Related Discussions

• Revised Reporting Model – PSAB

• Mar 30, 2023

• At its meeting on March 30-31, the PSAB approved: (i) Section PS 1202, Financial Statement Presentation; the consequential amendments arising from Section PS 1202 to various Sections of the PSA Handbook; and (iii) the accompanying Basis for Conclusions document. Section PS 1202 will be effective for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time. The major principles included in the 2021 Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202,” have been retained. Changes made were to add clarity or improve/refine principles based on feedback from interested and affected parties. Section PS 1202 and the related consequential amendments will be included in the CPA Canada Public Sector Accounting (PSA) Handbook in October 2023. The Basis for Conclusions, explaining PSAB’s reasoning on key project issues, will be published in the PSA Handbook in November 2023.

• Revised Reporting Model – PSAB

• Feb 22, 2023

• At its meeting on February 22, 2023, the PSAB reviewed the feedback and the Concepts Underlying Financial Performance Task Force’s recommendations related to: (i) disclosing non-compliance with financial authorities; (ii) disclosing risks and uncertainties; (iii) the illustrative financial statements; and (iv) other miscellaneous comments. The final version of Section PS 1202, Financial Statement Presentation, the accompanying Basis for Conclusions, and the related consequential amendments will be presented to the Board for review and approval at the March 2023 meeting.

• Revised Reporting Model – PSAB

• Jan 17, 2023

• At its meeting on January 17, 2023, the PSAB continued its review of the significant amount of feedback on the Exposure Draft, including the feedback related to the distinction between financial and non-financial liabilities . The PSAB will continue to review an analysis of the feedback related to other aspects of the proposed standard at its February 2023 meeting.

• Revised Reporting Model - PSAB

• Dec 01, 2022

• At its meeting on December 1-2, 2022, the PSAB received a significant amount of stakeholder feedback on the Exposure Draft. At this meeting, the Board reviewed the feedback related to: (i) the general presentation principles, including going concern; and (ii) the budget requirements. The PSAB also reviewed the feedback received on the Exposure Draft “Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202.” The PSAB will continue to review an analysis of the feedback related to other aspects of the proposed standard at its January 2023 meeting.

• Revised Reporting Model – PSAB

• Sep 28, 2022

• At its meeting on September 28-29, 2022, the PSAB reviewed the stakeholder feedback on the Exposure Draft related to: the “net debt” indicator; the change in “net debt”; some aspects of the statement of financial position; the statement of operations; the statement of changes in net assets or net liabilities; and the statement of cash flows. The PSAB also started to review aspects of the proposed final Section PS 1202, Financial Statement Presentation, standard and the accompanying Basis for Conclusions that considers the feedback from stakeholders. The Board will continue to review an analysis of the feedback related to other aspects of the proposed standard at its December 2022 meeting.

• Revised Reporting Model – PSAB

• Jun 28, 2022

• At its meeting on June 28-29, 2022, the PSAB received a significant amount of stakeholder feedback on the Exposure Draft. At this meeting, the Board had its first look at some of the input received. The Board reviewed the responses related to: (i) the “accumulated other” component of net assets/net liabilities; (ii) amended budgets; and (iii) the share capital component of net assets/net liabilities. PSAB will receive an analysis of feedback related to other aspects of the proposed financial statement presentation standard at its September 2022 meeting. The PSAB noted that it appreciated the extensive feedback, and the time respondents took to review the various Exposure Drafts related to the proposed financial statement presentation standard.

• Revised Reporting Model – PSA Discussion Group

• Apr 08, 2021

• In the reporting model Exposure Draft, PSAB proposes to split liabilities into two categories: financial and non-financial. The Group was asked whether the distinction between them is clear and can be applied. For further details of the discussion, refer to the minutes of the meeting. PSAB also proposes new guidance on the going concern assumption. The Group was asked if the proposed guidance is sufficient and appropriate for the public sector. Due to time constraints, the Group could not discuss the second issue at the meeting.

• Revised Reporting Model – PSAB

• Sep 24, 2020

• At its meeting on September 24, 2020, the PSAB approved four important exposure drafts: (i) “The Conceptual Framework for Financial Reporting in the Public Sector,” which PSAB proposes will replace certain aspects of the existing conceptual framework in Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives; (ii) “Financial Statement Presentation, Proposed Section PS 1202,” which PSAB proposes will replace the existing reporting model standard in Section PS 1201, Financial Statement Presentation; (iii) “Consequential Amendments Arising from the Proposed Conceptual Framework,” which summarizes the implications for the rest of the CPA Canada Public Sector Accounting (PSA) Handbook; and (iv) “Consequential Amendments Arising from Financial Statement Presentation, Proposed Section PS 1202,” which summarizes the implications for the rest of the PSA Handbook. The PSAB will also issue a basis for conclusions for each of the conceptual framework and reporting model exposure drafts to set out its reasoning for the proposals. The Board expects to issue the documents in January 2021, with comments due by mid-May 2021. Exposure drafts represent the pronouncements PSAB expects to include in the PSA Handbook after considering stakeholder feedback. All stakeholders are encouraged to provide feedback on these proposals once they are issued in January. The Board will provide various ways to do so, including a new community engagement platform that seeks to make providing feedback easier.

