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GAAP Hierarchy – PSAB

Date recorded:

At its meeting on March 9, 2021, the PSAB reviewed the significant feedback received from stakeholders on the Exposure Draft, “Proposal to Modify the Canadian GAAP Hierarchy,” relating to Section PS 1150, Generally Accepted Accounting Principles. The Board deliberated and approved an amendment to the Section to address stakeholder concerns. The rationale was outlined in the Basis for Conclusions document approved at the meeting. The amendment is applicable for fiscal years beginning on or after April 1, 2021.These amendments will be reflected in the April 2021 update of the Public Sector Accounting Handbook.

Review the executive summary on the PSAB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.