Preview of 2027 Reporting Model FIR Changes–Have Your Say!

December 2, 2025

NEW! The Ministry of Municipal Affairs and Housing is updating the 2027 FIR to reflect the new Public Sector Accounting Board (PSAB) standard PS 1202 Financial Statement Presentation. Based on the revised Conceptual Framework for Financial Reporting in the Public Sector, PS 1202 sets out general and specific requirements for the presentation of information in general-purpose financial statements.

It also restructures key components and brings certain key indicators to prominence. These changes will take effect in the 2027 FIR template, to be released in 2028.

Next steps for you:

1. Review a draft PDF of the 2027 FIR: A preliminary draft PDF of the 2027 FIR can be found at the link here. Please take a moment to review the PDF and email us at FIR@ontario.ca with any thoughts you may have on the proposed changes made to the 2027 FIR. Your feedback now can help shape the final template. Please note the 2027 draft PDF does not reflect other changes that may be made to the 2027 FIR template.
2. Learn More: If you want to learn more about the new reporting model, you may wish to view a recording of the Municipal Finance Officers’ Association (MFOA) webinar from August 20, 2025, called “Updates to the FIR”. The second half of the session walked through the new Public Sector Accounting Standard – PS 1202 Financial Statement Presentation. The recording can be viewed at the link here.
3. Attend: MFOA will be hosting a free webinar on December 2, 2025, called “FIR Updates: 2025, 2026 and 2027”. The session will walk through changes to multiple years of the FIR, including proposed changes to the 2027 FIR template relating to the new reporting model. You may register here.