{"text_format":"1","workbook":"xlsx","n_sheets":38,"sheets":["FIPO","INSTRUCTIONS","Version History","Index","Intro","PS 1000","PS 1150","PS 1201","PS 2120","PS 2125","PS 2400","PS 2500","PS 2510","PS 2601","PS 3041","PS 3050","PS 3060","PS 3160","PS 3200","PS 3230","PS 3250","PS 3255","PS 3260","PS 3280","PS 3300","PS 3310","PS 3400","PS 3420","PS 3430","PS 3450","PS 4200","PS 4210","PS 4220","PS 4230","PS 4240","PS 4250","PSG-2","PSG-5"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":78,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"FIPO","index":0,"n_rows":19,"n_cols":7,"rows_kept":19,"cut":false,"hidden":true,"merged":[]}
["List options (To be hidden on index tab or Super hidden sheet - VBA can hide a sheet that is cant be unhidden without using VBA)"]
["Yes",null,null,null,null,null,"Unmerge all"]
["No",null,"Applicable",null,null,null,"X=CONCATENATE(LEFT($C$7,8),LEFT(C8,4)) for standard + #s"]
["N/A",null,"Not Applicable",null,null,null,"X=MID(D8,5,LEN(D8)-4) to remove #s from Requirement"]
[null,null,null,null,null,null,"a/b/c=copy n paste over"]
[null,null,null,null,null,null,"Repaste value only to remove formula"]
[]
[]
["SecurityLabelling"]
["UNCLASSIFIED"]
["NON CLASSIFIÉ"]
["PROTECTED A"]
["PROTÉGÉ A"]
["PROTECTED B"]
["PROTÉGÉ B"]
["PROTECTED A (when completed)"]
["PROTÉGÉ A (lorsque rempli)"]
["PROTECTED B (when completed)"]
["PROTÉGÉ B (lorsque rempli)"]

{"sheet":"INSTRUCTIONS","index":1,"n_rows":33,"n_cols":2,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[null,"PROTECTED A (when completed)"]
[null,"GNFPO Recognition and Measurement Checklist"]
[null,"INSTRUCTIONS"]
[]
[null,"Terms of Use"]
[]
[null,"This workbook summarises the recognition and measurement requirements for GNFPOs set out in Public Sector Accounting Standards (PSAS) up to an including Highlight Summary No. 53. It may be used as a guide to assist in considering compliance with the requirements of PSAS for GNFPOs. It is not a substitute for understanding the requirements in the standards."]
[]
[null,"PSASs are constantly changing.  Please ensure that you use the most current checklist."]
[null,"Important Excel Macro and Conditional Formatting Warnings"]
[null,"*Please do not add, move or delete any tabs in this workbook as this will cause the macros and/or conditional formatting to stop working as designed.*  "]
[]
[null,"The worksheets have been protected (without a password) in order to avoid errors related to macro settings, conditional formatting and status of completion formulas.  It is recommended that users maintain the protected status of the workbook in order to maintain the benefits and features."]
[null,"File Structure and Process"]
[null,"- INSTRUCTIONS"]
[null,"The \"INSTRUCTIONS\"  worksheet contains terms of use and important instructions for using this workbook."]
[null,"- Index"]
[null,"Users should start from the “Index” worksheet to indicate the applicability of the standard to the audit engagement by selecting \"Applicable\" or \"Not Applicable\" from the dropdown box."]
[]
[null,"The \"Index\" worksheet provides an overview of and a link to all PSASs included in this checklist. When “Applicable” is selected, the tab for that standard turns green.  When “Not Applicable” is selected, the tab for that standard turns black and the checklist input fields are greyed out.  "]
[]
[null,"The \"Index\" worksheet also provides a “Comments” section and a “Status” section which tracks completion of the applicable checklist.  Once all “Results” fields on the applicable checklist are completed, the status column will turn green, otherwise it will be red and indicate that the related checklist is incomplete."]
[]
[null,"- PS [standard number]"]
[null,"Each checklist contains the requirements of the standard.  Fields that do not require input are greyed out.  "]
[null,"The detailed requirements generally need a \"Yes\", \"No\" or \"N/A\" response. Depending on the response, you may need to take further action.  A \"Yes\" response does not necessarily result in compliance with the standards. A “No” response indicates, in most cases, non-compliance with the standard. An explanation should be provided in the Comments column."]
[null,"Overall Checklist Structure"]
[null,"Every checklist includes five columns"]
[null,"- Standard Reference : Reference to the related paragraph in the Standard."]
[null,"- Requirement: Contains the detailed requirement from the Standard."]
[null,"- Yes /No /N/A : Answers. Exclusively Yes, No or N/A."]
[null,"- FS Reference : The FS reference that meets the specific requirement can be added."]
[null,"- Comments : To be completed when a discrepancy with the requirement is noted or to explain why a specific requirement is not applicable to an entity."]

{"sheet":"Version History","index":2,"n_rows":45,"n_cols":6,"rows_kept":45,"cut":false,"hidden":false,"merged":[[1,2,1,5],[2,2,2,5],[31,2,31,5]]}
[]
[null,null,"PROTECTED A (when completed)"]
[null,null,"GNFPO Recognition and Measurement Checklist"]
[]
[null,null,"Standard","Changes Made","Date of Change","Reason for Change"]
[]
[null,null,"PS 2600","Removed","Nov-2022","Withdrawn on adoption of PS 3450"]
[null,null,"PS 3030","Removed","Nov-2022","Withdrawn on adoption of PS 3041"]
[null,null,"PS 3040","Removed","Nov-2022","Withdrawn on adoption of PS 3450"]
[null,null,"PS 3270","Removed","Nov-2022","Withdrawn on adoption of PS 3280"]
[null,null,"PS 1000","Updated","Oct-2021","Updated as a consequence of the issuance of PSG-8"]
[null,null,"PS 1201","Updated","Oct-2021","Change to effective date for governments"]
[null,null,"PS 2125","Updated","Oct-2021","Consequential amendments as a result of 2018-2019 annual improvements"]
[null,null,"PS 2601","Updated","Oct-2021","Change to effective date for governments, amendments"]
[null,null,"PS 3041","Updated","Oct-2021","Change to effective date for governments"]
[null,null,"PS 3060","Updated","Oct-2021","Consequential amendments as a result of 2018-2019 annual improvements"]
[null,null,"PS 3160","Added","Oct-2021","New standard"]
[null,null,"PS 3280","Updated","Oct-2021","Change to effective date"]
[null,null,"PS 3400","Updated","Oct-2021","Change to effective date"]
[null,null,"PS 3450","Updated","Oct-2021","Change to effective date for governments, amendments"]
[null,null,"PS 3400","Added","Oct-2019","New standard"]
[null,null,"PS 1201","Updated","Oct-2018","Change to effective date for for governments"]
[null,null,"PS 2601","Updated","Oct-2018","Change to effective date for for governments"]
[null,null,"PS 3260","Updated","Oct-2018","Updated as a consequence of the issuance of Section PS 3280"]
[null,null,"PS 3280","Added","Oct-2018","New standard"]
[null,null,"PS 3450","Updated","Oct-2018","Change to effective date for for governments"]
[null,null,"PSG-6","Removed","Oct-2017","Withdrawn June 2011"]
[]
[]
[]
[]
[null,null,"Standards not included in this checklist"]
[]
[null,null,"The following standards have not been included in this checklist as there are no specific recognition or measurement requirements:"]
[null,null,"PS 1100","Financial Statement Objectives"]
[null,null,"PS 2100","Disclosure of Accounting Policies"]
[null,null,"PS 2130","Measurement Uncertainty"]
[null,null,"PS 2200","Related party disclosures"]
[null,null,"PS 2700","Segment Disclosures"]
[null,null,"PS 3210","Assets"]
[null,null,"PS 3320","Contingent Assets"]
[null,null,"PS 3380","Contractual Rights"]
[null,null,"PS 3390","Contractual Obligations"]
[null,null,"SP 4270","Disclosure of allocated expenses by not-for-profit organizations"]
[null,null,"PSG-4","Funds and Reserves"]

{"sheet":"Index","index":3,"n_rows":40,"n_cols":5,"rows_kept":40,"cut":false,"hidden":false,"merged":[[0,3,0,4],[4,1,4,4],[1,1,1,4],[2,1,2,4],[3,1,3,4]]}
[null,null,null,"PROTECTED A (when completed)"]
[null,"Public Sector Accounting Standards-GNFPO Accounting"]
[null,"Recognition and Measurement Checklist"]
[null,"Use of this template to review financial statement recognition and measurement is not a substitute for the careful application of the standards contained in the PSA Handbook including the recognition and measurement requirements contained therein."]
[null,"Highlight summary no. 53 (June 2021)"]
[null,"Standards \nNote: Standard Tabs and Index Tab are hyperlinked to each other","Select whether Standard is Applicable or Not","Comments","Status"]
[null,"Introduction to accounting standards that apply only to government not-for-profit organizations",null,null,{"$f":"IF(C7=\"\",\"\",IF(C7=FIPO!$C$3,IF(COUNTBLANK(Intro!D4:D8)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 1000 Financial Statement Concepts\nIn the event that the provisions of Section PS 1000 conflict with Sections PS 4210 and PS 4230 on the deferral of contributions and costs, Sections PS 4210 and PS 4230, respectively, apply.",null,null,{"$f":"IF(C8=\"\",\"\",IF(C8=FIPO!$C$3,IF(COUNTBLANK('PS 1000'!D4:D15)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 1150 Generally Accepted Accounting Principles",null,null,{"$f":"IF(C9=\"\",\"\",IF(C9=FIPO!$C$3,IF(COUNTBLANK('PS 1150'!D4:D8)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 1201 Financial Statement Presentation\nSection PS 1201 applies for preparing the statement of cash flows and statement of remeasurement gains and losses. Section PS 4200 applies for the remaining financial statement.\nThis Section replaces PS 1200 and applies in the period FOREIGN CURRENCY TRANSLATION, Section PS 2601, and FINANCIAL INSTRUMENTS, Section PS 3450, are adopted. PS 2601 and PS 3450 apply as follows: for government organizations, for fiscal years beginning on or after 1 April 2012; for governments, fiscal years beginning on or after 1 April 2022. Earlier adoption is permitted.",null,null,{"$f":"IF(C10=\"\",\"\",IF(C10=FIPO!$C$3,IF(COUNTBLANK('PS 1201'!D4)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2120 Accounting Changes",null,null,{"$f":"IF(C11=\"\",\"\",IF(C11=FIPO!$C$3,IF(COUNTBLANK('PS 2120'!D4:D11)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2125 First-time Adoption by Government Organizations",null,null,{"$f":"IF(C12=\"\",\"\",IF(C12=FIPO!$C$3,IF(COUNTBLANK('PS 2125'!D4:D25)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2400 Subsequent Events",null,null,{"$f":"IF(C13=\"\",\"\",IF(C13=FIPO!$C$3,IF(COUNTBLANK('PS 2400'!D4:D7)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2500 Basic Principles of Consolidation",null,null,{"$f":"IF(C14=\"\",\"\",IF(C14=FIPO!$C$3,IF(COUNTBLANK('PS 2500'!D4:D26)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2510 Additional Areas of Consolidation",null,null,{"$f":"IF(C15=\"\",\"\",IF(C15=FIPO!$C$3,IF(COUNTBLANK('PS 2510'!D4:D28)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 2601 Foreign Currency Translation\nThis section replaces PS 2600 and applies to fiscal periods beginning on or after 1 April 2012 for government organizations (1 April 2022 for governments). Earlier adoption is encouraged. In the fiscal year a government organization or a government adopts this Section, it also adopts FINANCIAL INSTRUMENTS, Section PS 3450.",null,null,{"$f":"IF(C16=\"\",\"\",IF(C16=FIPO!$C$3,IF(COUNTBLANK('PS 2601'!D4:D18)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3041 Portfolio investments\nThis section replaces PS 3040 and applies in the period FINANCIAL STATEMENT PRESENTATION, Section PS 1201, FOREIGN CURRENCY TRANSLATION, Section PS 2601, and FINANCIAL INSTRUMENTS, Section PS 3450, are adopted. PS 2601 and PS 3450 apply as follows: for government organizations, for fiscal years beginning on or after 1 April 2012; for governments, fiscal years beginning on or after 1 April 2022. Earlier adoption is permitted.",null,null,{"$f":"IF(C17=\"\",\"\",IF(C17=FIPO!$C$3,IF(COUNTBLANK('PS 3041'!D4:D13)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3050 Loans Receivable",null,null,{"$f":"IF(C18=\"\",\"\",IF(C18=FIPO!$C$3,IF(COUNTBLANK('PS 3050'!D4:D27)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3060 Interest in Partnerships",null,null,{"$f":"IF(C19=\"\",\"\",IF(C19=FIPO!$C$3,IF(COUNTBLANK('PS 3060'!D4:D15)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3160 Public Private Partnerships\nApplies to fiscal years beginning on or after April 1, 2023. Earlier adoption is permitted.",null,null,""]
