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PSAB

Amendments to Accounting Changes, Section PS 2120

Summary

Feedback that the Public Sector Accounting Board (PSAB) received through its Work Plan Consultation identified the need to update Section PS 2120, Accounting Changes.

The project focuses on clarifying and revising specific aspects of Section PS 2120. This includes aligning terminology with other standard setters and amending guidance related to changes in accounting policies and accounting estimates. These amendments aim to reduce complexity, enhance clarity, and improve comparability across public sector entities.

When developing proposals for an exposure draft, PSAB will consider existing guidance from other standard setters, following the Board’s due process.

Staff Contact(s)

Camila Santos, CPA Principal, Public Sector Accounting Board

Phone number  +1 416 204 3300
Email address  [email protected]
Sandra Waterson, CPA, CA Associate Director, Public Sector Accounting Board

Phone number  +1 416 204 3282
Email address  [email protected]

Project Status

  • Information gathering

    ​Feedback from the PSAB Work Plan Consultation informed the project proposal​

  • Approving project

    Project proposal approved by PSAB in March 2026​

  • Engaging communities

    Planned outreach during Exposure Draft comment period

  • Deliberating feedback

    To occur following comment period close​

  • Final pronouncement

    ​Final amendments targeted for issuance fiscal year 2027-2028

Exposure Draft – Proposed Amendments to Section PS 2120

PSAB will invite interested and affected parties to review and comment on an exposure draft for proposed amendments to Section PS 2120. Information on how to participate will be posted when available.

Meeting & event summaries

March 11, 2026

PSAB Decision Summary – March 11-12, 2026

Accounting Changes

PSAB approved the project proposal to make amendments to Section PS 2120, Accounting Changes. The project scope includes topics such as aligning terminology with other standard-setters and amending guidance related to changes in accounting policy and accounting estimates. The Board also considered feedback from both the IAG and the TAG on the project scope.

The Exposure Draft will be tabled for approval later this year.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.