The New Reporting Model in 2027

June 19, 2026

The New Reporting Model in 2027

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.

The new standard will require municipalities to classify their liabilities as financial or non-financial liabilities. It also restructures key components and brings certain key indicators to prominence.  These changes will take effect in the 2027 financial statements and will be reflected in the 2027 FIR which is due on May 31, 2028.

Potential next steps for you:

Review a PDF of the 2027 FIR:

  • A PDF of the 2027 FIR can be found at the link  here. Please take a moment to review the PDF.  Please note the 2027 draft PDF does not reflect other changes that may be made to the 2027 FIR template.

Learn more.  Consider the following resources:

  • MFOA Conceptual Framework & PS1202 Financial Statement Presentation Working Group meets monthly
  • Additional resources: Connect with MFOA and your local auditor to learn more about relevant accounting resources.

Determine what system changes may be needed. 

  • Assess if changes are needed to your systems, templates, reports, or accounts to align with the new reporting model, including any potential reconfigurations or workarounds.
  • Assess if your municipality holds non-financial liabilities and determine if your financial system can handle segregating financial vs non-financial liabilities.

Engage stakeholders.

Consider proactively engaging municipal staff, councillors, auditors, and users of the financial statements.

  • The new standard will significantly change the presentation, structure, and appearance of municipal financial statements, so targeted engagement will support a smoother transition.

Attend:

MFOA/MMAH webinar “Updates to the FIR” Item Detail – Updates to the FIR

  • Learn more about the new reporting model and its impact on municipal financial statements and the FIR.

MFOA/MMAH webinar “FIR Updates: 2025, 2026, and 2027” FIR Updates: 2025, 2026, and 2027

  • A schedule-by-schedule walkthrough of the changes to the 2027 FIR resulting from the new reporting model.

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