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Guideline PSG 8 - Purchased intangibles
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This Guideline explains the scope of the intangibles now allowed to be recognized in financial statements given the removal of the recognition prohibition relating to purchased intangibles in Section PS 1000. |
Effective for fiscal years beginning on or after April 1, 2023. Earlier adoption is permitted. |
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Section PS 1000 - Financial statement concepts
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This Section describes the concepts underlying the development and use of accounting principles in government financial statements. Such financial statements are designed to meet the common information needs of external users of financial information about a government. |
Effective January 1, 2005. The amendments are effective for fiscal years beginning on or after April 1, 2023, with earlier application permitted. Retroactive or prospective application is allowed. The Conceptual Framework applies to fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted. |
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Section PS 1100 - Financial statement objectives
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This Section identifies and describes objectives of government financial statements that are generally acceptable to the users and preparers of the statements. |
This Section applies to federal, provincial and territorial governments for fiscal years beginning on or after April 1, 2005. Earlier adoption is encouraged. The Conceptual Framework applies to fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted. |
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Section PS 1201 - Financial Statement Presentation
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This Section establishes general reporting principles and standards for the disclosure of information in government financial statements. |
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, 2019. Earlier adoption is permitted. The amendments to the effective date for governments are for fiscal years beginning on or after April 1, 2022. The amendments Amendment regarding purchased intangibles are for fiscal years beginning on or after April 1, 2023. Earlier application 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. |
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Section PS 2601 - Foreign Currency Translation
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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. |
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Section PS 3041 - Portfolio investments
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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. |
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Section PS 3160 - Public Private Partnerships
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This Section establishes standards on how to account for public private partnership arrangements. |
This Section applies to fiscal years beginning on or after April 1, 2023. Early adoption is encouraged. |
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Section PS 3400 - Revenue
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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. |
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Section PS 3450 - Financial Instruments
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This Section establishes standards on how to account for and report all types of financial instruments including derivatives. |
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. |
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The Conceptual Framework for Financial Reporting in the Public Sector
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The PSAB’s Conceptual Framework for Financial Reporting in the Public Sector replaces the conceptual aspects of Section PS 1000, Financial Statement Concepts, and Section PS 1100, Financial Statement Objectives |
The Conceptual Framework applies to fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted. This Conceptual Framework is to be applied prospectively. |