[null,"PS 3200 Liabilities\nGrants: Section PS 3200 applies for grants made. Section PS 4210 applies for government grants received.",null,null,{"$f":"IF(C21=\"\",\"\",IF(C21=FIPO!$C$3,IF(COUNTBLANK('PS 3200'!D4:D8)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3230 Long-term Debt",null,null,{"$f":"IF(C22=\"\",\"\",IF(C22=FIPO!$C$3,IF(COUNTBLANK('PS 3230'!D4:D12)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3250 Retirement Benefits",null,null,{"$f":"IF(C23=\"\",\"\",IF(C23=FIPO!$C$3,IF(COUNTBLANK('PS 3250'!D4:D51)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3255 Post-employment Benefits, Compensated Absences and Termination Benefits",null,null,{"$f":"IF(C24=\"\",\"\",IF(C24=FIPO!$C$3,IF(COUNTBLANK('PS 3255'!D4:D13)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3260 Liability for Contaminated Sites",null,null,{"$f":"IF(C25=\"\",\"\",IF(C25=FIPO!$C$3,IF(COUNTBLANK('PS 3255'!D4:D25)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3280 Asset Retirement Obligations\nApplies to fiscal years beginning on or after 1 April 2022.  Early adoption is permitted.",null,null,{"$f":"IF(C26=\"\",\"\",IF(C26=FIPO!$C$3,IF(COUNTBLANK('PS 3280'!D4:D39)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3300 Contingent Liabilities",null,null,{"$f":"IF(C27=\"\",\"\",IF(C27=FIPO!$C$3,IF(COUNTBLANK('PS 3300'!D4:D8)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3310 Loan Guarantees",null,null,{"$f":"IF(C28=\"\",\"\",IF(C28=FIPO!$C$3,IF(COUNTBLANK('PS 3310'!D4:D13)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3400 Revenue\nApplies to fiscal years beginning on or after 1 April 2023. Early adoption is permitted.",null,null,{"$f":"IF(C29=\"\",\"\",IF(C29=FIPO!$C$3,IF(COUNTBLANK('PS 3400'!D4:D79)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3420 Inter-entity Transactions",null,null,{"$f":"IF(C30=\"\",\"\",IF(C30=FIPO!$C$3,IF(COUNTBLANK('PS 3420'!D4:D18)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3430 Restructuring Transactions",null,null,{"$f":"IF(C31=\"\",\"\",IF(C31=FIPO!$C$3,IF(COUNTBLANK('PS 3430'!D4:D12)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 3450 Financial Instruments\nApplies to fiscal periods beginning on or after 1 April 2012 for government organizations (1 April 2022 for governments). Earlier adoption is encouraged. In the fiscal year a government organization or a government adopts this Section, it also adopts FOREIGN CURRENCY TRANSLATION, Section PS 2601.",null,null,{"$f":"IF(C32=\"\",\"\",IF(C32=FIPO!$C$3,IF(COUNTBLANK('PS 3450'!D4:D31)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4200 Financial statement presentation by not-for-profit organizations",null,null,{"$f":"IF(C33=\"\",\"\",IF(C33=FIPO!$C$3,IF(COUNTBLANK('PS 4200'!D4)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4210 Contributions—Revenue Recognition",null,null,{"$f":"IF(C34=\"\",\"\",IF(C34=FIPO!$C$3,IF(COUNTBLANK('PS 4210'!D4:D32)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4220 Contributions Receivable",null,null,{"$f":"IF(C35=\"\",\"\",IF(C35=FIPO!$C$3,IF(COUNTBLANK('PS 4220'!D4:D6)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4230 Capital Assets Held by Not-for-Profit Organizations",null,null,{"$f":"IF(C36=\"\",\"\",IF(C36=FIPO!$C$3,IF(COUNTBLANK('PS 4230'!D4:D12)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4240 Collections Held by Not-for-Profit Organizations",null,null,{"$f":"IF(C37=\"\",\"\",IF(C37=FIPO!$C$3,IF(COUNTBLANK('PS 4240'!D4)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PS 4250 Reporting Controlled and Related Entities by Not-for-Profit Organizations",null,null,{"$f":"IF(C38=\"\",\"\",IF(C38=FIPO!$C$3,IF(COUNTBLANK('PS 4250'!D4:D14)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PSG-2 Leased Tangible Capital Assets",null,null,{"$f":"IF(C39=\"\",\"\",IF(C39=FIPO!$C$3,IF(COUNTBLANK('PSG-2'!D4:D12)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]
[null,"PSG-5 Sale-leaseback Transactions",null,null,{"$f":"IF(C40=\"\",\"\",IF(C40=FIPO!$C$3,IF(COUNTBLANK('PSG-5'!D4:D33)>0,\"Incomplete\",\"Complete\"),FIPO!$C$4))","v":""}]

{"sheet":"Intro","index":4,"n_rows":14,"n_cols":6,"rows_kept":14,"cut":false,"hidden":false,"merged":[[0,4,0,5],[11,1,11,5],[12,1,12,5],[13,1,13,5],[1,1,1,5],[3,1,5,1],[6,1,7,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"Introduction to accounting standards that apply only to government not-for-profit organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,0.01,"APPLICATION","x","x","x"]
[null,null,"The CPA Canada Public Sector Accounting (CPA Canada PSA) Handbook applies to all governments and those organizations that consider it to be the appropriate source of generally accepted accounting principles (GAAP) with respect to their objectives and circumstances. A government not-for-profit organization (GNFPO) is a government organization that meets the definition of a not-for-profit organization (note) and has counterparts outside the public sector as defined in the INTRODUCTION TO PUBLIC SECTOR ACCOUNTING STANDARDS, paragraph 07."]
[null,null,"Note: Not-for-profit organizations are defined in FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS, Section PS 4200.","x","x","x"]
[null,0.02,"The Sections that follow this Introduction apply only to GNFPOs that elect to follow the standards for not-for-profit organizations in the CPA Canada PSA Handbook. These Sections deal with matters that are unique to not-for-profit organizations, or with issues where the needs of financial statement users indicate that different requirements from those that apply to governments, other government organizations or government business enterprises are appropriate. These Sections have not been assessed for consistency with the concepts set out in FINANCIAL STATEMENT CONCEPTS, Section PS 1000."]
[null,null,"Note: If a GNFPO does not elect to use the 4200 sections, it should refer to the “Public Sector Accounting Standards (excluding PS 4200 series)—Presentation & Disclosure Checklist” for further guidance.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 1000","index":5,"n_rows":21,"n_cols":6,"rows_kept":21,"cut":false,"hidden":false,"merged":[[0,4,0,5],[18,1,18,5],[19,1,19,5],[20,1,20,5],[1,1,1,5],[4,1,6,1],[11,1,13,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 1000 Financial Statement Concepts"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 1000 .53 ","Recognition means inclusion of an item within one or more individual statements and does not mean disclosure in the notes to the financial statements. Notes either provide further details about items recognized in the financial statements, or provide information about items that do not meet the criteria for recognition and thus are not recognized in the financial statements.","x","x","x"]
[null,"PS 1000 .55 ","The recognition criteria are as follows:","x","x","x"]
[null,null,"(a) the item has an appropriate basis of measurement, and a reasonable estimate can be made of the amount involved; and"]
[null,null,"(b) for an item that involves obtaining or giving up future economic benefits, it is expected that such benefits will be obtained or given up."]
[null,"PS 1000 .56 ","It is possible that an item will meet the definition of an element but still not be recognized in the financial statements because it is not expected that future economic benefits will be obtained or given up or because a reasonable estimate cannot be made of the amount involved. It may be appropriate to provide information about items that do not meet the recognition criteria in notes to the financial statements. \"Expected\" is used with its usual general meaning and refers to that which can reasonably be anticipated, contemplated or believed on the basis of available evidence or logic but is neither certain nor proved. The use of the word in the recognition criteria is intended to acknowledge that economic activities occur in an environment characterized by uncertainty. It is not intended to accommodate the recognition of items that do not meet the definition of one of the elements of financial statements. By implication, recognition would, therefore, not be appropriate without the occurrence of a past transaction or economic event that gives rise to an asset, liability, revenue or expense as defined in this Section."]
[null,"PS 1000 .57 ","Purchased natural resources, intangibles (note) and Crown lands are recognized in government financial statements when they meet the asset definition and the recognition criteria. However, when natural resources, intangibles and Crown lands have been inherited by the government in right of the Crown and have not been purchased, they are not given accounting recognition as assets in government financial statements. Similarly, developed intangibles, as well as all art and historical treasures are also not recognized as assets. \nNote: Recognizing purchased intangibles is addressed in Public Sector Accounting Guideline 8 (PSG-8), Purchased Intangibles."]
[null,"PS 1000 .58 ","\"Human capital\" embodies the talent or intellectual capital of government employees; it is not recognized as an asset of government."]
[null,"PS 1000 .59 ","Items recognized in government financial statements are accounted for in accordance with the accrual basis of accounting. The accrual basis of accounting recognizes the effect of transactions and events in the period in which the transactions and events occur, regardless of whether there has been a receipt or payment of cash or its equivalent. Accrual accounting recognizes a liability until the obligation or condition(s) underlying the liability is partly or wholly satisfied. Accrual accounting recognizes an asset until the future economic benefit underlying the asset is partly or wholly used or lost."]
[null,"PS 1000 .60 ","Measurement is the process of determining the amount at which an item is recognized in the financial statements. There are a number of bases on which an amount can be measured. Government financial statements are, however, prepared primarily using the historical cost basis of measurement, whereby transactions and events are recognized in financial statements at the amount of cash or cash equivalents paid or received or the fair value ascribed to them when they took place. Other bases of measurement are also used, but only in limited circumstances."]
[null,null,"(a) Replacement cost is the amount that would be needed currently to acquire an equivalent asset. This may be used, for example, when inventories are valued at the lower of historical cost and replacement cost."]
[null,null,"(b) Realizable value is the amount that would be received by selling an asset. This may be used, for example, to value portfolio investments. Market value may be used to estimate realizable value when a market for an asset exists."]
