Overview

On November 10, 2020, the Public Sector Accounting Board (PSAB) released an Exposure Draft proposing amendments to Section 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.

The 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.

On April 1, 2021, the PSAB issued the relevant amendments to PS Section 1150 of the PSA Handbook. PS Section 1150 has been amended to position International Public Sector Accounting Standards as the first accounting framework to consult in situations not covered by primary sources of GAAP or for assistance in applying a primary source of GAAP to specific circumstances and it is necessary to consult pronouncements issued by other bodies authorized to issue accounting standards. The amendments are effective for fiscal years beginning on or after April 1, 2021. The amendment would be applied only to new transactions or other events for which the entity has no existing accounting policy. The amendment does not require revision of existing accounting policies.

On June 1, 2021, the PSAB added the Basis of Conclusions related to the April 2021 amendments to PS Section 1150 to the PSA Handbook.

Other developments

June 2021

On June 1, 2021, the PSAB added the Basis of Conclusions related to the April 2021 amendments to PS Section 1150 to the PSA Handbook.

April 2021

On April 1, 2021, the PSAB issued the relevant amendments to PS Section 1150 of the PSA Handbook. The amendments are effective for fiscal years beginning on or after April 1, 2021.

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.