PSAB Concepts Underlying Financial Reporting - Resources

 

The conceptual framework in Sections PS 1000, Financial Statement Concepts, and PS 1100, Financial Statement Objectives, are currently under review with a focus on measuring the financial performance of public sector entities. 

In September 2020, PSAB approved four important exposure drafts, as well as two bases for conclusions for the conceptual framework and reporting model exposure drafts to set out its reasoning for the proposals. These documents were issued on January 11, 2021 and are open for comment until May 12, 2021. The proposals within the exposure drafts have the potential to have wide reaching changes to public sector financial reporting. The four exposure drafts are:

  • Exposure Draft – The Conceptual Framework for Financial Reporting in the Public Sector 
  • Exposure Draft – Consequential Amendments Arising from the Proposed Conceptual Framework
  • Exposure Draft – Financial Statement Presentation, Proposed Section PS 1202
  • Exposure Draft – Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202

  • MFOA and the Accounting and Financial Reporting Committee are reviewing the exposure drafts and will be submitting comments in the coming months. We will continue to update our members on this important issue. Check back to this page for resources and documents. If you have any questions, please contact Christine Duong (christine@mfoa.on.ca).

    MFOA has provided comments to earlier iterations of the framework. Click here to view our comments on PSAB Consultation Paper 3. Click here to view all of our past submissions to PSAB.

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