[null,"PS 1000 .63 ","Financial statements are prepared on the assumption that the government is a going concern, meaning it will continue in operation, and will be able to realize assets and discharge liabilities and meet its statutory obligations in the normal course of operations for the foreseeable future."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 1150","index":6,"n_rows":15,"n_cols":6,"rows_kept":15,"cut":false,"hidden":false,"merged":[[14,1,14,5],[1,1,1,5],[4,1,7,1],[0,4,0,5],[12,1,12,5],[13,1,13,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 1150 Generally Accepted Accounting Principles"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 1150 .04 ","A public sector reporting entity should apply every primary source of GAAP that deals with the accounting and reporting in financial statements of transactions or events encountered by the public sector reporting entity. [APRIL 2005]"]
[null,"PS 1150 .05 ","When the primary sources of GAAP do not deal with the accounting and reporting in financial statements of transactions or events encountered by the public sector reporting entity, or additional guidance is needed to apply a primary source to specific circumstances, the selection of an appropriate accounting policy requires the exercise of professional judgment. In these circumstances, a public sector reporting entity should adopt accounting policies and disclosures that are consistent with:","x","x","x"]
[null,null,"(a) the primary sources of GAAP; and"]
[null,null,"(b) the application of the concepts described in FINANCIAL STATEMENT CONCEPTS, Section PS 1000. [APRIL 2005 *]"]
[null,null,"* Editorial change—February 2007.","x","x","x"]
[null,"PS 1150.19 ","Pronouncements issued by other bodies authorized to issue accounting standards may be useful sources to consult. For example, accounting pronouncements published with the authority of the International Public Sector Accounting Standards Board (IPSASB), Canadian Accounting Standards Board (AcSB), International Accounting Standards Board (IASB), US Federal Accounting Standards Advisory Board (FASAB), or US Governmental Accounting Standards Board (GASB) are often important sources to consult on matters not covered by primary sources of GAAP or for assistance in applying a primary source of GAAP to specific circumstances. When a pronouncement from the IPSASB exists, it would be consulted first before pronouncements issued by other bodies authorized to issue accounting standards."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 1201","index":7,"n_rows":10,"n_cols":6,"rows_kept":10,"cut":false,"hidden":false,"merged":[[1,1,1,5],[0,4,0,5],[7,1,7,5],[8,1,8,5],[9,1,9,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 1201 Financial Statement Presentation"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 1201 .090","Losses arising from asset impairment and changes in valuation allowances should be recognized as expenses in the statement of operations in the accounting period. The change in the value of a financial asset that is attributable to a remeasurement gain or loss should be reported in the statement of remeasurement gains and losses. [APRIL 2012]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2120","index":8,"n_rows":17,"n_cols":6,"rows_kept":17,"cut":false,"hidden":false,"merged":[[16,1,16,5],[1,1,1,5],[5,1,8,1],[0,4,0,5],[14,1,14,5],[15,1,15,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2120 Accounting Changes"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2120 .14 ","When there is a choice from among two or more appropriate principles or methods used in their application and a change is made, the new accounting policy should be applied retroactively, unless the necessary financial data are not reasonably determinable. [SEPT. 1997]"]
[null,"PS 2120 .17 ","When a change in an accounting policy is applied retroactively, the financial statements of all prior periods presented for comparative purposes should be restated to give effect to the new accounting policy, except in those circumstances when the effect of the new accounting policy is not reasonably determinable for individual prior periods. In such circumstances, an adjustment should be made to the opening balance of the accumulated surplus/deficit of the current period, or such earlier period as is appropriate, to reflect the cumulative effect of the change on prior periods. [SEPT. 1997]"]
[null,"PS 2120 .28 ","The effect of a change in an accounting estimate should be accounted for in:","x","x","x"]
[null,null,"(a) the period of change, if the change affects the financial results of that period only; or"]
[null,null,"(b) the period of change and applicable future periods, if the change affects the financial results of both current and future periods. [SEPT. 1997]"]
[null,null,"Disclosure of the nature and effect on the current period may be desirable for a change in an accounting estimate that is rare or unusual and that may affect the financial results of both current and future periods. On the other hand, disclosure is usually not necessary for a change in an estimate made each period in the course of accounting for normal operating activities, such as allowances for doubtful accounts."]
[null,"PS 2120 .30 ","The amount of the correction of an error that impairs the fairness of financial statements of prior periods should be reported retroactively. Comparative information should be restated, unless it is impracticable to do so. [SEPT. 1997]"]
[null,"PS 2120 .35 ","Financial statements of prior periods should be adjusted only for a change in an accounting policy or for a correction of an error in prior period financial statements, in accordance with this Section. [SEPT. 1997]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2125","index":9,"n_rows":31,"n_cols":6,"rows_kept":31,"cut":false,"hidden":false,"merged":[[0,4,0,5],[28,1,28,5],[29,1,29,5],[30,1,30,5],[1,1,1,5],[5,1,9,1],[11,1,17,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2125 First-time Adoption by Government Organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2125 .02 ","A government organization applies this Section to its first financial statements prepared in accordance with Public Sector Accounting Standards when transitioning from another basis of generally accepted accounting principles (GAAP). The adoption of Public Sector Accounting Standards is to be accounted for by retroactive application with restatement of prior periods subject to the requirements in this Section."]
[null,"PS 2125 .05 ","A government organization should use the same accounting policies in its opening statement of financial position and throughout all periods presented in its first financial statements prepared in accordance with Public Sector Accounting Standards. Those accounting policies should comply with the accounting policies effective at the end of the year the government organization adopts Public Sector Accounting Standards, except as otherwise specified in this Section. [JAN. 2011]"]
[null,"PS 2125 .06 ","Except as noted in paragraphs PS 2125.08 and PS 2125.15, a government organization, in its opening statement of financial position prepared in accordance with Public Sector Accounting Standards:","x","x","x"]
[null,null,"(a) recognizes all assets and liabilities whose recognition is required by the standards;"]
[null,null,"(b) does not recognize items as assets or liabilities if the standards do not permit such recognition;"]
[null,null,"(c) reclassifies items that it recognized previously as one type of asset or liability, but are recognized as a different type of asset or liability under the standards; and"]
[null,null,"(d) applies the standards in measuring all recognized assets and liabilities."]
[null,"PS 2125 .07 ","The accounting policies that a government organization uses in its opening statement of financial position prepared in accordance with Public Sector Accounting Standards may differ from those that it used for the same date using its previous accounting policies. Any resulting adjustments arise from events and transactions before the date of transition to Public Sector Accounting Standards. A government organization should recognize such adjustments directly in accumulated surplus/deficit at the date of transition to Public Sector Accounting Standards. [JAN. 2011]"]
[null,"PS 2125 .08 ","A government organization may elect to use one or more of the following exemptions:","x","x","x"]
[null,null,"(a) retirement and post-employment benefits;"]
[null,null,"(b) business combinations;"]
[null,null,"(c) investments in government business enterprises;"]
[null,null,"(d) business partnerships; and"]
[null,null,"(e) tangible capital asset impairment."]
[null,null,"A government organization should not apply these exemptions by analogy to any other items. [JAN. 2011]"]
[null,"PS 2125 .09 ","Under RETIREMENT BENEFITS, Section PS 3250, for defined benefit plans, and under POST-EMPLOYMENT BENEFITS, COMPENSATED ABSENCES AND TERMINATION BENEFITS, Section PS 3255, accrued benefit obligations, post-employment benefits and compensated absences are determined by a government organization by applying a discount rate with reference to its plan asset earnings or with reference to its cost of borrowing. Retroactive application of these Sections requires a government organization to recalculate accrued benefit obligations, post-employment benefits and compensated absences at the time of transition to Public Sector Accounting Standards. However, a first-time adopter may elect to delay application of these Sections relative to the discount rate used until the date of their next actuarial valuation or within three years of the transition date to Public Sector Accounting Standards, whichever is sooner. If a first-time adopter uses this election, it shall apply it to all plans."]
[null,"PS 2125 .10 ","Under RETIREMENT BENEFITS, Section PS 3250, for defined benefit plans, and under POST-EMPLOYMENT BENEFITS, COMPENSATED ABSENCES AND TERMINATION BENEFITS, Section PS 3255, a government organization amortizes actuarial gains and losses to the liability or asset, and the related expense in a systematic and rational manner over the expected average remaining service life of the related employee group. Retroactive application of this approach requires a government organization to split the cumulative actuarial gains and losses from the inception of the plan until the date of transition to Public Sector Accounting Standards into a recognized portion and an unrecognized portion. However, a first-time adopter may elect to recognize all cumulative actuarial gains and losses as the date of transition to Public Sector Accounting Standards directly in accumulated surplus/deficit. Actuarial gains and losses after the date of transition to Public Sector Accounting Standards are to be accounted for in accordance with Sections PS 3250 and PS 3255. If a first-time adopter uses this election, it shall apply it to all plans."]
[null,"PS 2125 .11 ","ADDITIONAL AREAS OF CONSOLIDATION, Section PS 2510, indicates the accounting requirements for an acquisition by a government organization when applying the purchase method. A first-time adopter need not comply with those requirements for an acquisition that was incurred prior to the date of transition to Public Sector Accounting Standards, with the exception of paragraph PS 2510.23. If a first-time adopter uses this exemption, the purchase method in Section PS 2510 is applied to acquisitions subsequent to the date of transition to Public Sector Accounting Standards. The first-time adopter excludes from its opening statement of financial position any item recognized under previous financial reporting standards that does not qualify for recognition as an asset or liability under Public Sector Accounting Standards including FINANCIAL STATEMENT CONCEPTS, Section PS 1000. However, if a first-time adopter restates any business combination to comply with Section PS 2510, it restates all subsequent business combinations from the date of the business combination."]
[null,"PS 2125 .12 ","INVESTMENTS IN GOVERNMENT BUSINESS ENTERPRISES, Section PS 3070, requires investments in government business enterprises to be accounted for by the modified equity method. A first-time adopter need not comply with those requirements for an investment in a government business enterprise that was incurred prior to the date of transition to Public Sector Accounting Standards. If a first-time adopter uses this exemption, the modified equity method in Section PS 3070 is applied on a prospective basis from the date of transition. The investment in a government business enterprise balance reflected in the opening statement of financial position is based on the asset and liability balances reflected in the government business enterprise financial statements on the date of transition as calculated under the basis of GAAP being followed by the government business enterprise. However, if a first-time adopter restates any investment in government business enterprises to comply with Section PS 3070, it restates all subsequent investments in government business enterprises from the date of the investment in a government business enterprise."]
[null,"PS 2125 .13 ","INTERESTS IN PARTNERSHIPS, Section PS 3060, requires business partnerships to be accounted for by the modified equity method. A first-time adopter need not comply with those requirements for a business partnership entered into prior to the date of transition to Public Sector Accounting Standards. If a first-time adopter uses this exemption, the modified equity method in Section PS 3060 is applied on a prospective basis from the date of transition. The balance reflected in the opening statement of financial position is based on the asset and liability balances reflected in the business partnership financial statements on the date of transition as calculated under the basis of GAAP being followed by the business partnership. However, if a first-time adopter restates any business partnership to comply with Section PS 3060, it restates all subsequent business partnerships from the date of the business partnership."]
[null,"PS 2125 .14 ","TANGIBLE CAPITAL ASSETS, Section PS 3150, indicates the conditions when a write-down of a tangible capital asset should be accounted for. A first-time adopter need not comply with those requirements for write-downs of tangible capital assets that were incurred prior to the date of transition to Public Sector Accounting Standards. If a first-time adopter uses this exemption, the conditions for a write-down of a tangible capital asset in Section PS 3150 are applied on a prospective basis from the date of transition. Alternatively, a government organization may reassess all write-downs on tangible capital assets taken prior to the date of transition based on the requirements of Section PS 3150."]
[null,"PS 2125 .15 ","This Section prohibits retroactive application to accounting estimates. [APRIL 2012]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2400","index":10,"n_rows":13,"n_cols":6,"rows_kept":13,"cut":false,"hidden":false,"merged":[[12,1,12,5],[1,1,1,5],[4,1,6,1],[0,4,0,5],[10,1,10,5],[11,1,11,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2400 Subsequent Events"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2400 .09 ","Financial statements should be adjusted when events occurring between the date of the financial statements and the date of their completion provide sufficient, additional evidence relating to conditions that existed at the date of the financial statements. [MARCH 1997]"]
[null,"PS 2400 .13 ","Financial statements should not be adjusted for, but disclosure should be made of, those events occurring between the date of the financial statements and the date of their completion that do not relate to conditions that existed at the date of the financial statements but:"]
[null,null,"(a) cause significant changes to assets or liabilities in the subsequent period; or"]
[null,null,"(b) will, or may, have a significant effect on the future operations of the government. [MARCH 1997]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2500","index":11,"n_rows":32,"n_cols":6,"rows_kept":32,"cut":false,"hidden":false,"merged":[[29,1,29,5],[30,1,30,5],[31,1,31,5],[0,4,0,5],[21,1,24,1],[1,1,1,5],[3,1,4,1],[5,1,10,1],[11,1,15,1],[17,1,18,1],[19,1,20,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2500 Basic Principles of Consolidation"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2500 .06 ","Government financial statements should consolidate governmental units (note) line-by-line on a uniform basis of accounting after eliminating inter-governmental unit transactions and balances. [MAY 1999]"]
[null,null,"Note: Governments normally create governmental units, often through a restructuring of existing government resources, rather than acquire them. Accounting for acquired governmental units is dealt with in ADDITIONAL AREAS OF CONSOLIDATION, paragraphs PS 2510.11-.32.","x","x","x"]
[null,"PS 2500 .07 ","The basic steps of consolidation required by paragraph PS 2500.06 are as follows:","x","x","x"]
[null,null,"(a) The accounting policies of governmental units are conformed to those of the government."]
[null,null,"(b) The balances of assets, liabilities and accumulated surplus/deficit of the governmental units, after being adjusted in accordance with (a), are added together and included on the consolidated statement of financial position for the government reporting entity. The assets and liabilities are accounted for in government financial statements at their carrying value in the records of the governmental units being consolidated, taking into account the adjustments required in (a)."]
