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Public Sector Accounting Standards

Exposure Draft – Consequential Amendments Arising from the Financial Statement Presentation Standard, Proposed Section PS 1202

Summary

To be consistent with the proposals in its Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202”, PSAB is proposing consequential amendments that include:

  • withdrawing the existing reporting model standard, FINANCIAL STATEMENT PRESENTATION, Section PS 1201;
  • amending references to FINANCIAL STATEMENT PRESENTATION, Section PS 1201;
  • acknowledging multiple components of net assets or net liabilities;
  • amending references to “net debt” or “change in net debt”;
  • amending references to “statement of remeasurement gains and losses”;
  • introducing “financial instrument assets” and “financial instrument liabilities”;
  • recognizing financial liabilities and non-financial liabilities; and
  • introducing new effective dates and transitional provisions relating to proposed changes to existing standards. 

Staff Contact(s)

Michael Puskaric, MBA, CPA, CMA Director, Public Sector Accounting Board

Phone number  +1 416 204 3451
Email address  [email protected]

Background

In its separate Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202,” PSAB sets out the proposals for a revised financial statement presentation standard. To be consistent with the proposed financial statement presentation standard, PSAB proposes consequential amendments to the CPA Canada Public Sector Accounting (PSA) Handbook.