Major projects move ahead – PSAB releases documents for comment on its Conceptual Framework, Reporting Model and International Strategy proposals
May 28, 2018
The Public Sector Accounting Board (PSAB) has released several documents for comment on topics that will impact stakeholders for decades to come.
- Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”
- Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”
- Consultation Paper, “Reviewing PSAB’s Approach to International Public Sector Accounting Standards”
These documents for comment are a once-in-a-generation opportunity to take part in driving the future of PSAB and the standards it sets. Weighing in on the Concepts Underlying Financial Performance project’s proposed concepts and principles that will affect public sector standard setting and financial reporting for years to come, and considering the decision-making criteria for evaluating our international strategy is extremely important. We have issued these documents for comment at the same time to ensure you consider them together.
Charles-Antoine St-Jean, Chair, PSAB
We want to hear from you
The outcomes of these projects may have broad implications in the role the Board plays in developing Public Sector Accounting Standards in Canada. So we’ll be doing extensive outreach.
In addition to assessing comment letters submitted, these documents will be discussed at upcoming Public Sector Accounting Discussion Group meetings and at a number of events across the country.
Comments on the Statement of Concepts and Statement of Principles for the Conceptual Framework project are due on November 28, 2018.
Comments on the Consultation Paper for the International Strategy project are due on September 28, 2018.
In Brief: Podcast
In Brief Podcast: PSAB’s May 2018 release of documents for comment on its Conceptual Framework, Reporting Model and International Strategy proposals (English only)
In Brief: Documents
In Brief: Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”
In Brief: Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”
In Brief: Consultation Paper, “Reviewing PSAB’s Approach to International Public Sector Accounting Standards”
About the Concepts Underlying Financial Performance project
PSAB is proposing changes to its conceptual framework and reporting model for a few different reasons:
- It is necessary for a standard setter to periodically review its conceptual framework to ensure it remains relevant.
- Stakeholders asked PSAB to look at the conceptual framework to ensure it properly reflects and is grounded in the public sector environment.
- Some standards-level issues made some stakeholders question the foundations of public sector financial reporting and they asked PSAB to reconfirm their appropriateness.
So we are making changes through the following actions:
- Issuing a revised conceptual framework to replace two Sections in the Public Sector Accounting (PSA) Handbook:
• PS 1000, Financial Statement Concepts; and
• PS 1100, Financial Statement Objectives.
- Issuing a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.
DOWNLOAD: Conceptual Framework
DOWNLOAD: Reporting Model
Stay up-to-date on this project’s progress via the Concepts Underlying Financial Performance project page.
About the International Strategy project
In our 2017-2020 Strategic Plan, we determined the time was right to review our current international strategy of influencing the International Public Sector Accounting Board (IPSASB).
We’ve written a Consultation Paper that introduces stakeholders to the decision-making criteria PSAB expects to consider in evaluating the international strategy that best serves the public sector going forward.
The Consultation Paper illustrates the application of the criteria to four options PSAB believes are viable international strategies.
Stay up-to-date on this project’s progress via the Review of International Strategy project page.
Stay tuned for additional supporting materials and consultation opportunities such as webinars and other articles.