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PSAS standards effective in 2019 and beyond | Deloitte CFR

PSAS

The following standards have been issued or amended on or after January 1, 2019:

Title Description Effective Date
Section PS 1201 - Financial Statement Presentation 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.
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. This Section is effective for (i) Government organizations – April 1, 2012; and (ii) Governments – April 1, 2021. Earlier adoption is permitted.
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.
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 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 for fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted. The Section may be applied retroactively or prospectively.
Section PS 3450 - Financial Instruments This Section establishes standards on how to account for and report all types of financial instruments including derivatives. This section is effective for: (i) Government organizations - April 1, 2012 (ii) Governments – April 1, 2021. Earlier adoption is permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.