| This summary of Public Sector Accounting Board (PSAB) projects 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 deliberations by PSAB. Decisions to publish Handbook material are final only after a formal ballot process. |
Status: Final standard approved.
Background
Activities to Date
Related Information
Contact Information Background PSAB approved an amendment to the Introduction to Public Sector Accounting Standards (Introduction) in September 2009 that will result in government business enterprises (GBEs) following the International Financial Reporting Standards (IFRSs) and the elimination of the government business-type organization (GBTO) classification from the PSA Handbook. Some GBTOs will now be recategorized as other government organizations (OGOs) and may adopt the PSA standards for fiscal periods beginning on or after January 1, 2011. OGOs that currently follow the CICA Handbook – Accounting may also adopt the PSA standards as a result of the CICA Handbook – Accounting transition to IFRSs. The Introduction requires that government organizations adopting the PSA Handbook should do so by retroactive application with restatement of prior periods. Objective
The objective is to issue a PSA Handbook Section that provides guidance to government organizations adopting PSA standards for the first-time. The Section will address issues related to preparing the opening statement of financial position, exemptions and exceptions to retroactive application, requirement for comparative information, reconciliation and other disclosure requirements. Activities to Date June 2010
Based on a review of the responses to the Exposure Draft (ED), PSAB agreed that application of the tangible capital asset write-down provision in Section PS 3150, Tangible Capital Assets, can be applied prospectively or retroactively when government organizations transition from other basis of accounting to the CICA Public Sector Accounting Handbook. The Board approved a final Handbook Section. November 2009
PSAB approved an ED. - The main features of the ED include the following:
- The proposed new PSA Handbook Section would apply to government organizations adopting the PSA Handbook for the first time. Governments adopting the PSA Handbook are directed to the requirements in Section PS 2120, Accounting Changes.
- In preparation of the first financial statements in accordance with the PSA Handbook, government organizations would apply the PSA standards retroactively with restatement of prior periods. Certain exceptions to this requirement are proposed in the ED considering the time, cost and difficulty in obtaining the necessary information to apply certain aspects of the PSA Handbook retroactively.
September 2009
PSAB approved developing a first-time adoption of PSA Handbook Section. Related Information Issues Analysis on Exposure Draft
Exposure Draft Contact Information Questions or comments on this project should be directed to: Jim Keates, CA
Principal, Public Sector Accounting
Telephone: +1 (416) 204-3282
Fax: +1 (416) 204-3412 The Canadian Institute of Chartered Accountants
277 Wellington Street West
Toronto ON M5V 3H2 Canada |
