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PSAB - Statement of Concepts – A Revised Conceptual Framework for the Canadian Public Sector [ED]

Com­ment pe­riod ends on November 28, 2018

Pro­posed ef­fec­tive date:

The effective date of the proposed revised conceptual framework (which includes material that will replace Section PS 1000, Financial Statement Concepts and Section PS 1100, Financial Statement Objectives) has not yet been specified

Next steps

The PSAB will review the responses to its exposure draft in Q4/2018

Last up­dated:

June 2018

Overview

The Public Sector Accounting Board (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.

The proposed revised conceptual framework would include 10 chapters, as follows:

  • Chapter 1: Introduction to the Conceptual Framework
  • Chapter 2: Characteristics of Public Sector Entities
  • Chapter 3: Financial Reporting Objective
  • Chapter 4: Role of Financial Statements
  • Chapter 5: Financial Statement Foundations
  • Chapter 6: Financial Statement Objectives
  • Chapter 7: Qualitative Characteristics and Related Considerations
  • Chapter 8: Elements of Financial Statements
  • Chapter 9: Recognition and Measurement
  • Chapter 10: Presentation Concepts

 

Other de­vel­op­ments

May 2018

On May 28, 2018, the PSAB issued a Statement of Concepts proposing a revised conceptual framework. Comments are requested by November 28, 2018.

 

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