[null,null,"(c) The revenues and expenses of the governmental units, after being adjusted in accordance with (a), are added together and the current and the most recent prior period aggregated amounts would be reported on the consolidated statement of operations and the consolidated statement of remeasurement gains and losses."]
[null,null,"(d) The effects of inter-governmental unit transactions on assets, liabilities, accumulated surplus/deficit, revenues and expenses are eliminated, as described in paragraphs PS 2500.08-.18."]
[null,null,"(e) Governmental units are included in government financial statements from the date of their creation or the date they became eligible for inclusion, and are removed from those financial statements from the date of their sale or other form of disposition or dissolution. If a governmental unit becomes eligible for inclusion as a result of a reinterpretation of existing circumstances, it would be included in the financial statements as if it had always been part of the government reporting entity. Such circumstances would, therefore, involve a restatement of comparative numbers. Accounting for the circumstances when a governmental unit changes in status to become a government business enterprise is dealt with in ADDITIONAL AREAS OF CONSOLIDATION, paragraphs PS 2510.42-.49."]
[null,"PS 2500 .08 ","Eliminating the effects of inter-governmental unit transactions ensures that the consolidated accounts do not overstate or understate assets, liabilities, accumulated surplus/deficit, revenues and expenses because of inter-governmental unit transactions. Therefore, consolidation eliminations are required to remove the following effects of transactions between governmental units:","x","x","x"]
[null,null,"(a) inter-governmental unit assets and liabilities, including any investments in governmental units recorded by other governmental units in the form of shares or contributed surplus (note);"]
[null,null,"(b) inter-governmental unit revenues and expenses, including transfers, and internal charges as described in paragraphs PS 2500.09-.14;"]
[null,null,"(c) inter-governmental unit dividends, if any, that have been declared; and"]
[null,null,"(d) unrealized inter-governmental unit gains and losses, including those related to inter-governmental unit sales or transfers of tangible capital assets, as described in paragraph PS 2500.18."]
[null,null,"Note: When government financial statements are prepared, the investment account of the government is replaced by the identifiable assets and liabilities of the governmental unit. Many governmental units, however, are not \"investments\" of the government but, instead, are departments or agencies or funds that are integral to and derive their sole purpose from the legal or legislative responsibilities of government. In addition, many governmental units do not even issue share capital."]
[null,"PS 2500 .15 ","Inter-governmental unit gains and losses arising on the sale or transfer of assets remaining within the government reporting entity should be eliminated. [MAY 1999]"]
[null,null,"Note: This is the former paragraph that is retained in Archived Pronouncements. Replaced with requirement below when PS 3450 is adopted.","x","x","x"]
[null,"PS 2500 .15 ","Inter-governmental unit gains and losses arising on the sale or transfer of assets and liabilities remaining within the government reporting entity should be eliminated. [APRIL 2012]"]
[null,null,"Note: Applies when PS 3450 is adopted.","x","x","x"]
[null,"PS 2500 .18 ","A government is required to report tangible capital assets in accordance with FINANCIAL STATEMENT PRESENTATION, Section PS 1201. Those standards require that the net book value of the government's tangible assets be reported as non-financial assets on the statement of financial position. The consumption of tangible capital assets must be recognized as an expense in the government's statement of operations. So, in a government's financial statements, adjustments would need to be made to ensure that the assets are presented at historical cost to the government reporting entity, as follows:","x","x","x"]
[null,null,"(a) The amount reported for tangible capital assets on the government's consolidated statement of financial position would exclude any unrealized inter-governmental unit gains and losses arising on the sale or transfer of tangible capital assets and the portion of accumulated amortization attributable to such inter-governmental unit gains and losses on tangible capital assets."]
[null,null,"(b) The amortization of tangible capital assets recognized in the expenses reported on a government's consolidated statement of operations would be adjusted to eliminate the portion of the amortization charges attributable to unrealized inter-governmental unit gains and losses arising on the sale or transfer of tangible capital assets."]
[null,null,"(c) In a government's disclosure of tangible capital assets in the notes or schedules to its financial statements, the cost and amortization amounts reported for tangible capital assets would exclude any unrealized inter-governmental unit gains and losses arising on the sale or transfer of tangible capital assets and any related effect of such gains and losses on amortization amounts."]
[null,"PS 2500 .21 ","When the fiscal periods of a government reporting entity and a governmental unit are not the same, events relating to or transactions of the governmental unit that have occurred during the intervening period and significantly affect the financial position or results of operations of the government reporting entity should be recorded in the government's financial statements. [MAY 1999]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2510","index":12,"n_rows":34,"n_cols":6,"rows_kept":34,"cut":false,"hidden":false,"merged":[[0,4,0,5],[31,1,31,5],[32,1,32,5],[33,1,33,5],[1,1,1,5],[4,1,7,1],[13,1,15,1],[23,1,26,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2510 Additional Areas of Consolidation"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2510 .05 ","When a non-controlling interest exists in a governmental unit, the government reporting entity should include that governmental unit in its financial statements on a proportionate consolidation basis. The financial statements should disclose the existence and extent of a non-controlling interest in a governmental unit. [MAY 1999]"]
[null,"PS 2510 .06 ","Using the proportionate consolidation method results in the government recognizing the following:","x","x","x"]
[null,null,"(a) Its proportionate share of any adjustments required to conform the accounting policies of the governmental unit to those of the government."]
[null,null,"(b) Its proportionate share of the assets, liabilities and accumulated surplus/deficit of the governmental unit, adjusted in accordance with (a). The government's consolidated statement of financial position would include these items on a line-by-line basis, after elimination of the government's proportionate share of inter-governmental unit balances in accordance with BASIC PRINCIPLES OF CONSOLIDATION, paragraphs PS 2500.08-.18."]
[null,null,"(c) Its proportionate share of the revenues or expenses and operating results of the governmental unit, adjusted in accordance with (a). The government's consolidated statement of operations and consolidated statement of remeasurement gains and losses would include these items on a line-by-line basis, after elimination of the government's proportionate share of inter-governmental unit transactions in accordance with BASIC PRINCIPLES OF CONSOLIDATION, paragraphs PS 2500.08-.18."]
[null,"PS 2510 .09 ","When accumulated losses applicable to the non-controlling interest in a governmental unit exceed the non-controlling interest's share in the capital of the governmental unit, the excess and any further losses otherwise applicable to the non-controlling interest should be allocated only to the government's interest. Subsequent earnings should be allocated entirely to the government's interest until previously absorbed losses relating to the non-controlling interest are recovered. [MAY 1999]"]
[null,"PS 2510 .12 ","Government financial statements should consolidate acquired governmental units line-by-line on a uniform basis of accounting, after eliminating inter-governmental unit transactions and balances in accordance with BASIC PRINCIPLES OF CONSOLIDATION, paragraphs PS 2500.08-.18, and taking into account paragraph PS 2510.31. [MAY 1999]"]
[null,"PS 2510 .15 ","The purchase cost of a governmental unit to a government should be determined by the fair value of the consideration given. In those cases where the fair value of the consideration is not clearly evident, the government's share of the fair value of the net assets acquired should be used as the purchase cost to the government. [MAY 1999]"]
[null,"PS 2510 .17 ","The purchase cost and the amounts assigned to assets acquired and liabilities assumed should be determined as of the date of the acquisition. [MAY 1999]"]
[null,"PS 2510 .18 ","For the period in which a purchase of a governmental unit occurs, government financial statements should reflect the government's proportionate share of the results of the acquired governmental unit from the date of acquisition. [MAY 1999]"]
[null,"PS 2510 .22 ","The government's interest in identifiable assets acquired and liabilities assumed should be based on their fair values at the date of acquisition. When there is a difference between the purchase cost and the government's share of the fair value of the net assets of the acquired governmental unit:"]
[null,null,"(a) any excess of the purchase cost over the government's interest in identifiable assets acquired and liabilities assumed, based on their fair values, should be accounted for as a purchase premium in accordance with paragraph PS 2510.23."]
[null,null,"(b) such that the government's interest in the identifiable assets acquired and liabilities assumed, based on their fair values, exceeds the purchase cost, the amounts assigned to identifiable non-monetary assets should be reduced to the extent that the excess is eliminated. [MAY 1999]"]
[null,"PS 2510 .23 ","When the purchase of a governmental unit gives rise to a purchase premium, it should be recognized as an expense in the period of acquisition. [MAY 1999]"]
[null,"PS 2510 .25 ","Expenses directly incurred in effecting an acquisition of a governmental unit accounted for as a purchase should be included as part of the cost of the purchase. [MAY 1999]"]
[null,"PS 2510 .27 ","Balances at the date of acquisition between existing governmental units and a newly acquired governmental unit should be eliminated on consolidation. [MAY 1999]"]
[null,"PS 2510 .30 ","When the carrying value of the assets of an existing governmental unit includes gains and losses arising from transactions with the newly acquired governmental unit which took place prior to the date of acquisition, such gains and losses should not be eliminated unless the transactions were made in contemplation of acquisition. [MAY 1999]"]
[null,"PS 2510 .34 ","When all or part of a government's investment in a governmental unit is sold, the gain or loss on sale should be based on the carrying value of the governmental unit's net assets in the consolidated statement of financial position at the date of sale. [MAY 1999]"]
[null,"PS 2510 .36 ","The gain or loss on the sale of all or part of an investment in a governmental unit should be included in the determination of consolidated operating results in the period of sale. [MAY 1999]"]
[null,"PS 2510 .41 ","When a governmental unit issues shares to interests outside the government reporting entity, the net effect of the change in the government's interest as a result of the share issue should enter into the determination of consolidated operating results."]
[null,"PS 2510 .45 ","When a governmental unit changes in status to a government business enterprise, the change cannot:","x","x","x"]
[null,null,"(a) create revenue; or"]
[null,null,"(b) result in reporting tangible capital assets that would improve the net financial position of the government reporting entity. [MAY 1999 *]"]
[null,null,"* Editorial change—April 2006.","x","x","x"]
[null,"PS 2510 .51 ","When the government's net investment balance increases or decreases because of a change in the status of a governmental unit to a government business enterprise, the amount of the increase or decrease should be accounted for as an adjustment to the opening balance of accumulated surplus/deficit. A description of the change, with details of changes to the recorded amounts of individual financial statement items, should be disclosed. [OCT. 2006]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 2601","index":13,"n_rows":23,"n_cols":6,"rows_kept":23,"cut":false,"hidden":false,"merged":[[22,1,22,5],[1,1,1,5],[4,1,7,1],[0,4,0,5],[20,1,20,5],[21,1,21,5],[10,1,17,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 2601 Foreign Currency Translation"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 2601 .11 ","At the transaction date, each asset, liability and amount reported in the statement of operations arising from a foreign currency transaction of the government should be translated into Canadian dollars by applying the exchange rate in effect at that date. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 2601.23."]
[null,"PS 2601 .14 ","At each financial statement date:","x","x","x"]
[null,null,"(a) monetary assets and monetary liabilities denominated in a foreign currency; and"]
[null,null,"(b) non-monetary items denominated in a foreign currency that are included in the fair value category in accordance with FINANCIAL INSTRUMENTS, Section PS 3450;"]
[null,null,"should be adjusted to reflect the exchange rate in effect at that date. [APRIL 1, 2019 *]\n* See explanation of effective date in paragraph PS 2601.23."]
[null,"TRANSITIONAL PROVISIONS",null,"x","x","x"]
[null,"PS 2601 .23A","For those public sector entities that applied this Section to fiscal years beginning on or after April 1, 2012, the election in paragraph PS 2601.19A may be made on a one-time basis, at the beginning of the fiscal year, for existing financial assets and financial liabilities arising from a foreign currency transaction. This election may be applied no later than the fiscal year beginning on or after April 1, 2022. Earlier application is permitted. For any financial asset or financial liability for which this election is made, cumulative unrealized exchange gains and losses arising at the date of the election are recognized as an adjustment to the accumulated surplus or deficit at the beginning of the fiscal year in which this election is applied. Disclosure is required to indicate the use of this election and any adjustment to the accumulated surplus or deficit in the year of application."]
