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Public Sector Accounting Standards

Concepts Underlying Financial Performance Project – Brief History and Timeline

2010

The Concepts Underlying Financial Performance project is approved.

August 2011

Issued Consultation Paper 1, “Characteristics of Public Sector Entities”. Received 24 responses.

October 2012

Issued Consultation Paper 2, “Measuring Financial Performance in Public Sector Financial Statements”. Received 48 responses.

March 2015

Issued Consultation Paper 3, “Conceptual Framework Fundamentals and the Reporting Model”. Received 39 responses.

May 2018

Issued Statement of Concepts, "A Revised Conceptual Framework for the Canadian Public Sector”. Received 39 responses.
Issued Statement of Principles, "A Revised Reporting Model for the Canadian Public Sector”. Received 43 responses.

January 2021

Issued Exposure Draft, “The Conceptual Framework for Financial Reporting in the Public Sector”. Received 56 responses.
Issued Exposure Draft, “Consequential Amendments Arising from the Proposed Conceptual Framework”. Received 16 responses.
Issued Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202”. Received 67 responses, representing more than 170 respondents.
Issued Exposure Draft, “Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202”. Received 18 responses.

June 2022

The Conceptual Framework for Financial Reporting in the Public Sector and the consequential amendments are approved.

December 2022

The Conceptual Framework for Financial Reporting in the Public Sector and the consequential amendments are published in the CPA Canada Public Sector Accounting (PSA) Handbook.

March 2023

Section PS 1202, Financial Statement Presentation and the consequential amendments are approved.

October 2023

Section PS 1202, Financial Statement Presentation and the consequential amendments are issued in the PSA Handbook.

April 2026

The Conceptual Framework for Financial Reporting in the Public Sector and Section PS 1202 are in effect for fiscal years beginning on or after this date.