Public Sector Accounting Standards

Government Not-for-Profit: Capital Assets

Summary

PSAB is embarking on implementing its GNFP Strategy (approved in March 2022) to incorporate the PS 4200 series into Public Sector Accounting Standards (PSAS) with potential customizations.

This project encompasses a review of the PS 4200 series standards related to Section PS 4230, Capital Assets held by Not-for-Profit Organizations, and Section PS 4240, Collections held by Not-for-Profit Organizations, to determine what amendments should be proposed to Section PS 3150, Tangible Capital Assets.

As a result of proposing amendments to Section PS 3150, Sections PS 4230 and PS 4240 will be withdrawn.

After incorporating the feedback from interested and affected parties, PSAB approved the proposed amendments to Section PS 3150 at the December 2024 Board meeting.

Staff Contact(s)

Camila Santos, CPA Principal, Public Sector Accounting Board

+1 416 204 3300

[email protected]

Sandra Waterson, CPA, CA Associate Director, Public Sector Accounting Board

+1 416 204 3282

[email protected]

Project Status

Information gathering

Completed prior to December 2022
Approving project

Project approved by PSAB at its December 2022 meeting
Engaging communities

PSAB approved the Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150” for public consultation at its September 2023 meeting

Exposure Draft
Deliberating feedback

PSAB deliberated feedback received on its Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150”

View Comments
Final pronouncement

Amendments to Section PS3150 will be published in the first half of 2025 with an effective date of April 1, 2030

On-demand Webinar – Exploring PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150"

Watch now!

Did you miss our live webinar? Watch it on demand in either English or French!

On-demand webinar

In Brief – A plain and simple overview of PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150"

Read our plain language resource to help understand the proposals in PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150.”

GNFP Strategy Decision and Implementation Plan

Understand more about the GNFP Strategy Decision and Implementation Plan.

Learn more

News

February 23, 2024

Resource, Webinar, Video

On-demand Webinar – Exploring PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150”

Watch a recording of our February 1, 2024, webinar to learn more about key proposals in PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150.” Viewing this webinar and successful completion of the quiz may count towards your CPD requirements.

December 20, 2023

News, Document for Comment

PSAB Exposure Draft, Tangible Capital Assets, Proposed Amendments to Section PS 3150

PSAB has issued an Exposure Draft proposing amendments to “Tangible Capital Assets, Section PS 3150”. The amendments are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the GNFP Strategy implementation. Read the Exposure Draft to learn more and submit your feedback by April 15, 2024.

December 20, 2023

Resource, In Brief

In Brief – PSAB Exposure Draft – Tangible Capital Assets, Proposed Amendments to Section PS 3150

Read our In Brief for an overview of the Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150." The proposals are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the Government Not-for-Profit Strategy implementation.

November 17, 2022

Resource, Webinar

On-demand Webinar – Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan

Watch the recorded English or French webinar to learn about PSAB’s Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan.

Meeting & event summaries

October 18, 2023

PSAB Decision Summary – September 28-29, 2023

PSAB approved the Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150” and accompanying Basis for Conclusions. The Board expects to issue the document in December 2023 with comments due by April 2024. This comment period takes into consideration winter holidays.

This project is the first in a series of standard-level projects to implement the Board’s GNFP Strategy. It focuses on proposing amendments to Section PS 3150, Tangible Capital Assets, as a result of reviewing Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations. The proposed amendments will be applicable to all public sector entities. For those entities applying the PS 4200 series, Sections PS 4230 and PS 4240 will be withdrawn from the CPA Canada Public Sector Accounting (PSA) Handbook once Section PS 3150 is applied.

All interested and affected parties are encouraged to provide feedback on these proposals once they are issued in December. Staff will host a webinar and ask for input using Connect.FRASCanada.ca, the online community platform that makes providing feedback easier.

Monitor the GNFP Capital Assets project page for updates.

September 28, 2023

PSAB Meeting – September 28-29, 2023

At its upcoming meeting, the Board will discuss updates related to the Director’s Report, the Due Process Review, Employee Benefits, Intangible Assets, Government Not-for-Profit, and more. Read the Agenda for full details.

July 17, 2023

PSAB Decision Summary – June 27-28, 2023

PSAB received an overview of key issues identified as part of the GNFP Capital Assets project. The project entails a review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations and Section PS 4240, Collections Held by Not-for-Profit Organizations to determine what amendments might be proposed to PS 3150, Tangible Capital Assets. The Board provided further direction that will assist the GNFP Advisory Committee to develop an exposure draft and the accompanying Basis for Conclusions for approval at the Board’s meeting in December 2023.

December 20, 2022

PSAB Decision Summary – December 1-2, 2022

As part of the GNFP Strategy decision and Implementation Plan, PSAB approved the GNFP Capital Assets project proposal.

This project will focus on proposing amendments to Section PS 3150, Tangible Capital Assets, as a result of reviewing Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations.

The project will follow PSAB’s due process and the Board will consult stakeholders on all proposed changes before amendments are made to the PSA Handbook. Stakeholder feedback will be sought throughout the consultation period.

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.