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Section PS 1201 - Financial Statement Presentation

Effective date:

Section PS 1201 is effective in the period Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments, are adopted.

Published by the PSAB:

June 2011

Overview

This Section establishes general reporting principles and standards for the disclosure of information in government financial statements. The principles and standards are based on the concepts underlying government financial statements in Section PS 1000 Financial Statement Concepts, and the objectives of government financial statements set out in Section PS 1100 Financial Statement Objectives.

The function of financial statements is to communicate information to users that is relevant to the needs of those for whom the statements are prepared, reliable, comparable, understandable and clearly presented in a manner that maximizes its usefulness. The general reporting principles provide guidance on the reporting of information in financial statements to fulfill that function. The financial statements of a government should be clearly identified and should include or be accompanied by an acknowledgment of the government's responsibility for their preparation.

The financial statements must include an acknowledgment of the government's responsibility for their preparation to ensure that users are aware of who is responsible for their preparation and that the government has approved them. Such an acknowledgment could be expressed in narrative form signed by the appropriate minister or elected official, or a delegated government official.

History of Section PS 1201

Date

Development

Comments

June 2011

New Section

This Section revises and replaces Section PS 1200 Financial statement presentation.

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, 2015. Earlier adoption is permitted. Sections PS 2601 Foreign currency translation, and PS 3450 Financial instruments, are to be adopted at the same time.

March 2014

Amendments to effective date for governments

The transitional provisions have been amended to extend the effective date for governments by one year to fiscal years beginning on or after April 1, 2016. Earlier adoption is permitted.

June 2015

Amendments to effective date for governments

The transitional provisions have been amended to extend the effective for governments by three years to fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Public Sector Accounting Discussion Group meetings

  • November 17, 2017 - Sections PS 1000, PS 1201 and PS 3150: Green Infrastructure
  • November 18, 2016 - Section PS 1000 and PS 1201: Recognition Prohibitions and Urban Forests and Recognition Prohibitions and Early Intervention Investments
  • May 7, 2015 - Section PS 1201:  The Term “Net Debt”
  • January 15, 2015 - Section PS 1201:  Presentation of Budget Information
  • January 7, 2014 - Section PS 1201: Presentation of Budget Information and Section PS 1201: Reporting on Financial Position by a Governmental Unit

Amendments under consideration

Public Sector Accounting Discussion Group meetings

  • March 3, 2016 - Sections PS 1000, PS 1100 and PS 1300: Definition of Government in Relation to First Nations Trusts

Public Sector Accounting Discussion Group meetings

  • March 3, 2016 - Sections PS 1000, PS 1100 and PS 1300: Definition of Government in Relation to First Nations Trusts

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.