Effective Dates for New Standards
Public Sector Accounting
This summary of recently issued Public Sector Accounting Board (PSAB) pronouncements has been prepared for information purposes only. Reference should be made to official CICA Public Sector Accounting Handbook material for the text of final PSAB pronouncements.
| Topic | Effective for | |
|---|---|---|---|
April 1, 2015: | |||
| Financial Statement Presentation, Section PS 1201 | Fiscal years beginning on or after April 1, 2015 for governments only. Earlier adoption is permitted when adopting Sections PS 2601 and PS 3450. | ||
| Foreign Currency Translation, Section PS 2601 | Fiscal years beginning on or after April 1, 2015 for governments only. Earlier adoption is permitted when adopting Sections PS 1201 and PS 3450. | ||
| Portfolio Investments, Section PS 3041 | When Sections PS 1201, PS 2601 and PS 3450 are adopted. | ||
| Financial Instruments, Section PS 3450 | Fiscal years beginning on or after April 1, 2015 for governments only. Earlier adoption is permitted when adopting Sections PS 1201 and PS 2601. | ||
April 1, 2014: | |||
| Liability for Contaminated Sites, Section PS 3260 | Fiscal years beginning on or after April 1, 2014. Earlier adoption is encouraged. | ||
March 1, 2013: | |||
| Amendments to Financial Instruments, Section PS 3450 | Fiscal years beginning on or after March 1, 2013. Earlier adoption is permitted. | ||
April 1, 2012: | |||
| Financial Statement Presentation, Section PS 1201 | Fiscal years beginning on or after April 1, 2012 for government organizations only. Earlier adoption is permitted when adopting Sections PS 2601 and PS 3450. | ||
| Foreign Currency Translation, Section PS 2601 | Fiscal years beginning on or after April 1, 2012 for government organizations only. Earlier adoption is permitted when adopting Sections PS 1201 and PS 3450. | ||
| Portfolio Investments, Section PS 3041 | When Sections PS 1201, PS 2601 and PS 3450 are adopted. | ||
| Government Transfers, revised Section PS 3410 | Fiscal years beginning on or after April 1, 2012. Earlier adoption is encouraged. | ||
| Financial Instruments, Section PS 3450 | Fiscal years beginning on or after April 1, 2012 for government organizations only. Earlier adoption is permitted when adopting Sections PS 1201 and PS 2601. | ||
| Tax Revenue, Section PS 3510 | Fiscal years beginning on or after April 1, 2012. Earlier adoption is encouraged. | ||
January 1, 2012: | |||
| Introduction to Public Sector Accounting Standards that apply only to government not-for-profit organizations | Fiscal years beginning on or after January 1, 2012. | ||
| Financial Statement Presentation for Not-for-Profit Organizations, Section PS 4200 | Fiscal years beginning on or after January 1, 2012. | ||
| Contributions — Revenue Recognition, Section PS 4210 | Fiscal years beginning on or after January 1, 2012. | ||
| Contributions Receivable, Section PS 4220 | Fiscal years beginning on or after January 1, 2012. | ||
| Capital Assets Held by Not-for-Profit Organizations, Section PS 4230 | Fiscal years beginning on or after January 1, 2012. | ||
| Collections Held by Not-for-Profit Organizations, Section PS 4240 | Fiscal years beginning on or after January 1, 2012. | ||
| Reporting Controlled and Related Entities by Not-for-Profit Organizations, Section PS 4250 | Fiscal years beginning on or after January 1, 2012. | ||
| Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260 | Fiscal years beginning on or after January 1, 2012. | ||
| Disclosure of Allocated Expenses by Not-for-Profit Organizations, Section PS 4270 | Fiscal years beginning on or after January 1, 2012. |
