Alert: Concepts Underlying Financial Performance - PSAB Deliberating Feedback Received on Four Exposure Drafts (July 2021)

Date: July 08, 2021
Category: Alerts


In January 2021, the Public Sector Accounting Board (PSAB) issued four related Exposure Drafts (EDs) in connection with a high priority project to consider the concepts underlying the measure of financial performance of public sector entities. The issued EDs propose a revised Conceptual Framework and a revised financial statement presentation standard, as well as consequential amendments to related standards of the CPA Canada Public Sector Accounting (PSA) Handbook. PSAB is currently deliberating the feedback received on the EDs, following its robust and rigorous due process. Final approval of the revised Conceptual Framework, new financial statement presentation standard, and related consequential amendments is expected to occur in Q4 2021.

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Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.