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Public Sector Accounting Standards

Concepts Underlying Financial Performance

Summary

In 2010, PSAB approved the Concepts Underlying Financial Performance project.

PSAB identified this project as high priority in its 2010-2013 Strategic Plan, responding to a suggestion from the senior government finance community.

The objective of the project was to review and amend, if necessary, the following:

  • the concepts underlying financial performance in the superseded public sector conceptual framework: Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives; and
  • the principles in Section PS 1201, Financial Statement Presentation

In June 2022, PSAB approved the Conceptual Framework for Financial Reporting in the Public Sector and the consequential amendments arising from it. In March 2023, PSAB approved Section PS 1202, Financial Statement Presentation and the consequential amendments arising from it. 

View the project’s history, multi-year consultation milestones and outreach results.

Staff Contact(s)

Antonella Risi, CPA, CA Associate Director, Public Sector Accounting Board

Martha Jones Denning, CPA, CA Associate Director, Public Sector Accounting Board

Project Status

  • Final pronouncement

    Conceptual Framework: PSAB has approved the Conceptual Framework for Financial Reporting in the Public Sector and a series of consequential amendments to various standards in the PSA Handbook. Theis Conceptual Framework and related consequential amendments have now been published in the PSA Handbook and will be effective for fiscal years beginning on or after April 1, 2026.

  • Final pronouncement

    Reporting Model: PSAB has approved Section PS 1202, Financial Statement Presentation, and a series of consequential amendments to various standards in the PSA Handbook. Section PS 1202 and the related consequential amendments have now been published in the PSA Handbook and will be effective for fiscal years beginning on or after April 1, 2026. Prior period amounts would need to be restated to conform to the presentation requirements for comparative financial information in Section PS 1202.

PSAB’s Reporting Model: Resources

Check out our resources and non-authoritative guidance to better understand PSAB’s Reporting Model in Section PS 1202.

The Conceptual Framework: Resources to help you prepare

Check out our resources and non-authoritative guidance to better understand PSAB’s Conceptual Framework.

News


February 27 - March 19, 2024

Meeting, Video, Webinar, News

Webinars – PSAB’s New Conceptual Framework for Financial Reporting in the Canadian Public Sector and PSAB’s New Reporting Model (Section PS 1202, Financial Statement Presentation)

Watch these on-demand webinars for an overview of PSAB’s new Conceptual Framework and Reporting Model, including how you can start preparing for implementation.

October 10, 2023

News, Resource, Guidance

PSAB’s Reporting Model: Resources

Check out our resources and non-authoritative guidance to better understand PSAB’s Reporting Model in Section PS 1202, Financial Statement Presentation. The Reporting Model is effective for fiscal years beginning on or after April 1, 2026 – refer to these resources to learn how to apply this foundational standard for the public sector.

June 22, 2023

Resource, Guidance

The Conceptual Framework: Resources to help you prepare

Use our resources and non-authoritative guidance to better understand the Conceptual Framework and how to apply this foundational framework for the public sector. PSAB’s new Conceptual Framework is effective for fiscal years beginning on or after April 1, 2026, so start preparing now.

December 1, 2022

News

PSAB’s new Conceptual Framework Issued

PSAB’s new Conceptual Framework is now available in the PSA Handbook. This is a significant milestone for financial reporting in the Canadian public sector. The accompanying Basis for Conclusions document explaining PSAB’s reasoning for key decisions is also now available.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.