Section PS 3430 - Restructuring transactions
Effective date: |
Restructuring transactions occurring in fiscal years beginning on or after April 1, 2018. Earlier adoption is permitted. |
Published by PSAB: |
June 2015 |
Overview
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 activities include, but are not limited to:
- amalgamation of entities or operations within the government reporting entity;
- amalgamation of local governments;
- annexation or boundary alteration between neighbouring local governments;
- transfers of operations or programs from one entity to another; and
- shared service arrangements entered into by local governments in a region.
Restructurings can be initiated by the entities involved or imposed by a higher level of government through legislation or by the controlling government.
History of Section PS 3430
Date |
Development |
Comments |
June 2015 |
This new Section defines a restructuring transaction and establishes standards for recognizing and measuring assets and liabilities transferred in a restructuring transaction. The main features of the new Section are:
This Section applies to restructuring transactions occurring in fiscal years beginning on or after April 1, 2018. 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
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November 17, 2017 - Section PS 3430: Restructuring Transactions – Recipient Adjustments