PSAB's Proposed Reporting Model

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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 reporting model.


The new Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202” 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 reporting model builds on the reporting model in Section PS 1201, Financial Statement Presentation. Subject to comments and pending PSAB approval, new Section PS 1202 would replace existing Section PS 1201.


PSAB's proposals create the need for consequential amendments to various PSA Handbook Standards. The Exposure Draft, “Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202” outlines these amendments.


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 reporting model.


The new Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202” 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 reporting model builds on the reporting model in Section PS 1201, Financial Statement Presentation. Subject to comments and pending PSAB approval, new Section PS 1202 would replace existing Section PS 1201.


PSAB's proposals create the need for consequential amendments to various PSA Handbook Standards. The Exposure Draft, “Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202” outlines these amendments.


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. 

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    CAGFO PSA Committee question: Please clarify what the intent is around PSAB’s proposed budget requirements in paragraph 6.28 of the exposure draft; that is, we assume the requirement is to modify/restate the budget on the statement of operations and not that PSAB is dictating how governments should prepare their approved budgets.

    almost 3 years ago

    Your assumption is correct:  the proposed requirements relate to the budget that is presented for comparison purposes with actual amounts on the financial statements.

     It is important to note that PSAB does not set standards for the budget.  Budgets are policy documents.

     For financial statement purposes, in order to do an apple to apple comparison, the budget amounts would need to be presented on the statement of operations using the same basis of accounting, principles, scope and classification as the actual numbers presented on the statement of operations.  As a result, when the basis of accounting, principles, scope or classifications used in the budget is different than that used for the financial statements, the budget amounts would need to be restated and the restated amounts would be identified and reported as such on the face of the statement of operations. Note disclosure or a schedule would reconcile the restated budget numbers back to those approved in the original budget.  These are substantially the same as the existing budget presentation requirements for the statement of operations in Financial Statement Presentation, Section PS 1201.

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    Not sure which statement to use to present the budget to actual comparison for tangible capital assets?

    almost 3 years ago

    If an entity chooses to present the change in net financial assets or net financial liabilities on its statement of net financial assets or net financial liabilities, then the total actual and budgeted capital expenditures would appear on that statement.  This line would represent one of the reasons the net financial assets or net financial liabilities has changed.  If, however, an entity chooses not to present the change in net financial assets or net financial liabilities, then the total actual and budgeted capital expenditures would need to be disclosed in the notes.