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Public Sector Accounting Standards (PSAS) | Deloitte CFR

You can find more about each of the standards that form part of the Public Sector Accounting Standards by selecting the standard you are interested in from the following table or from the left navigation where we have categorized the standards by broad categories.

Title Description Effective Date
Section PS 3380 - Contractual rights This Section defines and establishes disclosure standards on contractual rights; but does not include disclosure standards for specific types of contractual rights; and does not include those contractual rights to exchange one asset for another where revenue does not arise. Fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.
Section PS 3210 - Assets This Section provides guidance for applying the definition of assets and establishes general disclosure standards for assets; but does not include standards for recognition and disclosure of specific types of assets, which are dealt with in other Handbook Sections. Fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.
Section PS 3320 - Contingent assets This Section defines and establishes disclosure standards on contingent assets; but does not include disclosure standards for specific types of contingent assets. This Section applies to fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.
Section PS 3430 - Restructuring transactions This Section establishes standards on how to account for and report restructuring transactions by both transferors and recipients of assets and/or liabilities, together with related program or operating responsibilities. Restructuring transactions occurring in fiscal years beginning on or after April 1, 2018. Earlier adoption is permitted.
Section PS 1000 - Financial statement concepts This Section describes the concepts underlying the development and use of accounting principles in government financial statements. Such financial statements are designed to meet the common information needs of external users of financial information about a government. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 2005. Earlier adoption is encouraged.
Section PS 1100 - Financial statement objectives This Section identifies and describes objectives of government financial statements that are generally acceptable to the users and preparers of the statements. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 2005. Earlier adoption is encouraged.
Section PS 1150 - Generally accepted accounting principles This Section establishes standards for financial reporting in accordance with generally accepted accounting principles, describes what constitutes generally accepted accounting principles, and their sources and provides guidance on sources to consult when selecting accounting policies and determining appropriate disclosures, when a matter is not dealt with explicitly in the primary sources of generally accepted accounting principles. This Guideline applies for fiscal years beginning on or after April 1, 2005 (Certain local governments – April 1, 2006). Earlier adoption is encouraged.
Section PS 1201 - Financial Statement Presentation This Section establishes general reporting principles and standards for the disclosure of information in government financial statements. It is effective for (i) government organizations for fiscal years beginning on or after April 1, 2012; and (ii) governments for fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted.
Section PS 1300 - Government reporting entity This Section defines the scope of the government reporting entity in terms of the organizations whose financial affairs and resources would be included in government financial statements and establishes standards on how to account for and disclose those organizations in government financial statements. It also establishes standards on how to account for and disclose portfolio investments and trusts under administration. April 1, 2005 (Consolidation of certain government organizations is only required for fiscal years beginning on or after April 1, 2009). Earlier adoption is encouraged.
Section PS 2100 - Disclosure of accounting policies This Section establishes disclosure standards on the accounting policies adopted by an entity in the preparation and presentation of its financial statements. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after September 1, 1983. Earlier adoption is encouraged.
Section PS 2120 - Accounting changes This Section establishes standards on how to account for and disclose a change in an accounting policy, a change in an accounting estimate and a correction of an error relating to prior period financial statements. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after September 1, 1997. Earlier adoption is encouraged.
Section PS 2125 - First-time adoption The purpose of this Section is to ensure that the first financial statements of a government component, government organization or government partnership, prepared in accordance with Public Sector Accounting Standards, contain high-quality information that: is transparent for users of the financial statements and comparable over all periods presented; provides a suitable starting point for accounting in accordance with Public Sector Accounting Standards; and can be generated at a cost that does not exceed the benefits to users. This Section applies to government organizations that are adopting the accounting standards contained in the PSA Handbook for the first time. This Section applies for fiscal years beginning on or after January 1, 2011.
Section PS 2130 - Measurement uncertainty This Section establishes disclosure standards for measurement uncertainty arising from items recognized or disclosed in financial statements. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 2005. Earlier adoption is encouraged.
Section PS 2200 - Related party disclosures This Section defines a related party and establishes disclosures required for related party transactions. This Section applies to fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.
Section PS 2400 - Subsequent events This Section establishes standards on how to account for and disclose events occurring between the financial statement date and the date of their completion. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after March 1, 1997. Earlier adoption is encouraged.
Section PS 2500 - Basic principles of consolidation This Section establishes standards on the basic principles of consolidation involved in preparing government financial statements. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after May 1, 1999. Earlier adoption is encouraged.
Section PS 2510 - Additional areas of consolidation This Section establishes standards on consolidation issues that are rare or require particular consideration. This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after May 1, 1999. Earlier adoption is encouraged.
Section PS 2601 - Foreign Currency Translation This Section establishes standards on how to account for and report transactions that are denominated in a foreign currency in government financial statements. This Section is effective for (i) Government organizations – April 1, 2012; and (ii) Governments – April 1, 2021. Earlier adoption is permitted.
Section PS 2700 - Segment disclosures This Section establishes standards on how to define and disclose segments in a government's consolidated financial statements. This Section applies to fiscal years beginning on or after April 1, 2007. Earlier adoption is encouraged.
Section PS 3041 - Portfolio investments This Section establishes standards on how to account for and report portfolio investments in government financial statements. Effective in the period that Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments, are adopted. The transitional provisions have been amended to extend the effective date for governments by two years to fiscal years beginning on or after April 1, 2021. Earlier adoption is permitted.

Correction list for hyphenation

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