PSAB - Concepts Underlying Financial Performance - Overview [Completed]
Proposed changes: |
The objective of this project is to review and amend, if necessary, the conceptual framework in Sections PS 1000, Financial Statement Concepts, and PS 1100, Financial Statement Objectives. This review could also affect Section PS 1200, Financial Statement Presentation. |
Next steps: |
On May 28, 2018, the PSAB issued a Statement of Concepts proposing a revised conceptual framework. The proposed revised conceptual framework includes material that will replace Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives – see this new Project. Also, On May 28, 2018, the PSAB issued a Statement of Principles proposing a revised reporting model for the Canadian public sector. PSAB is proposing a revised reporting model that builds on the existing reporting model in Section PS 1201, Financial Statement Presentation – see this new Project. |
Last updated: |
May 2018 |
In summary
The issues to be addressed by this project include:
- How to measure financial performance;
- What general purpose financial statements can do and cannot do in measuring financial performance;
- What aspects of the key concepts underlying financial performance in the framework require review and why;
- What alternative approaches to the key concepts that require review are; and
- How the alternative approaches affect the measure of financial performance.
Other developments
May 2018
On May 28, 2018, the PSAB issued a Statement of Concepts proposing a revised conceptual framework and a Statement of Principles proposing a revised reporting model for the Canadian public sector.
November 2017
In November 2017, the PSAB staff updated this project to indicate that the PSAB is developing a Statement of Principles which it expects to release for comment in Q2/2018.
March 2015
The third CP, entitled Conceptual Framework Fundamentals and the Reporting Model, was issued for comment on March 11, 2015 with a request for comments by August 31, 2015. See separate ED item.
October 2012
On October 11 2012, the PSAB’s Conceptual Framework Task Force issued its second Consultation Paper, entitled Measuring Financial Performance in Public Sector Financial Statements, for comment by January 31, 2013. See separate ED item.
March 2012
In March 2012, the PSAB considered and supported a revised approach and timeline for the project. The revised approach focuses on two primary issues: (i) the characteristics of public sector entities (covered in the August 2011 Consultation Paper); and (ii) the measure of financial performance (now covered in the October 2012 Consultation Paper). On this basis, the project is expected to be completed by September 2015.
Augsut 2011
On August 25, 2011, the PSAB’s Conceptual Framework Task Force issued its first Consultation Paper, entitled, Characteristics of Public Sector Entities, for comment by October 15, 2011.