Section PS 1000 - Financial statement concepts

Effective date:

April 1, 2005

Published by the PSAB:

January 2003


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




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.

November 2020

Amendment re purchased intangibles. Refer to Completed Project

This Section has been amended to allow for recognition of purchased intangibles in financial statements. The amendments are effective for fiscal years beginning on or after April 1, 2023, with earlier application permitted. Retroactive or prospective application is allowed.

December 2022

Issue of the new Conceptual Framework. Refer to  Completed Project.

On December 1, 2022, the PSAB issued the new Conceptual Framework to the PSA Handbook. It replaces Financial Statement Concepts, Section PS 1000, and Financial Statement Objectives, Section PS 1100, which will be withdrawn. The Conceptual Framework applies to fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted. This Conceptual Framework is to be applied prospectively.

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 19, 2018 - Sections PS 1000 and PS 1201: Green Infrastructure – Further Issues
  • 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

Amendments under consideration

  • None

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