PSAB’s Proposed Conceptual Framework

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Consultation has concluded

We heard you! The Public Sector Accounting Board (PSAB) received input from over 100 respondents on its 2018 proposals for a revised conceptual framework.


The new Exposure Draft, “The Conceptual Framework for Financial Reporting in the Public Sector” considers the extensive stakeholder input received and represents what PSAB intends to issue in the CPA Canada Public Sector Accounting Handbook, subject to comments received.


The proposed Conceptual Framework would replace certain aspects of the existing conceptual framework in:


  • Section PS 1000, Financial Statement Concepts
  • Section PS 1100, Financial Statement Objectives


Consequently, PSAB's proposals create the need for consequential amendments to various PSA Handbook Standards. The Exposure Draft, “Consequential Amendments Arising from the Proposed Conceptual Framework” outlines these amendments.


Stakeholders have the once-in-a-generation chance to weigh in on exposure drafts that will affect public sector accounting standards for years to come.


Connect with us. We want to hear your views.

We heard you! The Public Sector Accounting Board (PSAB) received input from over 100 respondents on its 2018 proposals for a revised conceptual framework.


The new Exposure Draft, “The Conceptual Framework for Financial Reporting in the Public Sector” considers the extensive stakeholder input received and represents what PSAB intends to issue in the CPA Canada Public Sector Accounting Handbook, subject to comments received.


The proposed Conceptual Framework would replace certain aspects of the existing conceptual framework in:


  • Section PS 1000, Financial Statement Concepts
  • Section PS 1100, Financial Statement Objectives


Consequently, PSAB's proposals create the need for consequential amendments to various PSA Handbook Standards. The Exposure Draft, “Consequential Amendments Arising from the Proposed Conceptual Framework” outlines these amendments.


Stakeholders have the once-in-a-generation chance to weigh in on exposure drafts that will affect public sector accounting standards for years to come.


Connect with us. We want to hear your views.

Consultation has concluded

Need more information on a specific proposal? Is something confusing?  


NOTE: Questions and answers are public to allow participants with similar questions to view the responses.  

  • Share What is the effective date and transition period for the conceptual framework? on Facebook Share What is the effective date and transition period for the conceptual framework? on Twitter Share What is the effective date and transition period for the conceptual framework? on Linkedin Email What is the effective date and transition period for the conceptual framework? link

    What is the effective date and transition period for the conceptual framework?

    almost 3 years ago

    The Exposure Draft does not outline an effective date or transition period for the conceptual framework. 

    The changes to the existing conceptual framework would not have an immediate effect on the financial statements of most reporting entities. However, entities could be affected by the changes if they need to use the revised Conceptual Framework to develop or select accounting policies when no standard specifically applies to a particular economic resource, economic obligation, transaction, or other event. In such circumstances, the revised Conceptual Framework would be applied prospectively. 

    Applying the new presentation concepts in Chapter 10 of the proposed Conceptual Framework may lead entities to review their financial statement disclosures.  

    PSAB will start using the revised Conceptual Framework once it is issued. The revised concepts will guide the Board as it develops or amends standards.