[null,"PS 2601 .25","The following provisions are applied at the beginning of the fiscal year (the transition date) in which this Section is initially adopted.","x","x","x"]
[null,null,"(a)     Hedge accounting policies followed in financial statements for periods prior to the fiscal year this Section is adopted are not reversed and, therefore, those financial statements are not restated. Any gain or loss arising prior to the transition date on a derivative hedging instrument, and any foreign exchange gain or loss arising prior to the transition date on a non-derivative hedging instrument is accounted for as an adjustment in the balance of the accumulated remeasurement gains and losses at the transition date to the extent those gains or losses have not been recognized in net income or operations prior to the transition date. The carrying value of the hedged item is adjusted based on the foreign exchange rate on the transition date and is accounted for as an adjustment in the balance of the accumulated remeasurement gains and losses at the transition date."]
[null,null,"(b)     Any unamortized exchange gain or loss relating to a long-term foreign currency denominated monetary item deferred on the statement of financial position is accounted for as an adjustment in the balance of the accumulated remeasurement gains and losses at the transition date."]
[null,null,"(c)     If no unamortized exchange gain or loss is associated with an item in the cost or amortized cost category that is a monetary asset or a monetary liability as at the date of transition, the exchange rate at the date of transition (instead of the exchange rate at the date of the item's initial recognition) is used in measuring the exchange gain or loss recognized in the statement of operations in the period settlement occurs."]
[null,null,"(d)     A government organization transitioning from the standards in the CPA Canada Handbook – Accounting recognizes an amount in accumulated remeasurement gains and losses at the beginning of the fiscal year in which this Section is initially applied equal to the closing accumulated other comprehensive income 2 attributable to the translation of the financial statements of a self-sustaining foreign operation."]
[null,null,"(e)     A government may make the election in paragraph PS 2601.19A for a financial asset or financial liability arising from a foreign currency transaction at the transition date. The following provisions are applied to a financial asset or financial liability for which this election is made:","x","x","x"]
[null,null,"(i)     any exchange gain or loss arising prior to or as at the transition date is accounted for as an adjustment in the balance of the accumulated surplus or deficit at the transition date to the extent that the exchange gain or loss has not been previously recognized in surplus or deficit; and"]
[null,null,"(ii)    any unamortized exchange gain or loss deferred on the statement of financial position is accounted for as an adjustment in the balance of the accumulated surplus or deficit at the transition date."]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3041","index":14,"n_rows":19,"n_cols":6,"rows_kept":19,"cut":false,"hidden":false,"merged":[[1,1,1,5],[0,4,0,5],[16,1,16,5],[17,1,17,5],[18,1,18,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3041 Portfolio investments"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3041 .03 ","Unless a portfolio investment contains significant concessionary terms, it is recognized and measured in accordance with FINANCIAL INSTRUMENTS, Section PS 3450. Portfolio investments with significant concessionary terms are initially measured in accordance with paragraphs PS 3041.17-.26 and are categorized and subsequently accounted for in accordance with Section PS 3450."]
[null,"PS 3041 .07 ","When there has been a loss in value of a portfolio investment that is other than a temporary decline, the investment should be written down to recognize the loss. The write-down should be included in the statement of operations. In the case of an item in the fair value category, a reversal of any net remeasurements should be reported in the statement of remeasurement gains and losses. [APRIL 2012]"]
[null,"PS 3041 .08 ","A write-down of a portfolio investment to reflect a loss in value should not be reversed if there is a subsequent increase in value. [MARCH 1999]"]
[null,"PS 3041 .15 ","For the purposes of calculating a gain or loss on the sale of a portfolio investment, the cost of the investment sold should be calculated on the basis of the average carrying value of the portfolio investment as measured in relation to cost or amortized cost. The gain or loss on the sale of a portfolio investment should be included in the statement of operations in the period of sale. [APRIL 2012]"]
[null,"PS 3041 .17 ","When the terms associated with a government's portfolio investment are so concessionary that the substance of the transaction is that all or a significant part of the investment is in the nature of a grant, the grant portion of the transaction should be recognized as an expense when the investment is made. [MARCH 1999]"]
[null,"PS 3041 .21 ","When a government uses present value techniques to recognize part of a portfolio investment as a grant, the recorded value of the investment at the date of investment should be its cost less the amount calculated as the investment discount. The amount of the investment discount should be amortized to revenue applying the effective interest method over the term to redemption or maturity of the investment. [APRIL 2012]"]
[null,"PS 3041 .23 ","The dividends or interest earned, as specified in the terms of the investment, should cease to be accrued when the collectability of such investment income is not reasonably assured. Continuing to accrue dividends or interest in such circumstances would overstate revenue."]
[null,"PS 3041 .24 ","Amortization of the investment discount would cease if the collectability of the dividends or interest earned is not reasonably assured, or if the return of the government's capital is no longer reasonably assured. In such circumstances, consideration would be given to whether an impairment in the government's portfolio investment had occurred, and should be accounted for, in accordance with paragraphs PS 3041.07-.14."]
[null,"PS 3041 .25 ","When the collectability of the dividends or interest earned is not reasonably assured, any dividends or interest previously accrued but not received, to the extent that their collection is doubtful, should either be provided for through a valuation allowance or written off in the financial statements."]
[null,"PS 3041 .26 ","When an investment has been recorded as a grant in accordance with paragraph PS 3041.19(a) and the government subsequently receives all or part of its capital back, the return of capital would be recognized as revenue when received."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3050","index":15,"n_rows":33,"n_cols":6,"rows_kept":33,"cut":false,"hidden":false,"merged":[[30,1,30,5],[31,1,31,5],[32,1,32,5],[0,4,0,5],[23,1,24,1],[1,1,1,5],[3,1,4,1],[6,1,7,1],[9,1,10,1],[11,1,14,1],[17,1,18,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3050 Loans Receivable"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3050 .10 ","The amount of a loan that is expected to be recovered from future appropriations should be accounted for in the statement of operations as an expense in the period when a direct relationship can be established between the repayment of the loan and a government's funding to the borrower. [JUNE 1995 *]"]
[null,null,"* Editorial change—March 2012","x","x","x"]
[null,"PS 3050 .17 ","When an amount is advanced with forgivable conditions, it should be accounted for as a grant unless it meets the definition of a loan receivable and there is sufficient evidence of a reasonable expectation of its recovery. [APRIL 1993]"]
[null,"PS 3050 .20 ","When the terms of a loan are so concessionary that the substance of the transaction is that all or a significant part of the loan is more in the nature of a grant, the grant portion of the transaction should be recognized in the statement of operations as an expense when the loan is made. [APRIL 1993 *]"]
[null,null,"* Editorial change—March 2012","x","x","x"]
[null,"PS 3050 .24 ","The recorded value of the loan at the date of issue should be its face value discounted by the amount of the grant portion. The amount of the loan discount should be amortized to revenue in a rational and systematic manner over the term of the loan. [APRIL 1993]"]
[null,"PS 3050 .25 ","The loan discount is amortized using the effective interest method. The amortization of the discount would be recorded as an increase in the loan balance and a credit to revenue."]
[null,null,"Note: The requirement to apply the effective interest method applies in the period FINANCIAL INSTRUMENTS, Section PS 3450, is adopted.","x","x","x"]
[null,"PS 3050 .26 ","A loan receivable should be recognized on a government's statement of financial position when:","x","x","x"]
[null,null,"(a) the government assumes the risks associated with, and acquires the right to receive, repayment of principal and any related payments of interest; and"]
[null,null,"(b) the amount of the loan can be reliably measured."]
[null,null,"This normally coincides with the disbursement of funds, exchange of other assets, or assumption of liabilities. [APRIL 1993]"]
[null,"PS 3050 .28 ","A loan receivable should be removed from a government's statement of financial position when it has been repaid, the risks and rewards associated with the loan have been transferred, the right to repayment has expired or been waived, or it is written off. [APRIL 1993]"]
[null,"PS 3050 .30 ","Loans receivable should be initially reported on a government's statement of financial position at cost. Valuation allowances should be used to reflect loans receivable at the lower of cost and net recoverable value. [APRIL 1993]"]
[null,"PS 3050 .35 ","Loans receivable should be reported net of their related valuation allowances on a government's statement of financial position. Changes in valuation allowances should be recognized in expenses in the statement of operations. [SEPT. 1997 *]"]
[null,null,"* Editorial change—January 2003.","x","x","x"]
[null,"PS 3050 .38 ","When the amount of a loss is known with sufficient precision, and there is no realistic prospect of recovery, the loan receivable should be reduced by the amount of that loss. [APRIL 1993]"]
[null,"PS 3050 .42 ","Once all or a part of a loan has been written off, the write-off should not be reversed."]
[null,"PS 3050 .43 ","Interest revenue should be recognized on a loan receivable when earned. Interest revenue should cease to be accrued on a loan when the collectability of either principal or interest is not reasonably assured. [APRIL 1993]"]
[null,"PS 3050 .48 ","Interest earned on loans recoverable only through future appropriations should be offset against the related expense."]
[null,"PS 3050 .51 ","The costs of concessions in a loan restructuring, if any, relating to principal or interest previously accrued, should be recognized in the statement of operations as expenses at the time of restructuring. [APRIL 1993 *]"]
[null,null,"* Editorial change—March 2012","x","x","x"]
[null,"PS 3050 .52 ","Interest should not be capitalized on the restructuring of a loan receivable unless its recovery over the term of the loan is reasonably assured. [APRIL 1993]"]
[null,null,"Note: Appendix A presents a decision tree to illustrate how standards in Section PS 3050 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3060","index":16,"n_rows":21,"n_cols":6,"rows_kept":21,"cut":false,"hidden":false,"merged":[[0,4,0,5],[18,1,18,5],[19,1,19,5],[20,1,20,5],[1,1,1,5],[5,1,6,1],[7,1,8,1],[11,1,14,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3060 Interests in Partnerships"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3060 .29 ","Financial statements should recognize the public sector entity's  interests in partnerships, except for business partnerships, using the proportionate consolidation method. [OCT. 1999]"]
[null,"PS 3060 .32 ","Business partnerships should be accounted for by the modified equity method applied using the public sector entity's share of the business partnership. [OCT. 1999]"]
[null,"PS 3060 .41 ","When a public sector entity invests assets in a partnership and receives in exchange an interest in the partnership, any loss that occurs should be recognized at the time of the initial investment in the statement of operations. [OCT. 1999]"]
[null,null,"Note: A loss occurs when the fair value of the asset invested is less than its net carrying amount in the public sector entity's financial statements.","x","x","x"]
[null,"PS 3060 .43 ","When a public sector entity invests assets in a partnership and receives in exchange an interest in the partnership, any gain that occurs should be reported in the financial statements of the public sector entity as a deferred gain at the time of the initial investment only to the extent of the interests of the other non-related partners. [OCT. 1999]"]
[null,null,"Note: A gain occurs when the fair value of the asset invested is greater than its net carrying amount in the public sector entity's financial statements.","x","x","x"]
[null,"PS 3060 .45 ","When a partnership other than a business partnership is dissolved, any deferred gain related to the assets invested by the public sector entity should be recognized as revenue. [OCT. 1999]"]
[null,"PS 3060 .47 ","For business partnerships, any deferred gain related to the assets invested by the public sector entity should be amortized to net operating results in a rational and systematic manner over the life of the invested assets. If the invested assets are non-depreciable, the deferred gain should be amortized to net operating results on a basis appropriate to the expected revenue or service to be obtained from their use by the business partnership. When the invested assets are disposed of by the business partnership to an independent third party, any unamortized portion of the deferred gain should be recognized as revenue. [OCT. 1999]"]
[null,"PS 3060 .49 ","When tangible capital assets are invested in a partnership other than a business partnership, a public sector entity should report those assets as follows:","x","x","x"]
[null,null,"(a) the other non-related partners' share of assets invested by the public sector entity would be treated as disposals by the entity; and"]
[null,null,"(b) the public sector entity's share of assets invested by the other non-related partners would be treated as purchases by the entity in accordance with the relevant standards in FINANCIAL STATEMENT PRESENTATION, Section PS 1201, and TANGIBLE CAPITAL ASSETS, Section PS 3150. [OCT. 1999 *]"]
[null,null,"* Editorial change—January 2003, February 2007 and June 2011.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3160","index":17,"n_rows":62,"n_cols":6,"rows_kept":62,"cut":false,"hidden":false,"merged":[[61,1,61,5],[26,1,28,1],[0,4,0,5],[1,1,1,5],[3,1,6,1],[8,1,15,1],[21,1,22,1],[43,1,44,1],[46,1,52,1],[58,1,58,5],[59,1,59,5],[60,1,60,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3160 Public Private Partnerships"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3160 .06","A public sector entity should recognize infrastructure, or a betterment to infrastructure, as an asset where, through the terms and economic substance of the public private partnership the public sector entity controls:","x","x","x"]
[null,null,"(a)     the purpose and use of the infrastructure;"]
[null,null,"(b)     access to the future economic benefits and exposure to risks of the infrastructure asset; and"]
[null,null,"(c)     significant residual interest in the infrastructure, if any, at the end of the public private partnership's term. [APRIL 2023]"]
[null,"PS 3160.07","Infrastructure assets are accounted for in accordance with TANGIBLE CAPITAL ASSETS, Section PS 31504. Infrastructure identified in a public private partnership arrangement is accounted for as an asset when it meets the definition of an asset and can be reliably measured in accordance with the general recognition criteria in FINANCIAL STATEMENT CONCEPTS, Section PS 1000."]
