Section PS 3041 - Portfolio investments
Effective date: |
Section PS 3041 is effective in the period that Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments, are adopted. |
Published by the PSAB: |
March 2012 except for subsequent amendments |
Overview
This Section establishes standards on how to account for and report portfolio investments in government financial statements.
Portfolio investments are investments in organizations that do not form part of the government reporting entity. Such investments are normally in equity instruments or debt instruments issued by the investee.
Unless a portfolio investment contains significant concessionary terms, it is recognized and measured in accordance with Section PS 3450 Financial Instruments.
When there has been a loss in value of a portfolio investment that is other than a temporary decline, the investment should be written down to recognize the loss. The write-down should be included in the statement of operations. In the case of an item in the fair value category, a reversal of any net remeasurements should be reported in the statement of remeasurement gains and losses.
History of Section PS 3041
Date |
Development |
Comments |
March 2012 |
New Section |
This Section revises and replaces Section PS 3040 Portfolio investments, and Section PS 3030 Temporary Investments. It is effective in the period that Sections PS 2601 Foreign Currency Translation, and PS 3450, Financial instruments, are adopted. |
March 2014 |
The transitional provisions have been amended to extend the effective date for governments by three years to fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted. |
|
March 2018 |
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. |
|
November 2020 |
Amendments to effective date for governments |
The transitional provisions have been amended to extend the effective for governments by one further year to fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.