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Section PS 1000 - Financial statement concepts

Effective date:

April 1, 2005

Published by the PSAB:

January 2003

Overview

This Section describes the concepts underlying the development and use of accounting principles in government financial statements. Such financial statements are designed to meet the common information needs of external users of financial information about a government. "Financial statements" refers to the summary financial statements published by a government that report on the financial position and changes in financial position of the government reporting entity. Financial statements include the notes and schedules supporting the statements.

PS 1000 Financial statement concepts is effectively a framework standard.  It establishes what financial statements are intended to do, the user needs of financial statements and the core elements presented within financial statements.  The Section also discusses the overriding concepts relating to measurement and recognition that are relevant to the financial statements as a whole.

History of Section PS 1000

Date

Development

Comments

January 2003

New Section

This Section describes government financial statements in the context of their contribution to the multi-faceted reporting needed of government financial condition and performance. It also identifies the users of senior government financial statements and their needs, outlines the qualitative characteristics of information provided in financial statements, defines the elements of financial statements and sets out general recognition and measurement principles.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Public Sector Accounting Discussion Group meetings

  • November 17, 2017 - Sections PS 1000, PS 1201 and PS 3150: Green Infrastructure 
  • November 18, 2016 - Section PS 1000 and PS 1201: Recognition Prohibitions and Urban Forests and Recognition Prohibitions and Early Intervention Investments
  • March 3, 2016 - Sections PS 1000, PS 1100 and PS 1300: Definition of Government in Relation to First Nations Trusts
  • March 3, 2016 - Sections PS 1000, PS 3100, PS 3200 and PS 3210: Endowments – Selected Issues

Amendment under consideration

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.