Section PS 1202 - Financial Statement Presentation

Effective date:

This Section applies for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time.  Prior period amounts would need to be restated to conform to the presentation requirements for comparative financial information in this Section.

Published by the PSAB:

October 2023

Overview

This Section sets out general and specific requirements for the presentation of information in general purpose financial statements (“financial statements”). The financial statement presentation principles are based on the concepts in the Conceptual Framework, and particularly respond to the financial statement objectives set out in Chapter 6 of the Conceptual Framework.

Under Section PS 1201, A complete set of financial statements should include:

  1. statement of financial position;
  2. statement of net financial assets or net financial liabilities;
  3. statement of operations;
  4. statement of changes in net assets or net liabilities;
  5. statement of cash flow; and
  6. the accompanying notes and schedules. 

The Reporting Model in Section PS 1202 will be effective for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time.

     

    History of Section PS 1202

    Date

    Development

    Comments
    October 2023

    New Sec­tion

    This Sec­tion re­vises and re­places Sec­tion PS 1201 Fi­nan­cial state­ment pre­sen­ta­tion.

    This Section applies for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time.  Prior period amounts would need to be restated to conform to the presentation requirements for comparative financial information in this Section.

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

     

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