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PSAB - Section PS 1201, Financial Statement Presentation [Completed]

Effective date:

Fiscal years beginning on or after April 1, 2012 for government organizations, and  fiscal years beginning on or after April 1, 2016 for governments.

Transitional provisions:

Effective for fiscal years beginning on or after April 1, 2012 for government organizations, and for fiscal years beginning on or after April 1, 2016 for governments. Early adoption permitted.

Last updated:

January 2014

Overview

The new Section PS 1201 introduces a new statement of remeasurement gains and losses. The new statement will report:

  1. unrealized gains and losses associated with financial instruments in the fair value category;
  2. exchange gains and losses associated with monetary assets and monetary liabilities denominated in a foreign currency that have not been settled;
  3. amounts reclassified to the statement of operations upon derecognition or settlement; and
  4. other comprehensive income reported when a public sector entity includes the results of its government business enterprises and government business partnerships in the summary financial statements.

Of note, the transition requirements state that PSAB will review the application of this Section for governments by December 31, 2013.

Other developments

December 2013

In December 2013, the PSAB completed its review of the application of Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments, to governments, and confirmed that the principles are fundamentally sound. In addition, in response to a request for additional time by governments to implement these standards, the PSAB approved an amendment to the transitional provisions to extend the effective date by one year to April 1, 2016 from April 1, 2015.

July 2011

In July 2011, PSAB issued a Basis of Conclusions document in respect of PS 1201.

March 2011

In March 2011, PSAB approved a new standard, Section PS 3450, Financial Instruments, and two revised standards, Section PS 1201, Financial Statement Presentation, and Section PS 2601, Foreign Currency Translation (to replace the existing Section PS 1200, Financial Statement Presentation, and Section PS 2601, Foreign Currency Translation, respectively).

November 2010

In November 2010, PSAB issued the 2010 ED, Financial Instruments and Foreign Currency Translation: Financial Statement Presentation, specifically in order to introduce a new statement of remeasurement gains and losses to report unrealized gains and losses on financial instruments and foreign exchange.

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.