PSAB is embarking on the second standard-level project to implement its Government Not-for-Profit (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:
- Section PS 4210, Contributions – Revenue Recognition;
- Section PS 4220, Contributions Receivable;
- Section PS 4200, Financial Statement Presentation by Not-for-Profit Organizations; and
- Section PS 4270, Disclosure of Allocated Expenses by Not-for-Profit Organizations
to determine what amendments, if any, should be proposed to relevant sections within the Public Sector Accounting Handbook (outside of the PS 4200 series). Additionally, the project will develop enhanced guidance for endowments for all public sector entities.
Once all the GNFP Strategy standard-level projects have been completed, there will no longer be a suite of standards specific to GNFP organizations, and the PS 4200 series will be withdrawn.