[null,"PS 3160.08","Infrastructure identified in a public private partnership arrangement meets the definition of an asset for the public sector entity when all of the following are met:","x","x","x"]
[null,null,"(a)     The public sector entity expects to benefit from the use of the service capacity of the infrastructure to provide goods and services and is exposed to the risks. Infrastructure that the public sector entity contracts to have delivered through the arrangement will be provided by the private sector partner. The future economic benefits related to the infrastructure will be realized by the public sector entity over the useful life of the infrastructure, in conjunction with any realized risks."]
[null,null,"(b)     Through the terms of the arrangement, the public sector entity controls the infrastructure, access to the related future economic benefits, and exposure to the risks. The terms specify:"]
[null,null,"(i)     the purpose and use of the infrastructure;"]
[null,null,"(ii)    who may access the infrastructure;"]
[null,null,"(iii)   its related future economic benefits; and"]
[null,null,"(iv)   any significant residual interest in the infrastructure that exposes the public sector entity to the risks associated with the asset."]
[null,null,"(c)     The signed and executed public private partnership agreement comprises the past event that gives control of the infrastructure to the public sector entity."]
[null,"PS 3160.09","Normally, the terms of the public private partnership result in the recognition criteria in paragraph PS 3160.08 being met over the construction period. When this occurs, the public sector entity recognizes the infrastructure over that period. In contrast, a public sector entity would defer recognition until substantial completion of the infrastructure asset when the recognition criteria are met at the end of the construction period. An example of this would be if the public sector entity is not exposed to the risks of completing the project even when the private sector partner fails to complete construction."]
[null,"PS 3160 .22","When a public sector entity has recognized an infrastructure asset in relation to a public private partnership arrangement and has an obligation to provide consideration to the private sector partner, the public sector entity should recognize a liability. [APRIL 2023]"]
[null,"PS 3160.23","The public sector entity recognizes a liability when it recognizes an infrastructure asset. The type of consideration provided to the private sector partner determines whether the public sector entity recognizes a financial liability (financial liability model) or a performance obligation (user-pay model). This distinction is relevant for the subsequent measurement of the liability.","x","x","x"]
[null,"PS 3160 .25","A public sector entity's liability for the design, build, acquisition or betterment of infrastructure could result from a combination of the financial liability model and user-pay model. In such circumstances, the entity would recognize both a financial liability and a performance obligation."]
[null,"PS 3160 .26","A constructed or acquired infrastructure asset as part of a public private partnership arrangement should be initially recognized at the public sector entity's cost, which represents fair value at the date of recognition. [APRIL 2023]"]
[null,"PS 3160.27"," Initial measurement of an asset acquired in an exchange transaction is recognized at its cost. Where the costs of acquiring or constructing the infrastructure are both determinable and verifiable from the public private partnership procurement process and contractual agreement, these amounts would be used to measure the asset cost."]
[null,null,"Note: FINANCIAL STATEMENT CONCEPTS, paragraph PS 1000.29(e), describes a transaction or event as verifiable \"if knowledgeable and independent observers would concur that it is in agreement with the actual underlying transaction or event with a reasonable degree of precision.\"","x","x","x"]
[null,"PS 3160.28","Direct costs capitalized should be consistent with TANGIBLE CAPITAL ASSETS, Section PS 31504. The cost of constructed infrastructure would normally include direct construction or development costs (such as material and labour) and overhead costs directly attributable to the construction or development activity. The activities necessary to prepare infrastructure for its intended use encompass more than the physical construction of the infrastructure. The activities include the technical and administrative work before and during construction."]
[null,"PS 3160.29","In a public private partnership arrangement, the private sector partner is compensated for assuming construction related risks, such as design risks, cost overrun risks, etc., that may not exist in traditional procurement models. Such costs related to the acquisition of the infrastructure asset would be included in the capital cost of the asset."]
[null,"PS 3160.30","Where cost is neither determinable nor verifiable from the public private partnership process and agreement, cost is determined to be equal to the estimated fair value of the asset at the transaction date. TANGIBLE CAPITAL ASSETS, paragraph PS 3150.05(c)4, defines \"fair value\" as \"the amount of the consideration that would be agreed upon in an arm's length transaction between knowledgeable, willing parties who are under no compulsion to act.\" 8  For the purposes of initially measuring an infrastructure asset acquired through a public private partnership arrangement under this Section, this definition is interpreted to mean the price a market participant would pay for an equivalent infrastructure asset with the same service potential and risk profile."]
[null,"PS 3160.32","The full cost of a public private partnership arrangement would be separated into infrastructure asset and operating (and/or maintenance) components. In some public private partnerships, it may be difficult to determine what portion of the predetermined service payments relate to the infrastructure asset and what portion relates to operating and/or maintenance costs. In such cases, separating predetermined service payments would require the public sector entity to allocate costs related to the infrastructure asset separately from costs related to operating and/or maintenance. Allocations would be determined using either:"]
[null,null," (a) A relative fair value approach. Where the fair values both infrastructure asset and operating and/or maintenance arrangement components are readily determinable, they are applied to the predetermined service payment based on their relative fair values, or;"]
[null,null,"(b) A residual arrangement value approach. Where the estimated fair value of only one arrangement component (either the infrastructure asset or service component) is readily determinable, the residual value of the predetermined service payment is allocated to the remaining arrangement component."]
[null,"PS 3160 .34","In rare instances a public sector entity may be unable to determine a reasonable estimate of fair value for an infrastructure asset acquired from a public private partnership arrangement. In such instances, the estimated fair value, and thus the recognized cost of the infrastructure asset, would be the present value of the capital portion of predetermined service payments, lump-sum payments and any progress payments using the discount rate guidance (paragraphs PS 3160.56-.58). 9"]
[null,"PS 3160 .35","In some public private partnerships, the private sector partner is engaged to better and subsequently operate and/or maintain infrastructure the public sector entity already controls. Capital costs associated with the betterment of the existing infrastructure are added to the carrying value, less write-downs, if any, as required in TANGIBLE CAPITAL ASSETS, Section PS 31504."]
[null,"PS 3160 .36"," A liability, recognized in relation to a public private partnership arrangement should be initially measured at the same amount as the related infrastructure asset, reduced for any consideration previously provided to the private sector partner. [APRIL 2023]"]
[null,"PS 3160.37","In arm's length transactions, the consideration provided is equal to the value of the good or service received. When a liability is created as a result of the financial liability model and the user-pay model combined, the sum of the liabilities is equal to the cost of the asset(s) received by the public sector entity, which represents the asset's fair value."]
[null,"PS 3160.38","Additional consideration attributable to other components of the public private partnership agreement (such as operating and maintenance payments) are excluded from the measurement of the liability to acquire or construct the infrastructure asset."]
[null,"PS 3160 .39","TANGIBLE CAPITAL ASSETS, Section PS 31504, also applies when accounting for infrastructure assets in periods subsequent to the initial recognition. The cost, less any residual value, of an infrastructure asset with a limited life is amortized over its useful life in a rational and systematic manner appropriate to its nature and use by the public sector entity."]
[null,"PS 3160 .43","Betterments, as defined in TANGIBLE CAPITAL ASSETS, Section PS 31504, are added to the carrying amount of the related infrastructure when the future economic benefits of the betterment are controlled by the public sector entity."]
[null,"PS 3160.44"," When a public sector entity decides to record and account for specific components of infrastructure as separate assets, as per TANGIBLE CAPITAL ASSETS, paragraph PS 3150.124, betterments that increase the service potential of specific components of the infrastructure would be capitalized and amortized. For example, if the roof is scheduled to be replaced, the related costs would be capitalized as a part of the roof component and amortized over its useful life. Replaced components should be written off when new replacement components are capitalized in the period the items are replaced."]
[null,"PS 3160.46","Operating and maintenance costs do not extend the service capacity of the asset. Therefore, such costs are expensed in a rational and systematic manner that best corresponds to the benefit received from the services being provided over the term of the service contract in a public private partnership arrangement."]
[null,"PS 3160.51","Subsequent measurement of a financial liability should be at amortized cost using the effective interest method. [APRIL 2023]"]
[null,"PS 3160.53","The public sector entity allocates transfers of cash or other financial assets to repayments of the liability and interest expense according to FINANCIAL INSTRUMENTS, Section PS 3450."]
[null,"PS 3160.54"," Interest charges and charges for services provided by the private sector partner in the public private partnership are accounted for as expenses in the period to which they relate."]
[null,"PS 3160.55","The implicit contract rate would be used to calculate the finance charge embedded in a financial liability related to the public private partnership for the purposes of expense recognition over the course of the arrangement."]
[null,"PS 3160.56","Where the implicit contract rate is not determinable, the weighted average cost of capital specific to the public private partnership arrangement, or the private sector partner's cost of capital should be used."]
[null,"PS 3160.57","In rare circumstances where the public sector entity establishes that none of these rates are available, the public sector entity would use another rate that accurately reflects the financing charge embedded in the financial liability model. "]
[null,null,"The basis for the utilized rate, including the circumstances resulting in the inability to determine a rate in accordance with paragraphs PS 3160.55-.56 should be disclosed in the financial statement notes.","x","x","x"]
[null,"PS 3160.58"," The interest rate used to determine the finance charge should remain consistent throughout the public private partnership arrangement, unless the terms of the arrangement have been renegotiated. In subsequently measuring the liability, the effective interest method should be used in accounting for the liability that has been discounted."]
[null,"PS 3160.60","Performance obligations that arise from a public private partnership arrangement are recognized as liabilities where all of the following are met:","x","x","x"]
[null,null,"(a) The terms of the public private partnership require the public sector entity to provide the private sector partner ongoing access to the infrastructure to earn revenue from third-party users, representing a present obligation."]
[null,null,"(b) In addition to giving up its ability to collect revenues from infrastructure users, its obligation to provide access to the private sector partner requires the public sector entity stand ready to protect the private sector partner's right to earn revenue from the third-party users. This sacrifice of economic benefits can take various forms, including:"]
[null,null,"(i) enforcing a payment by third-party users;"]
[null,null,"(ii) enforcing exclusive access to the private sector partner; and"]
[null,null,"(iii) protecting the rights of the private sector partner."]
[null,null,"(c) Providing ongoing access is the result of past events and transactions occurring under the public private partnership agreement."]
[null,"PS 3160 .61","When the public sector entity recognizes a liability as part of granting the private sector partner the right to earn revenue from third-party users or from another revenue-generating asset, revenue should be recognized and the liability reduced according to REVENUE, Section PS 3400. [APRIL 2023]"]
[null,"PS 3160.63","Modifications, which may include deductions, liquidated damages or penalties, during the life of the public private partnership occur based on events and circumstances unique to each public private partnership. Modifications are accounted for when the event occurs, depending on the facts and circumstances of each scenario. For example, after building a bridge to relieve traffic congestion, a municipality may need to replace stop signs at nearby intersections with roundabouts to improve traffic flow. Such a modification would be accounted for as a betterment or a capital asset addition when it occurs."]
[null,null,"Note:  Appendix A presents a decision tree to clarify what transactions are within the scope PS 3160 and what transactions are not and Appendix B presents illustrative examples that have been prepared by CPA Canada staff to illustrate how to apply certain aspects of the guidance in PS 3160.","x","x","x"]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]
[null,"4 Section PS 4230 applies."]

