Section PS 1100 - Financial statement objectives
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Effective date: |
April 1, 2005 |
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Published by the PSAB: |
January 2003 |
Overview
This Section identifies and describes objectives of government financial statements that are generally acceptable to the users and preparers of the statements. These objectives provide the basis for determining standards of financial statement reporting and accounting principles that are consistent with one another and appropriate for government. Their goal is to improve government financial statements and enhance their comparability.
The objectives of government financial statements that follow are based on the information needs of users, taking into account the limitations of financial statements as a reporting medium, the nature of government operations and legislative control.
History of Section PS 1100
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Date |
Development |
Comments |
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January 2003 |
New Section |
This new Section replaces existing Section PS 1400 Objectives of government financial statements — federal, provincial & territorial governments. |
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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Financial Statement Concepts, Section PS 1000, and Financial Statement Objectives, Section PS 1100, which will be withdrawn.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
- March 3, 2016 - Sections PS 1000, PS 1100 and PS 1300: Definition of Government in Relation to First Nations Trusts
Amendments under consideration
- None