2011-04-25 PSAB Staff Release Summary Comparison of Public Sector 4200 Series and Other Standards in the Public Sector Accounting Handbook

Changes to accounting standards applicable to Government not-for-profit organizations (GNFPOs) have been approved by PSAB in 2010. These changes are effective for fiscal periods beginning on or after January 1, 2012. Schools, hospitals, colleges and universities may qualify as GNFPOs.

GNFPOs are given a choice to apply either:

  • the Public Sector (PS) 4200 series of standards plus the Public Sector Accounting (PSA) Handbook; or
  • the PSA Handbook without the PS 4200 series of standards.

Previously, GNFPOs reported using the CICA Handbook supplemented by the 4400 series of the CICA Handbook (applicable only to NFPOs). For those transactions not specifically addressed by the PS 4200 series of standards, GFNPOs will be required to apply the relevant PSA Handbook standard.

To assist with the transition to the PSA Handbook, the staff of PSAB have prepared a high-level comparison of Public Sector 4200 Series and other standards in the PSA Handbook. It covers significant recognition and measurement differences only and does not necessarily include all of the differences that might arise in a particular entity's circumstances. Presentation and disclosure requirements are not within the scope of this comparison.

This can be found on the PSAB website at the following link:
http://www.psab-ccsp.ca/documents/item49205.pdf