{"sheet":"PS 3200","index":18,"n_rows":14,"n_cols":6,"rows_kept":14,"cut":false,"hidden":false,"merged":[[13,1,13,5],[1,1,1,5],[3,1,5,1],[0,4,0,5],[11,1,11,5],[12,1,12,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3200 Liabilities"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3200 .03 ","Liabilities should be recognized in the financial statements when:","x","x","x"]
[null,null,"(a) there is an appropriate basis of measurement; and"]
[null,null,"(b) a reasonable estimate can be made of the amount involved. [SEPT. 2004]"]
[null,"PS 3200 .06 ","Obligations are not liabilities unless they meet the three characteristics of liabilities."]
[null,null,"Note: The appendix presents a decision tree to illustrate how standards in Section PS 3200 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3230","index":19,"n_rows":18,"n_cols":6,"rows_kept":18,"cut":false,"hidden":false,"merged":[[0,4,0,5],[15,1,15,5],[16,1,16,5],[17,1,17,5],[1,1,1,5],[3,1,5,1],[6,1,10,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3230 Long-term Debt"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3230 .06 ","When debt is issued by a government and some or all of the proceeds are subsequently loaned to a government business enterprise, except in the circumstances in paragraph PS 3230.10, the government should:","x","x","x"]
[null,null,"(a) recognize the entire amount borrowed from sources external to the reporting entity as a liability and the related receivable from the government business enterprise as a financial asset in the consolidated statement of financial position; and"]
[null,null,"(b) recognize the interest on the entire amount of debt borrowed as an expense and the related interest earned from the government business enterprise as a revenue, in the consolidated statement of operations. [APRIL 2000]"]
[null,"PS 3230 .12 ","Sufficient evidence that debt has been specifically issued by a government on behalf of a government business enterprise comprises:","x","x","x"]
[null,null,"(a) details in the terms of the debt prospectus, borrowing by-laws, or other terms of the original debt issuance documentation, which require a specified amount of the proceeds of the debt issue to be passed directly from the government to the government business enterprise;"]
[null,null,"(b) the intention of the government and the government business enterprise that the government will realize the receivable from the government business enterprise and settle the external debt simultaneously, which is contractually supported by the details of the loan amount, interest rate, and timing and nature of repayment outlined in the terms of the agreement between the government and the government business enterprise; and"]
[null,null,"(c) the financial ability of the government business enterprise to fulfill the requirements in (b) as demonstrated by a realistic and specific business plan (note) projecting the future results of operations of the government business enterprise. [APRIL 2000]"]
[null,null,"Note: GOVERNMENT REPORTING ENTITY, paragraph PS 1300.31, states that one of the factors in assessing if a government business enterprise meets the financial sustainability criterion inherent in the definition of a government business enterprise is whether the organization has in place \"realistic and specific plans that show how it expects to be able to maintain its operations and meet its liabilities in the future.\"","x","x","x"]
[null,"PS 3230 .13 ","When, in a period subsequent to the debt issue, the conditions in paragraph PS 3230.12(b) and/or (c) are no longer met, the government should report the remaining financial arrangement with the government business enterprise in accordance with paragraph PS 3230.06. [APRIL 2000]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3250","index":20,"n_rows":57,"n_cols":6,"rows_kept":57,"cut":false,"hidden":false,"merged":[[36,1,40,1],[54,1,54,5],[55,1,55,5],[56,1,56,5],[0,4,0,5],[1,1,1,5],[4,1,7,1],[9,1,17,1],[18,1,20,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3250 Retirement Benefits"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"DEFINED BENEFIT PLANS",null,"x","x","x"]
[null,"PS 3250 .017","The components of the retirement benefit liability are:","x","x","x"]
[null,null,"(a) accrued benefit obligation including the effects of plan amendments, settlements and curtailments;"]
[null,null,"(b) plan assets, if any; and"]
[null,null,"(c) unamortized actuarial gains and losses."]
[null,"PS 3250 .018","The cost of retirement benefits promised during the period is comprised of the retirement benefits expense, and the retirement benefits interest expense."]
[null,"PS 3250 .019","The components of the retirement benefits expense are:","x","x","x"]
[null,null,"(a) current period benefit cost;"]
[null,null,"(b) cost of plan amendments incurred during the period;"]
[null,null,"(c) net actuarial gains or losses recognized in the determination of the cost of a plan amendment in accordance with paragraphs PS 3250.068 and PS 3250.071;"]
[null,null,"(d) gains and losses arising from plan settlements and curtailments incurred during the period;"]
[null,null,"(e) amortization of actuarial gains and losses;"]
[null,null,"(f) the amount recognized as a result of a temporary deviation from the plan, determined in accordance with paragraph PS 3250.073;"]
[null,null,"(g) the change in a valuation allowance against the carrying amount of an accrued benefit asset, determined in accordance with paragraph PS 3250.050; less"]
[null,null,"(h) employee contributions made during the period."]
[null,"PS 3250 .020","The retirement benefits interest expense is the net of:","x","x","x"]
[null,null,"(a) the interest cost on the accrued benefit obligation determined by applying the discount rate determined at the beginning of the period in accordance with paragraph PS 3250.044 to the average value of the accrued benefit obligation for the period; and"]
[null,null,"(b) the expected return on plan assets for a defined benefit plan, determined by applying the assumed rate of return on plan assets to the average market-related value of assets for the period."]
[null,"PS 3250 .025","An accrued benefit method should be used to attribute the cost of retirement benefits to the periods of employee service. [SEPT. 2001]"]
[null,"PS 3250 .029","The projected benefit method prorated on services should be used to attribute the cost of retirement benefits to the periods of employee service. [SEPT. 2001]"]
[null,"PS 3250 .036","For some assets, such as real estate investments or non-marketable securities, market values are not readily available. For such assets, a method that approximates market can be used. For example, independent appraisals could be obtained, market values of similar properties could be reviewed, or future expected cash flows discounted at a market rate could be determined."]
[null,"PS 3250 .037","For a defined benefit plan, plan assets should be valued at market-related values. [SEPT. 2001]"]
[null,"PS 3250 .038","In some cases governments issue non-marketable securities to their benefit funds on the condition that those securities are held in the fund to maturity. Market-related values for these assets may not be readily determinable. In such cases, non-marketable securities can be valued at cost."]
[null,"PS 3250 .042","Actuarial assumptions should be based on the government's best estimates of expected long-term experience and short-term forecasts. [SEPT. 2001]"]
[null,"PS 3250 .045","Actuarial assumptions should be internally consistent. [SEPT. 2001]"]
[null,"PS 3250 .050"," An accrued benefit asset should be presented on a government's statement of financial position net of any valuation allowance. When a defined benefit plan gives rise to an accrued benefit asset, a government should recognize a valuation allowance for any excess of the adjusted benefit asset over the expected future benefit. A change in valuation allowance should be recognized in the statement of operations for the period in which the change occurs. [SEPT. 2001]"]
[null,"PS 3250 .062","Except in the circumstances in paragraph PS 3250.068, PS 3250.071 and PS 3250.078, actuarial gains and losses should be amortized to the liability or asset and the related expense in a systematic and rational manner over the expected average remaining service life of the related employee group. [SEPT. 2001]"]
[null,"PS 3250 .066","The cost of plan amendments related to prior period employee services should be accounted for in the period of the plan amendment. [SEPT. 2001]"]
[null,"PS 3250 .068","In the period of a plan amendment related to prior period employee services that results in an increase in the accrued benefit obligation, if net unamortized actuarial gains exist, these should be recognized immediately, to a maximum of the prior period service cost, and offset against the prior period service cost in the statement of operations, with separate disclosure in the notes. [SEPT. 2001]"]
[null,"PS 3250 .071","In the period of a plan amendment related to prior period employee services that results in a decrease in the accrued benefit obligation, if net unamortized actuarial losses exist, these should be recognized immediately, to a maximum of the decrease in the accrued benefit obligation. The net amount would be recognized in the statement of operations, with separate disclosure in the notes. [SEPT. 2001]"]
[null,"PS 3250 .078","Gains and losses determined upon a plan settlement or curtailment should be accounted for in the period of the settlement or curtailment. [SEPT. 2001]"]
[null,"PS 3250 .081","When a government participates in a joint defined benefit plan, the government's risk is limited to its portion of the plan. The government should account for its portion of the plan in accordance with the standards for defined benefit plans. [SEPT. 2001]"]
[null,"DEFINED CONTRIBUTION PLANS",null,"x","x","x"]
[null,"PS 3250 .097","For defined contribution plans:","x","x","x"]
[null,null,"(a) the liability for retirement benefits should be the difference between the amount a government was required to contribute and the amount that was contributed by the financial statement date including accumulated interest on any outstanding amounts payable to the fund at the financial statement date;"]
[null,null,"(b) the retirement benefit liability should be accounted for in the statement of financial position;"]
[null,null,"(c) the expense for retirement benefits should be the amount of required contributions provided for employees' services rendered in the period. Interest accrued during the period on any outstanding amounts payable to the fund should be accounted for as a retirement benefit interest expense; and"]
[null,null,"(d) the retirement benefit expense and the retirement benefit interest expense should be accounted for in the statement of operations. [SEPT. 2001]"]
[null,"PS 3250 .099","For a defined contribution plan, the cost of current and expected future years' contributions related to a past service plan amendment should be accounted for in the period of the plan amendment. [SEPT. 2001]"]
[null,"MULTIEMPLOYER AND MULTIPLE-EMPLOYER BENEFIT PLANS",null,"x","x"]
[null,"PS 3250 .108","When a government sponsors a defined benefit multiemployer retirement plan, the government should follow the standards for defined benefit plans in accounting for its obligation for the plan. [SEPT. 2001]"]
[null,"PS 3250 .110","When benefits are provided to employees through a multiemployer retirement benefit plan, each entity participating in the plan, other than the sponsoring government, should follow the standards for defined contribution plans. [SEPT. 2001]"]
[null,"PS 3250 .114","When benefits are provided to employees through a defined benefit multiple-employer retirement plan, each entity in the plan should follow the standards for defined benefit plans. [SEPT. 2001]"]
[null,"TRANSITIONAL PROVISIONS",null,"x","x","x"]
[null,"PS 3250 .117","This Section should be accounted for as a change in accounting policy applied retroactively. [SEPT. 2001]"]
[null,"TIMING OF ACTUARIAL VALUATIONS",null,"x","x","x"]
[null,"PS 3250 .118","Most governments do not have full actuarial valuations performed annually because of the magnitude of the information gathering and processing required. Actuarial valuations for accounting purposes would generally be done once every three years because of the financial importance of retirement benefit obligations. They would be done as close to the related financial statement date as is practical. In the years between valuations, an extrapolation would be used to compute the expected accrued benefit obligation and related expenses. Each year the government reviews matters such as changes to the plan, the actuarial assumptions, occurrence of settlements and curtailments, changes to the employee group and the rate of return on plan assets, and determines whether such matters necessitate any adjustments to the extrapolations. When the effect of any change is significant, a new valuation may be necessary."]
[null,null,"Note: Appendix B presents illustrative examples that have been prepared by CPA Canada staff to illustrate how the standards in Section PS 3250 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3255","index":21,"n_rows":19,"n_cols":6,"rows_kept":19,"cut":false,"hidden":false,"merged":[[0,4,0,5],[16,1,16,5],[17,1,17,5],[18,1,18,5],[1,1,1,5],[6,1,8,1],[9,1,11,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3255 Post-employment Benefits, Compensated Absences and Termination Benefits"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3255 .16 ","A government should recognize a liability and an expense for post-employment benefits and compensated absences that vest or accumulate in the period in which employees render services to the government in return for the benefits. RETIREMENT BENEFITS, Section PS 3250, should be followed in accounting for such benefits. [JAN. 2004]"]
[null,"PS 3255 .19 ","Sick pay benefits or other benefits that accumulate but do not vest are normally paid only upon an illness or injury-related absence. Such benefits are obligations and would be recognized."]
