Exposure Draft – Proposal to modify the Canadian Public Sector GAAP Hierarchy

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Nov 10, 2020

On November 10, 2020, the Public Sector Accounting Board (PSAB) released an exposure draft proposing amendments to PS 1150, "Generally Accepted Accounting Principles", to clarify the GAAP hierarchy on matters not covered by primary sources of GAAP or for assistance in applying primary source of GAAP. Comments are requested by February 15, 2021.

PSAB expects to issue final amendments to Section PS 1150 in the first quarter of 2021. The amendments will be effective for years beginning on or after April 1, 2021.

Review the press release and exposure draft on the PSAB's website.

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