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Public Sector Accounting Standards



Revenue recognition principles that apply to revenues of governments and government organizations other than government transfers and tax revenue require development.

Staff Contact(s)

Sandra Waterson, CPA, CA Principal, Public Sector Accounting Board

Meeting & event summaries

December 15, 2016

PSAB Decision Summary – December 15-16, 2016

PSAB approved an Exposure Draft, “Revenue,” subject to drafting changes and a written ballot in early 2017.

September 26, 2016

PSAB Decision Summary – September 26-27, 2016

PSAB considered key principles related to developing an exposure draft and provided feedback to the task force. PSAB expects to review an exposure draft at its December 2016 meeting.

March 23, 2016

PSAB Decision Summary – March 23-24, 2016

PSAB received an update on the project, including consideration of the recognition of revenue arising from licences and permits and provided feedback to the task force.

March 19, 2015

PSAB Decision Summary – March 19-20, 2015

PSAB reviewed an issues paper on performance obligations and discussed an approach recommended by the task force.

December 15, 2014

PSAB Decision Summary – December 15-16, 2014

PSAB received an update from staff on the discussions at the past two task force meetings, including the key issues identified by respondents to its Statement of Principles, “Revenue,” that are being discussed and deliberated

March 20, 2014

PSAB Decision Summary – March 20-21, 2014

PSAB discussed issues identified by staff based on a preliminary review of responses to its Statement of Principles. PSAB noted that further research on these issues will be required. The project timeline will be extended as a result.

June 12, 2013

PSAB Decision Summary – June 12-13, 2013

PSAB approved a statement of principles on revenue after considering additional information it requested at the March 2013 meeting. The statement of principles proposes a framework for addressing the accounting and reporting of many forms of public sector revenue.

It proposes classifying revenue associated with promises of goods and services as exchange revenue. Public sector entities would identify the performance obligations associated with the goods or services that they have promised to provide. Revenue would be recognized as each performance obligation is satisfied.

Revenue that does not associate with a specific public service or benefit to the payor would be classified as unilateral revenue, unless it is a voluntary contribution. Unilateral revenue would be recognized when there is the authority and an event that establishes a right to the revenue.

The statement of principles also addresses related reporting issues and proposes general disclosure requirements.

March 21, 2013

PSAB Decision Summary – March 21-22, 2013

PSAB reviewed a draft statement of principles. Given the unique nature of and the different circumstances that give rise to public sector revenues, PSAB requested that additional information be presented at its June 2013 meeting prior to further consideration of the proposed principles.

June 23, 2011

PSAB Decision Summary – June 23-24, 2011

PSAB asked staff to prepare an amended project proposal and a related issues paper for approval at a future meeting.  As originally conceived in 2009, the revenue project was intended to focus on revenue from exchange transactions.  Since then, staff has monitored a private sector project undertaken jointly by International Accounting Standards Board and US Financial Accounting Standards Board on “Revenue from Contracts with Customers” as it was expected to be a useful reference.  However, it has become clear that aspects of the financial reporting issues faced by public sector entities are sufficiently different to merit a new approach.

June 15, 2009

PSAB Decision Summary – June 15-16, 2009

PSAB approved a new project on revenue recognition for exchange transactions. This project was also ranked highly in the Survey. The project will expand on the guidance provided in Financial Statement Presentation, paragraphs PS 1200.077-.081, as it pertains to revenue recognition for exchange transactions and will begin by first considering the developments of the joint IASB and FASB project on revenue recognition of contracts with customers.


November 15, 2018


Podcast – PSAB’s New Standard on Revenue

Hear Mike St. Amant, Member of PSAB’s Revenues Task Force, give a plain and simple overview of this new standard via an easy-to-understand podcast. Section PS 3400 becomes effective on or after April 1, 2022.

May 1, 2017


PSAB Exposure Draft – Revenue, Proposed Section PS 3400

May 1, 2017. PSAB has issued an Exposure Draft that proposes a framework describing two categories of revenue – exchange and unilateral. Stakeholders are encouraged to submit their comments, on the form provided, by August 15, 2017.

September 24, 2013


Webinar – When Is It Revenue?

September 24, 2013. Tune in to this webinar on October 2, 2013 (English) and October 16, 2013 (French) to learn about PSAB’s recently issued Statement of Principles on revenue. PSAB is proposing a single framework to categorize revenues to enhance the consistency of revenue recognition and its measurement.

August 29, 2013


Statement of Principles – Revenue

August 29, 2013. PSAB has issued a Statement of Principles containing proposals that will affect the reporting of a broad range of revenues. Stakeholders are encouraged to submit their comments, on the form provided, by February 3, 2014.


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.