• Revised Reporting Model – PSAB

• Jun 25, 2020

• At its meeting on June 25, 2020, the PSAB reviewed the following: (i) the exposure draft for the proposed conceptual framework and the accompanying basis for conclusions document; and (ii) the exposure draft for the proposed revised reporting model (i.e., a proposed revised financial statement presentation standard) and the accompanying basis for conclusions document. The Board provided its feedback to the Concepts Underlying Financial Performance Task Force for consideration. The PSAB will receive the revised documents at its September 2020 meeting. The Board will also receive an update on the development of two exposure drafts for proposed consequential amendments (one related to the proposed conceptual framework and another related to the proposed revised reporting model).

• Revised Reporting Model – PSAB

• Apr 14, 2020

• At its meeting on April 14, 2020, the PSAB reviewed the stakeholder feedback related to Chapter 6, Financial Statement Objectives, of the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector," and the key issues raised in the feedback related to the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.” Some of the feedback received related to: (i) relocating net debt to its own statement; (ii) introducing “accumulated other” as a third component of net assets or net liabilities; (iii) revising the net debt calculation; and (iv) removing the requirement to present the statement of change in net debt. PSAB also reviewed: (i) the revised Chapter 6 that would be part of the exposure draft for a revised conceptual framework and the accompanying basis for conclusions document; and (ii) some of the recommended proposals for a revised reporting model. The Board provided its feedback to the Concepts Underlying Financial Performance Task Force for consideration.  PSAB will receive an update on the development of the two exposure drafts (one for the conceptual framework and one for a revised reporting model) at the June 2020 Board meeting.

• Revised Reporting Model – PSAB

• Dec 12, 2019

• At its meeting on December 12-13, 2019, the PSAB reviewed the feedback related to the following chapters of the Statement of Concepts: Chapter 8, Elements of Financial Statements; and Chapter 10, Presentation Concepts. Some of the feedback received from respondents to the Statement of Concepts related to: (i) the support for the element definitions and the presentation concepts; (ii) encouraging PSAB to reconsider its position on deferred inflows and deferred outflows, and “other resources” and “other obligations” from the Canadian reporting model; and (iii) how the exclusions included in the “government” definition create confusion. PSAB also reviewed the revised Chapters 8 and 10 that would be part of the Exposure Draft for a revised conceptual framework; the accompanying basis for conclusions document related to Chapters 8 and 10; and the feedback related to the proposed definition of “government” and provided their feedback to the Task Force for consideration. The Board will receive an update on the Exposure Draft’s development at the March 2020 Board meeting.

• Revised Reporting Model – PSAB

• Sep 26, 2019

• At its meeting on September 26-27, 2019, the PSAB reviewed the feedback related to Chapters 3,4,5,7 and 9. The feedback included: (i) how the notion of service capacity is broad and cannot be fully articulated in financial statements; (ii) how some of the control discussion contradicts aspects of Section PS 1300, Government Reporting Entity; (iii) including definitions of economic resources and economic obligations; (iv) support for the improvements to the qualitative characteristics; (v) the need to document the implication, if any, of removing the term “conservatism” in Section PS 3300, Contingent Liabilities, and Section PS 3320, Contingent Assets; (vi) the redundancy in the general recognition and derecognition criteria; and (vii) the strong support for removing the recognition exclusions from the conceptual framework. PSAB also reviewed (a) revised Chapters 3, 4, 5, 7, and 9 that would be part of the Exposure Draft for a revised conceptual framework; and (b) the accompanying basis for conclusions document related to Chapters 3, 4, 5, 7 and 9, and provided their feedback to the Task Force for consideration. The Board will receive an update on the Exposure Draft’s development at the December 2019 Board meeting.

• Revised Reporting Model – PSAB

• Mar 21, 2019

• At their meeting on March 21-22, 2019, the PSAB received a high-level summary of the responses to 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. The PSAB also discussed the relationship between the Conceptual Framework, the International Strategy, and the Government Not-for-Profit (GNFP) Strategy projects. The Board reconfirmed the need for continuing collaboration between the three projects. The Board will be provided an update on the development of the exposure draft for a revised conceptual framework at its June 2019 meeting.

• Revised Reporting Model – AcSOC

• Feb 21, 2019

• At the AcSOC meeting on February 21-22, 2019, the PSAB Chair advised that there had been a record high response rate of a total of 200 respondents for the Statement of Concepts and the Statement of Principles concept papers. A preliminary review of the feedback received indicated that there are diverse views on the proposals and a variety of issues raised that need to be considered to ensure acceptance of the new Conceptual Framework and Reporting Model. During the year, PSAB will receive regular updates from its Concepts Underlying Financial Performance Task Force, which will further analyze the feedback received and will begin developing the exposure drafts, the bases of conclusions, and the proposed consequential amendments for the new Conceptual Framework and Reporting Model. In response to questions, the PSAB Chair informed the AcSOC that he hopes that PSAB will be able to release an exposure draft in the upcoming year, especially given that the Task Force will meet quarterly.

• Revised Reporting Model – PSA Discussion Group

• Nov 19, 2018

• At their meeting on November 19, 2018, the PSA Discussion Group discussed the merits of PSAB’s proposal that a revenue or expense of a period could be recognized outside of surplus or deficit of the period it arises, directly in a component of net assets of net liabilities. The Group also provided feedback on the proposals in the Statement of Principles regarding the components of net assets (or net liabilities) approach.

• Revised Reporting Model – PSA Discussion Group

• Jun 04, 2018

• At their meeting on June 4, 2018, the PSA Discussion Group, at the request of the PSAB, discussed the following issue: The relocation of net debt indicator from the Statement of Financial Position to its own statement and the removal of the requirement to prepare a Statement of Change in Net Debt.