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

Next steps

At its meeting on September 24, 2020, the PSAB approved four exposure drafts relating to the next phase of this project. The Board expects to issue these documents in January 2021, with comments due by mid-May 2021.

Last up­dated:

September 2020

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

September 2020

In September 2020, the PSAB staff updated this project to note that the Board now expects to issue the two exposure drafts and accompanying documents in early2021.

October 2019

In October 2019, the AcSB staff updated this project to note that the Board is developing two exposure drafts (one for a revised conceptual framework and one for a revised reporting model) with two accompanying basis for conclusions documents and the resulting consequential amendments. PSAB expects to issue the two exposure drafts and accompanying documents in 2020.

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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