Canadian governments, municipalities, school boards and their organizations report under the Public Sector Accounting Standards. A new reporting model applies from fiscal years beginning 2026-04-01.
- Type
- Public Sector Accounting Handbook
- Standard setter
- Public Sector Accounting Board (PSAB)
- Applies to
- Federal, provincial, territorial and local governments and government organizations
- Big change
- Conceptual Framework and PS 1202, from 2026-04-01
- Recent standards
- PS 3400 Revenue, PS 3160 P3s (2023)
- Next
- PS 3251 Employee Benefits (2029)
What it is
PSAS sets how governments recognize, measure and present their revenues, expenses, assets, liabilities and net debt. Government not-for-profits use PSAS, optionally with the PS 4200 series of not-for-profit standards.
Why it exists
Public money calls for accountability to taxpayers and legislators. PSAS focuses on whether a government can sustain its services and finance its obligations, which is why it reports measures such as net debt.
Who it applies to
Federal, provincial and territorial governments, municipalities, school boards and other government organizations, including government not-for-profits.
Authority and enforcement
The Public Sector Accounting Board sets the standards. Legislative auditors and external auditors report on compliance; provincial ministries set funding and reporting requirements for municipalities and school boards.
- 2022-04-01
Financial instruments (PS 3450), asset retirement obligations (PS 3280) and related standards apply.
- 2023-04-01
PS 3400 Revenue, PS 3160 Public Private Partnerships and PSG-8 Purchased Intangibles apply.
- 2026-04-01
The Conceptual Framework for Financial Reporting in the Public Sector and PS 1202 Financial Statement Presentation apply, with amendments to the discussion-and-analysis guidance.
Systems and tools
- Chart of accounts and statement templates restructured for PS 1202
- Revenue classified as exchange or non-exchange
- Asset and liability models for public-private partnerships
Processes
- Comparative restatement planning
- Budget-to-actual presentation updates
- Performance-obligation analysis for revenue
Governance
- Council and board reporting changes
- Audit committee briefing on the new model
- Policy updates approved by elected officials
If you do not comply
- Modified audit opinion from the legislative or external auditor
- Provincial funding and ministry reporting issues
- Loss of public and council confidence
Announced and upcoming changes
- 2029-04-01PS 3251 Employee Benefits replaces PS 3250 and PS 3255.
- 2030-04-01Amendments to PS 3150 on collections, works of art and historical treasures.
- 2027 (expected)A proposed standard on intangible assets.
Status checked 2026-10-03. Dates can move; confirm with the official sources below.