PSAB - Proposal to Modify the Canadian Public Sector GAAP Hierarchy [ED]
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Comment period ends on February 15, 2021 |
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Next steps: |
The PSAB plans to review the feedback to its Exposure Draft and issue the amendments to Section PS 1150 in Q1/2021 |
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Last updated: |
November 2020 |
Overview
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.
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.
For further details, refer to the press release and Exposure Draft on the PSAB's website.
Other developments
November 2020
On November 10, 2020, the Public Sector Accounting Board (PSAB) released an Exposure Draft proposing amendments to PS 1150. Comments are requested by February 15, 2021.