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- the concepts underlying financial performance in the superseded public sector conceptual framework: Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives; and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.