|
Federal, provincial, territorial and local governments follow the Public Sector Accounting Handbook, not IFRSs. Governmental Organizations The Introduction to Public Sector Accounting Standards sets out the applicable source of generally accepted accounting principles (GAAP) applied by government organizations. The Introduction to Public Sector Accounting Standards, as amended in October 2009, directs government organizations as follows: - Government business enterprises are to follow to the standards that apply to publicly accountable enterprises in the CICA Handbook – Accounting. As of January 1, 2011, this would be International Financial Reporting Standards (IFRSs).
- Government not-for-profit organizations are to follow the standards for not-for-profit organizations in the CICA Handbook – Accounting; and
- Other government organizations are to consider the needs of the users of their general purpose financial statements in determining whether standards in the CICA Public Sector Accounting Handbook or IFRSs are more appropriate.
The following chart illustrates current requirements governments and government organizations should follow. Further details regarding the October 2009 amendments to the Introduction to Public Sector Accounting Standards are available here. A review of the requirements for government not-for-profit organization is presently underway. More information can be accessed here. | Federal, provincial, territorial & local governments | | Government business
enterprises | | Government not-for-profit organizations | | Other government organizations |  | | | | | | | | CICA PSA Handbook | | IFRS
| | CICA Handbook - Accounting for not-for-profit organizations
(Subject to review) | | Options available, based on users needs:
- CICA PSA Handbook or
- IFRS |
(Source: Public Sector Accounting Handbook)
For more information on Public Sector projects, documents for comment and responses, go to the Public Sector Accounting Board’s website. |