PSAB’s Reporting Model: Resources

Public Sector Accounting Board’s (PSAB) Reporting Model in Section PS 1202, Financial Statement Presentation, was issued in the CPA Canada Public Sector Accounting (PSA) Handbook on October 2, 2023.

With a focus 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, as well as to prepare for the effective date, access our series of non-authoritative resource materials:

• Visual – Section PS 1202, Financial Statement Presentation
  Use this illustration of the financial statement package to better understand PSAB’s new Reporting Model
  
  
  
• PSAB and IPSASB: Comparing Reporting Models
  Understand the differences between the two reporting models and what they mean for public sector accounting standard setting in Canada
  

• 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
  

• Webinar – PSAB’s New Reporting Model (Section PS 1202, Financial Statement Presentation)
  Watch the on-demand webinar to learn more about PSAB’s new Reporting Model
  

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.