associated with the entity

Similar / Consistent

Review the Summary Comparison on the PSAB's website.

PSAB In Brief — Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key amendments to the reporting model proposed in the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

So we are making changes through the following actions:

  1. Issuing a revised conceptual framework to replace two Sections in the CPA Canada Public Sector Accounting (PSA) Handbook:
    1. PS 1000, Financial Statement Concepts
    2. PS 1100, Financial Statement Objectives
  2. Issuing a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.

Proposals for a revised conceptual framework are included in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector .”

Review the publication on the PSAB's website.

PSAB In Brief — Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key proposals in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

PSAB is making the following changes:

  1. Issuing a revised conceptual framework to replace two Sections in the CPA Canada Public Sector Accounting (PSA) Handbook:
    1. PS 1000, Financial Statement Concepts
    2. PS 1100, Financial Statement Objectives
  2. Issuing a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.

Proposals for a revised financial statement presentation standard are included in the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.”

Review the publication on the PSAB's website.

In Brief Podcast – PSAB’s May 2018 Release of Documents for Comment on its Conceptual Framework, Reporting Model and International Strategy Proposals

Sep 07, 2018

On September 7, 2018, the Public Sector Accounting Board (PSAB) released a podcast that provides an overview of PSAB’s release of documents for comment on its Conceptual Framework, Reporting Model and International Strategy proposals.

Listen to the podcast on the PSAB's website.

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