Narrow-scope Amendments: SORP-1 Consistency Updates

The Public Sector Accounting Board (PSAB) is proposing to update the Statement of Recommended Practice 1 (SORP-1): Financial Statement Discussion and Analysis for consistency with The Conceptual Framework for Financial Reporting in the Public Sector and Section PS 1202, Financial Statement Presentation. These proposed updates will be issued in alignment with the April 1, 2026, effective dates of these key documents.

Our proposed updates to SORP-1 are intended to:

• remediate any inconsistencies between existing SORP-1 and the new Conceptual Framework and Reporting Model;
• develop guidance for new Conceptual Framework and Reporting Model concepts that are absent from existing SORP-1; and
• update SORP-1 terminology to promote consistency and inclusiveness throughout the PSA Handbook.

Take our quick survey to share your views on our proposed narrow-scope amendments! Your insights are essential to enhancing quality and driving best practices in public sector financial reporting. Respond by July 24, 2025, and join the conversation.

Note: SORPs do not form part of the CPA Canada Public Sector Accounting Handbook and are intended to provide non-prescriptive guidance for public sector entities choosing to provide supplementary information beyond its financial statements.