The Public Sector Accounting Board (PSAB) seeks feedback on the following two documents that propose changes to the current conceptual framework and reporting model, impacting PSAB’s stakeholders for decades to come:
What is the overall impact of these changes?
The proposed changes will lead to:
- a revised conceptual framework with ten chapters that would replace Sections PS 1000, Financial Statement Concepts and PS 1100, Financial Statement Objectives; and
- a revised financial statement presentation standard that would replace Section PS 1201, Financial Statement Presentation.
Both the proposed conceptual framework and reporting model are centered around the concept of accountability. The proposals for a revised conceptual framework were developed using an accountability lens and include new guidance with additional clarity. And, the proposals for a revised reporting model seek to increase the understandability and accountability value of financial statements.
For more information on the proposals visit www.frascanada.ca/psabbigprojects2018.
PSAB wants to hear from you
Comments are due on November 28, 2018.
Stay up-to-date on this project’s progress via the Concepts Underlying Financial Performance project page.