At its meeting on March 30-31, the PSAB approved: (i) Section PS 1202, Financial Statement Presentation; the consequential amendments arising from Section PS 1202 to various Sections of the PSA Handbook; and (iii) the accompanying Basis for Conclusions document. 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. The major principles included in the 2021 Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202,” have been retained. Changes made were to add clarity or improve/refine principles based on feedback from interested and affected parties. Section PS 1202 and the related consequential amendments will be included in the CPA Canada Public Sector Accounting (PSA) Handbook in October 2023. The Basis for Conclusions, explaining PSAB’s reasoning on key project issues, will be published in the PSA Handbook in November 2023.

Review the Executive Summary on the PSAB's Web site.