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PSAB - Concepts Underlying Financial Performance - Overview [Research]

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:

The PSAB is developing a Statement of Concepts and a Statement of Principles which it expects to release for comment in the Spring of 2018.

Last updated:

December 2017

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

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.

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