PSAS standards effective in 2023 and beyond | Deloitte CFR

PSAS

The following standards have been issued or amended on or after January 1, 2023:

Title Description Effective Date
Guideline PSG 8 - Purchased intangibles 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.
Section PS 1000 - Financial statement concepts 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.
Section PS 1100 - Financial statement objectives 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.
Section PS 1202 - 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.
Section PS 3160 - Public Private Partnerships 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.
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.
The Conceptual Framework for Financial Reporting in the Public Sector 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.

Correction list for hyphenation

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