This summary of decisions of the Public Sector Accounting Board (PSAB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by PSAB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.
Standards for Public Sector Entities
Conceptual Framework and Reporting Model
PSAB approved four important exposure drafts:
- “The Conceptual Framework for Financial Reporting in the Public Sector,” which PSAB proposes will replace certain aspects of the existing conceptual framework in Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives;
- “Financial Statement Presentation, Proposed Section PS 1202,” which PSAB proposes will replace the existing reporting model standard in Section PS 1201, Financial Statement Presentation;
- “Consequential Amendments Arising from the Proposed Conceptual Framework,” which summarizes the implications for the rest of the CPA Canada Public Sector Accounting (PSA) Handbook; and
- “Consequential Amendments Arising from Financial Statement Presentation, Proposed Section PS 1202,” which summarizes the implications for the rest of the PSA Handbook.
PSAB will also issue a basis for conclusions for each of the conceptual framework and reporting model exposure drafts to set out its reasoning for the proposals. The Board expects to issue the documents in January 2021, with comments due by mid-May 2021.
Exposure drafts represent the pronouncements PSAB expects to include in the PSA Handbook after considering stakeholder feedback. All stakeholders are encouraged to provide feedback on these proposals once they are issued in January. The Board will provide various ways to do so, including a new community engagement platform that seeks to make providing feedback easier.