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 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. | Effective (i) Government organizations – April 1, 2012; and (ii) Governments – April 1, 2021. The amendments are effective for fiscal years beginning on or after April 1, 2022, earlier adoption is permitted. The amendments are effective for fiscal years beginning on or after April 1, 2022, with earlier application permitted. Transitional provisions have also been introduced in Section PS 2601. |
| 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. The amendments are effective for fiscal years beginning on or after April 1, 2022, earlier adoption is permitted. |
| Section PS 3050 - Loans receivable | This Section establishes standards on how to account for and report loans receivable in government financial statements. The standards apply to loans to borrowers outside of the government reporting entity. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 1993. Earlier adoption is encouraged. |
| Section PS 3060 - Government partnerships | This Section defines a government partnership and establishes standards on how to account for and report a government's interest in government partnerships in government financial statements, regardless of the structures and forms under which the government partnership activities take place. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after October 1, 1999. Earlier adoption is encouraged. |
| Section PS 3070 - Investments in government business enterprises | This Section establishes standards on how to account for and report investments in government business enterprises in government financial statements by the modified equity method of accounting. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 2000. Earlier adoption is encouraged. |
| Section PS 3100 - Restricted assets and revenues | This Section establishes standards on how to account for and report restricted assets and revenues in government financial statements. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after June 1, 1997. Earlier adoption is encouraged. |
| Section PS 3150 - Tangible capital assets | This Section establishes standards on how to account for and report tangible capital assets in government 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 3200 - Liabilities | This Section provides guidance for applying the definition of liabilities set out in Section PS 1000, Financial statement concepts, and establishes general recognition and disclosure standards for liabilities. | Effective for fiscal years beginning on or after September 1, 2004. |
| Section PS 3230 - Long-term debt | This Section establishes standards on how to account for and report long-term debt in government financial statements, including debt issued on behalf of a government business enterprise. | 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 3250 - Retirement benefits | 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 September 1, 2001. Earlier adoption is encouraged. |
| Section PS 3255 - Post-employment benefits, compensated absences and termination benefits | This Section establishes standards on how to account for and report obligations for post-employment benefits, compensated absences and termination benefits in government financial statements. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after January 1, 2004. Earlier adoption is encouraged. |
| Section PS 3260 - Liability for contaminated sites | This Section establishes standards on how to account for and report a liability associated with the remediation of contaminated sites. | Effective for fiscal years beginning on or after April 1, 2014. Earlier adoption is encouraged. |
| Section PS 3270 - Solid waste landfill closure and post-closure liability [Superseded] | This Section establishes standards on how to account for and report the liability for closure and post-closure care of a solid waste landfill site in government financial statements. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after February 1, 1998. Earlier adoption is encouraged. As a consequence of the issuance of Section PS 3280, Section PS 3270 has been withdrawn. Section PS 3270 will remain in effect until the adoption of Section PS 3280 for fiscal periods beginning on or after April 1, 2021, unless a public sector entity elects earlier adoption. |
| Section PS 3280 - Asset retirement obligations | This Section establishes standards on how to account for and report a liability for asset retirement obligations. | Effective April 1, 2021, earlier application is permitted. |
| Section PS 3300 - Contingent liabilities | This Section defines and establishes standards on how to account for and report contingent liabilities in government financial statements. | Effective for fiscal years beginning on or after September 1, 2004. |
| Section PS 3310 - Loan guarantees | This Section establishes standards on how to account for and report government loan guarantees in government financial statements. | This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after June 1, 1995. Earlier adoption is encouraged. |
| Section PS 3390 - Contractual obligations | This Section defines and establishes disclosure standards on contractual obligations in government financial statements. | Effective for fiscal years beginning on or after September 1, 2004. |
| Section PS 3400 - Revenue | This Section establishes standards on how to account for and report on revenue. Specifically, it differentiates between revenue arising from transactions that include performance obligations and transactions that do not have performance obligations. | Effective April 1, 2023, earlier application is permitted. |
| Section PS 3410 - Government transfers | This Section establishes standards on how to account for and report government transfers to individuals, organizations and other governments from both a transferring government and a recipient government perspective. | Effective for fiscal years beginning on or after April 1, 2012, Earlier adoption is encouraged. |