June 20, 2019
PSAB Decision Summary – June 20-21, 2019
PSAB reviewed the feedback related to Chapter 1, “Introduction to the Conceptual Framework,” and Chapter 2, “Characteristics of Public Sector Entities,” of the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector.” Some of the feedback related to:
- where to communicate Board justification of any future inconsistency between a new or revised standard and the conceptual framework;
- how the conceptual framework fits within the GAAP hierarchy;
- how the characteristics of public sector entities apply to government not-for-profit organizations (GNFPOs);
- the longevity of governments; and
- ·other improvements to the description of the characteristics.
The Board also reviewed:
- the revised Chapters 1 and 2 that would be part of the exposure draft for a revised conceptual framework; and
- the accompanying basis for conclusions document related to Chapters 1 and 2.
PSAB will receive an update on the development of the exposure draft for a revised conceptual framework at the September 2019 Board meeting.
December 14, 2017
PSAB Decision Summary – December 14-15, 2017
The Board approved the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector” and the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector.” The Board expects to issue the documents in the spring of 2018.
September 21, 2017
PSAB Decision Summary – September 21-22, 2017
The Board discussed the financial statement foundations and financial statement objectives, as well as a revised reporting model. In particular, the Board discussed the concept of control and service capacity, and considered improvements to the financial statement objectives. The Board also considered a number of illustrative financial statements to help visualize how the proposed reporting model would look for different types of public sector entities.
December 15, 2016
PSAB Decision Summary – December 15-16, 2016
PSAB continued its discussion on the reporting model and provided the task force with direction on a proposed reporting model to be presented in a statement of principles.
September 26, 2016
PSAB Decision Summary – September 26-27, 2016
PSAB discussed various reporting model alternatives and expects to continue the discussion at its December 2016 meeting.
June 16, 2016
PSAB Decision Summary – June 16-17, 2016
PSAB discussed the qualitative characteristics and related considerations and provided feedback to the task force.
December 14, 2015
PSAB Decision Summary – December 14-15, 2015
PSAB received a high-level summary of responses to Consultation Paper 3, “Conceptual Framework Fundamentals and the Reporting Model,” and provided feedback to the Task Force on alternatives to address a few key issues revealed in the responses.
June 18, 2015
PSAB Decision Summary – June 18-19, 2015
PSAB discussed issues related to the objectives of financial statements and provided feedback to the Conceptual Framework Task Force.
December 15, 2014
PSAB Decision Summary – December 15-16, 2014
PSAB reviewed a third consultation paper and provided feedback to its task force.
March 20, 2014
PSAB Decision Summary – March 20-21, 2014
PSAB provided feedback to its task force on financial statement presentation issues. The task force plans to consult stakeholders on this topic as it impacts other components of the conceptual framework. The third consultation paper is expected to be issued in the second half of 2014.
December 12, 2013
PSAB Decision Summary – December 12-13, 2013
PSAB provided feedback to the Conceptual Framework Task Force on various issues.
September 23, 2013
PSAB Decision Summary – September 23-24, 2013
PSAB considered and discussed the proposed definitions of the elements of financial statements and provided feedback to the Conceptual Framework Task Force.
June 12, 2013
PSAB Decision Summary – June 12-13, 2013
PSAB received a detailed analysis of responses to its task force’s Consultation Paper 2, “Measuring Financial Performance in Public Sector Financial Statements,” and an update on the next steps of the project.
March 21, 2013
PSAB Decision Summary – March 21-22, 2013
PSAB received a presentation on the conceptual framework of the Governmental Accounting Standards Board, which establishes accounting and financial reporting standards for U.S. state and local governments.
December 13, 2012
PSAB Decision Summary – December 13-14, 2012
PSAB received a report on the outreach and consultation activities undertaken and feedback received regarding its task force’s Consultation Paper 2, “Measuring Financial Performance in Public Sector Financial Statements,” since its September 2012 PSAB meeting. Consultation with more stakeholder groups will continue in 2013.
September 20, 2012
PSAB Decision Summary – September 20-21, 2012
PSAB discussed the final draft of its task force’s Consultation Paper 2, “Measuring Financial Performance in Public Sector Financial Statements.” It was requested that a representative of the Governmental Accounting Standards Board attend a subsequent PSAB meeting to discuss the United States’ position.
The Board also received an update on the next steps of the project, including posting the Consultation Paper on the PSAB website in October 2012 with related webcast, and other planned outreach and consultation activities prior to the end of the comment period on January 31, 2013.
June 26, 2012
PSAB Decision Summary – June 26-27, 2012
PSAB received a presentation on the proposed content of a second consultation paper and provided feedback for the task force’s consideration. The consultation paper will address:
- key characteristics of public sector entities, revised in accordance with responses received on Consultation Paper 1;
- the objective and context of public sector financial reporting;
- to whom public sector entities are accountable and what they are accountable for; and
- alternative models of measuring financial performance to meet identified accountabilities.
March 21, 2012
PSAB Decision Summary – March 21-23, 2012
At its December 2011 meeting, PSAB reviewed a proposed timeline indicating a completion date of September 2016. PSAB expressed a desire to proceed with this project in a more timely manner. At this meeting, PSAB considered and supported a revised approach and timeline.
The revised approach focuses on two primary issues: the characteristics of public sector entities, which were addressed in Consultation Paper 1; and the measure of financial performance, which will be addressed in Consultation Paper 2. The project is expected to be completed by September 2015.
December 15, 2011
PSAB Decision Summary – December 15-16, 2011
PSAB received a presentation regarding the Task Force’s Consultation Paper 1 detailing the 24 responses received, the Task Force’s consideration of the issues raised and the proposed disposition. The Task Force noted that an issues analysis, responding to the major issues raised, will accompany a second Consultation Paper.
PSAB provided feedback to the Task Force on next steps in the project. A revision to the timeline is proposed to accommodate additional issues raised in the responses. PSAB encouraged the Task Force to consider other methods of consulting with constituents as well as ways to shorten the proposed timeline, while recognizing that a conceptual framework project is a significant undertaking.
September 29, 2011
PSAB Decision Summary – September 29-30, 2011
PSAB received a presentation on the Conceptual Framework Task Force’s Consultation Paper 1, issued in August 2011. The Board discussed the proposed characteristics of public sector entities and provided some feedback to be taken back to the Task Force.
June 23, 2011
PSAB Decision Summary – June 23-24, 2011
PSAB received an update on the progress of the project to date, including a project overview and proposed timetable for the project as well as preliminary views taken by the task force. The Board indicated its support for each of these aspects of the project.
Next steps include issuing an initial task force document for use in consultations with stakeholders (deputy ministers of finance, comptrollers general, legislative auditors, local governments and government organizations and their auditors) over the summer and fall of 2011. Consultations on a second task force document are planned for the second quarter of 2012. The intent of these upfront consultations is for the task force to garner input from the community on the building blocks first, such as the characteristics of public sector entities and any unique accounting or reporting implications of those characteristics, before it drafts a document for PSAB approval for public comment.
December 9, 2010
PSAB Decision Summary – December 9-10, 2010
PSAB approved a project to review the concepts underlying financial performance in its conceptual framework. The Board confirmed that this project is its most important project in terms of significance and potential effect, the extent of resources allocated to it, and the time PSAB anticipates devoting to research, discussion and analysis. Nominations for task force members are now under consideration.
As part of this review, the issues raised and the recommendations made by the Deputy Ministers of the Joint Working Group will need to be considered. In addition, the project will consider the work of the International Public Sector Accounting Standards Board on its conceptual framework project and its applicability the Canadian public sector.