PSAB’s Reporting Model in Section PS 1202, Financial Statement Presentation, was issued in the CPA Canada Public Sector Accounting Handbook (PSA Handbook) on October 2, 2023.
Focused on ensuring the standard is relevant and continues to meet users’ needs, PSAB’s Reporting Model:
- builds on the existing one in Section PS 1201;
- is consistent with PSAB’s Conceptual Framework;
- ensures an increased understanding of financial statements and the indicators within them; and
- provides improved accountability information for users.
Start preparing now
The Reporting Model in Section PS 1202 will be effective for fiscal years beginning on or after April 1, 2026. Earlier adoption is permitted only if the Conceptual Framework is also adopted at the same time.
To better understand PSAB’s Reporting Model and Section PS 1202, and prepare for the effective date, access our series of non-authoritative resource materials:
- Comparison of PSAB’s previous and new Reporting Model
Get an overview of the changes made from the reporting model in Section PS 1201, Financial Statement Presentation
Coming in Q2 2024
Significant progress
Through the Reporting Model’s multi-year review and consultation process, meaningful strides were made:
- Significant outreach conducted and extensive feedback received on this Project’s multi-year consultation.
- The Reporting Model is grounded in the Canadian public sector.
- The Reporting Model is sustainable as it allows PSAB to respond to users’ needs as they arise and transparently reflect the economic substance of unique transactions or other events, leading to improved accountability information presented in financial statements.
- Five sets of illustrative financial statements were developed to allow different types of public sector entities to see themselves in the new Reporting Model.
Visit our project page to learn more about the events of the project, the project milestones and more.