Public Sector Accounting Standards

Consultation Paper 3, Conceptual Framework Fundamentals and the Reporting Model


Consultation Paper 3 has been developed by the Public Sector Accounting Standards Board’s (PSAB) Conceptual Framework Task Force. It seeks input from PSAB’s stakeholders regarding:

  • A new reporting model to better reflect the accountability objective. The proposed reporting model contains significant changes to PSAB’s existing reporting model. Consequently, it needs to be considered carefully.
  • Draft principles on public sector characteristics, financial reporting and financial statement objectives, qualitative characteristics, elements, recognition and measurement, as well as presentation and disclosure.

Staff Contact(s)

Martha Jones Denning, CPA, CA

Principal, Public Sector Accounting Board

Antonella Risi, CPA, CA

Principal, Public Sector Accounting Board


The objective of this project is to review and amend, if necessary, the concepts underlying financial performance in the public sector conceptual framework in FINANCIAL STATEMENT CONCEPTS, Section PS 1000, and FINANCIAL STATEMENT OBJECTIVES, Section PS 1100 and the reporting model in FINANCIAL STATEMENT PRESENTATION, Section PS 1201.

The project applies to all levels of government as well as government components and organizations that apply the CPA Canada Public Sector Accounting (PSA) Handbook. The project and the conceptual framework focus only on general purpose financial statements.