News

The Public Sector Accounting Board’s (PSAB’s) new Reporting Model in Section PS 1202, Financial Statement Presentation, was issued in the CPA Canada Public Sector Accounting (PSA) Handbook on October 2, 2023.

Focused on ensuring the standard is relevant and continues to meet users’ needs, PSAB’s new Reporting Model:

• builds on the existing one in Section PS 1201;
• is consistent with PSAB’s new Conceptual Framework;
• promotes an increased understanding of financial statements and the indicators within them; and
• provides improved accountability information for users.

Considerations for Performance Auditors

It is important for performance auditors to understand that the new Reporting Model will assist them to better understand the organization being audited.

Start Preparing

The Reporting Model in Section PS 1202 will be effective for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time.

Ensure you are ready:

• Visit PSAB’s webpage to read about key changes.
• Watch PSAB’s on-demand webinar outlining the changes and effects of the Reporting Model.
• Read the plain language documents, including non-authoritative guidance.
• Visit PSAB’s Concepts Underlying Financial Performance project page.

Authors

Antonella Risi, CPA, CA
Associate Director, Public Sector Accounting Board

Martha Jones Denning, CPA, CA
Associate Director, Public Sector Accounting Board

Merwan Saher, FCPA, FCA
Former Auditor General of Alberta and Member of the Concepts Underlying Financial Performance Task Force