[null,"PS 3255 .22 ","A government should recognize a liability and an expense for post-employment benefits and compensated absences that do not vest or accumulate when the event that obligates the government occurs. [JAN. 2004]"]
[null,"PS 3255 .24 ","For a separately measured plan providing post-employment benefits or compensated absences that do not vest or accumulate, a government should recognize any actuarial gain or loss:","x","x","x"]
[null,null,"(a) immediately, in the period in which it arises; or"]
[null,null,"(b) over a period linked to the type of benefit. [JAN. 2004]"]
[null,"PS 3255 .28 ","A government should recognize termination benefits as a liability and expense when it is demonstrably committed to either:","x","x","x"]
[null,null,"(a) terminate the employment of an employee or group of employees; or"]
[null,null,"(b) provide termination benefits as a result of an offer to encourage voluntary termination. [JAN. 2004]"]
[null,null,"Note: Appendices A and B present illustrative examples that have been prepared by CPA Canada staff to illustrate how the standards in Section PS 3255 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3260","index":22,"n_rows":31,"n_cols":6,"rows_kept":31,"cut":false,"hidden":false,"merged":[[30,1,30,5],[1,1,1,5],[3,1,11,1],[0,4,0,5],[28,1,28,5],[29,1,29,5],[18,1,22,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3260 Liability for Contaminated Sites"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3260 .08 ","A liability for remediation of contaminated sites should be recognized when, as at the financial reporting date:","x","x","x"]
[null,null,"(a) an environmental standard exists;"]
[null,null,"(b) contamination exceeds the environmental standard;"]
[null,null,"(c) the government:"]
[null,null,"(i) is directly responsible; or"]
[null,null,"(ii) accepts responsibility;"]
[null,null,"(d) it is expected that future economic benefits will be given up; and"]
[null,null,"(e) a reasonable estimate of the amount can be made."]
[null,null,"An obligation for remediation of contaminated sites cannot be recognized as a liability unless all criteria above are satisfied. [APRIL 2014]"]
[null,"PS 3260 .40 ","The estimate of a liability should include costs directly attributable to remediation activities. Costs would include post-remediation operation, maintenance and monitoring that are an integral part of the remediation strategy for a contaminated site. The estimate would include costs of assets acquired as part of remediation activities to the extent those assets have no alternative use. [APRIL 2014]"]
[null,"PS 3260 .46 ","A liability for remediation should be estimated based on information available at the financial statement date. [APRIL 2014]"]
[null,"PS 3260 .55 ","The measurement technique adopted by a government should result in the best estimate of the amount required to remediate contaminated sites. [APRIL 2014]"]
[null,"PS 3260 .59 ","The carrying amount of a liability for remediation should be reconsidered at each financial reporting date. Any revisions to the amount previously recognized should be accounted for in the period in which revisions are made. [APRIL 2014]"]
[null,"PS 3260.60","A liability continues to be recognized until it is settled or otherwise extinguished. Disbursements would be deducted from the reported liability when they are made."]
[null,"PS 3260.61","Continual assessment of the carrying amount of a liability is required. When a change in an estimate of the amount of a liability is required, it would be accounted for in accordance with ACCOUNTING CHANGES, Section PS 2120."]
[null,"PS 3260 .62 ","A recovery related to a liability for remediation of contaminated sites should be recognized when:","x","x","x"]
[null,null,"(a) the recovery can be appropriately measured;"]
[null,null,"(b) a reasonable estimate of the amount can be made; and"]
[null,null,"(c) it is expected that future economic benefits will be obtained."]
[null,null,"A recovery should not be netted against the liability."]
[null,"PS 3260.64","Recoveries may result when a public sector entity is able to recover remediation costs from a third party by virtue of a claim made under an insurance contract.  Accounting for recoveries depends on whether they meet the definition of an asset or a contingent asset (see ASSETS, Section PS 3210, and CONTINGENT ASSETS, Section PS 3320).","x","x","x"]
[null,null,"Note: Appendices A and B present illustrative examples that have been prepared by CPA Canada staff to illustrate how the standards in Section PS 3260 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3280","index":23,"n_rows":44,"n_cols":6,"rows_kept":44,"cut":false,"hidden":false,"merged":[[42,1,42,5],[43,1,43,5],[0,4,0,5],[1,1,1,5],[3,1,8,1],[20,1,22,1],[28,1,32,1],[41,1,41,5],[34,1,37,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3280 Asset Retirement Obligations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3280.09","A liability should be recognized when, as at the financial reporting date:","x","x","x"]
[null,null,"(a) there is a legal obligation to incur retirement costs in relation to a tangible capital asset;"]
[null,null,"(b) the past transaction or event giving rise to the liability has occurred;"]
[null,null,"(c) it is expected that future economic benefits will be given up; and"]
[null,null,"(d) a reasonable estimate of the amount can be made."]
[null,null,"A liability for an asset retirement obligation cannot be recognized unless all of the criteria above are satisfied."]
[null,"PS 3280.24","Upon initial recognition of a liability for an asset retirement obligation, a public sector entity should recognize an asset retirement cost by increasing the carrying amount of the related tangible capital asset (or a component thereof) by the same amount of the liability."]
[null,"PS 3280.25","The public sector entity should allocate the asset retirement cost to expense in a rational and systematic manner over the useful life of the tangible capital asset (or a component thereof)."]
[null,"PS 3280.26","Asset retirement costs are necessary and an integral part of owning and operating the related tangible capital asset. These costs, as defined in TANGIBLE CAPITAL ASSETS, Section PS 3150, increase the carrying amount of the related tangible capital asset (or a component thereof)."]
[null,"PS 3280.31","An asset retirement obligation may arise in connection with a tangible capital asset that is not recognized. In this case, the asset retirement cost would be expensed as there is no cost basis of the underlying asset to which the asset retirement costs can be attached. This is consistent with the principle that asset retirement costs are not a separate asset because there is no specific and separate future economic benefit that results from them."]
[null,"PS 3280.32","An asset retirement obligation may arise for a tangible capital asset no longer in productive use. For example, a new legislation created after the tangible asset has been removed from service may now require its disposal in a prescribed manner and specific post-retirement activities. Given that there is no longer any period of future benefit associated with the asset retirement costs, these costs would be expensed."]
[null,"PS 3280.33","The estimate of a liability should include costs directly attributable to asset retirement activities.  Costs would include post-retirement operation, maintenance and monitoring that are an integral part of the retirement of the tangible capital asset.  The estimate would includes costs of tangible capital assets acquired as part of asset retirement activities to the extent those assets have no alternative use."]
[null,"PS 3280 .39","A liability for an asset retirement obligation should be estimated based on information available at the financial statement date."]
[null,"PS 3280.42","If new information becomes available between the financial statement date and the date of completion of the financial statements that would affect the estimates of a liability, this would be accounted for in accordance with SUBSEQUENT EVENTS, Section PS 2400."]
[null,"PS 3280.43","Measurement of a liability for an asset retirement obligation should result in the best estimate of the amount required to retire a tangible capital asset (or a component thereof) at the financial statement date."]
[null,"PS 3280.49","The carrying amount of a liability for an asset retirement obligation should be reconsidered at each financial reporting date."]
[null,"PS 3280.52","A liability for an asset retirement obligation continues to be recognized until it is settled or otherwise extinguished."]
[null,"PS 3280.53","In periods subsequent to initial measurement, a public sector entity should recognize period-to-period changes in a liability resulting from:","x","x","x"]
[null,null,"(a) revisions to either the timing, the amount of the original estimate of undiscounted cash flows or the discount rate, as part of the cost of the related tangible capital asset; and"]
[null,null,"(b) the passage of time as an accretion expense."]
[null,"PS 3280.54","The revised carrying amount of the related tangible capital asset (or a component thereof) should be amortized in a rational and systematic manner on a go-forward basis."]
[null,"PS 3280.55","Once the related tangible capital asset (or a component thereof) is no longer in productive use, all subsequent changes in the estimate of the liability for asset retirement obligations should be recognized as an expense in the period they are incurred."]
[null,"PS 3280.56","Asset retirement costs are necessary and an integral part of owning and operating the related tangible capital asset. These costs increase its carrying amount. As asset retirement costs on their initial recording are capitalized and amortized over the period of benefit, changes in their estimate would be accounted for similarly."]
[null,"PS 3280.57","A change in measurement resulting from the passage of time (i.e., accretion expense) results from events of the accounting period. It would be expensed in the period and reported in the statement of operations. An entity will measure and incorporate changes due to the passage of time into the carrying amount of the liability before measuring changes resulting from a revision to either the timing, the amount of the original estimate of undiscounted cash flows or the discount rate."]
[null,"PS 3280.58","In certain cases, there may be an indeterminate settlement date for the asset retirement obligation. For example, a public sector entity may be uncertain when the cash flows associated with an asset retirement obligation will occur. Uncertainty about the timing and amount of settlement of the asset retirement obligation does not remove that obligation but will affect the measurement of the liability."]
[null,"PS 3280.60","A recovery related to asset retirement obligations should be recognized when:"]
[null,null,"(a) the recovery can be appropriately measured;"]
[null,null,"(b) a reasonable estimate of the amount can be made; and"]
[null,null,"(c) it is expected that future economic benefits will be obtained."]
[null,null,"A recovery should not be netted against the liability."]
[null,"TRANSITIONAL PROVISIONS",null,"x","x","x"]
[null,"PS 3280.68","This section may be applied using:","x","x","x"]
[null,null,"(a) retroactive application in accordance with ACCOUNTING CHANGES, Section PS 2120;"]
[null,null,"(b) modified retroactive application in accordance with the transitional provisions described in paragraphs PS 3280.69-.71; or"]
[null,null,"(c) prospective application in accordance with the transitional provisions described in paragraphs PS 3280.72-.73."]
[null,null,"Note: Appendices A and B present a decision tree and illustrative examples that have been prepared by CPA Canada staff to illustrate how the standards in Section PS 3280 might be implemented.","x","x","x"]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3300","index":24,"n_rows":14,"n_cols":6,"rows_kept":14,"cut":false,"hidden":false,"merged":[[13,1,13,5],[1,1,1,5],[3,1,5,1],[0,4,0,5],[11,1,11,5],[12,1,12,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3300 Contingent Liabilities"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3300 .15 ","A contingent liability should be recognized in the financial statements when:","x","x","x"]
[null,null,"(a) it is likely that a future event will confirm that a liability has been incurred at the date of the financial statements; and"]
[null,null,"(b) the amount can be reasonably estimated. [SEPT. 2004]"]
[null,"PS 3300 .21 ","A contingent liability should be derecognized when it is settled or otherwise extinguished, or when it is determined that the existence of a liability at the financial statement date is unlikely. [SEPT. 2004]"]
[null,"PS 3300 .24 ","Continual assessment of the carrying amount of a contingent liability is required. When a change in an estimate of the amount of a contingent liability is required, it would be accounted for in accordance with ACCOUNTING CHANGES, Section PS 2120."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3310","index":25,"n_rows":19,"n_cols":6,"rows_kept":19,"cut":false,"hidden":false,"merged":[[0,4,0,5],[16,1,16,5],[17,1,17,5],[18,1,18,5],[1,1,1,5],[4,1,5,1],[8,1,9,1],[11,1,12,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3310 Loan Guarantees"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3310 .05 ","Government loan guarantees should be accounted for and reported as contingent liabilities in the government's financial statements. [JUNE 1995]"]
[null,"PS 3310 .08 ","A provision for losses on loan guarantees should be established when it is determined that a loss is likely, and should be accounted for as a liability and in the statement of operations as an expense. [JUNE 1995 *]"]
[null,null,"* Editorial change—March 2012","x","x","x"]
[null,"PS 3310 .10 ","The provision for losses on loan guarantees should take into account the principal amount outstanding, accrued and unpaid interest if it is guaranteed, and amounts recoverable from the borrower and from the sale of assets pledged as security. [JUNE 1995]"]
[null,"PS 3310 .14 ","The provision for losses on loan guarantees should be determined using the best estimates available in light of past events, current conditions, and taking into account all circumstances known at the date of preparation of the financial statements. [JUNE 1995]"]
[null,"PS 3310 .18 ","The provision for losses on loan guarantees should be reviewed on an ongoing basis. Any changes in the provision for losses on loan guarantees should be charged or credited to expenses in the statement of operations. [JUNE 1995 *]"]
[null,null,"* Editorial change—June 2011.","x","x","x"]
[null,"PS 3310 .20 ","The provision for loss on a loan guarantee should be removed from the government's statement of financial position when the guaranteed loan has been discharged or the term of the loan guarantee has expired. [JUNE 1995]"]
[null,"PS 3310 .24 ","The amount of a guaranteed loan that is expected to be repaid from future government assistance should be accounted for as a liability and an expense in the statement of operations in the period when a direct relationship can be established between the repayment of the loan and the government's funding to the borrower. [JUNE 1995 *]"]
[null,null,"* Editorial change—June 2011.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3400","index":26,"n_rows":85,"n_cols":6,"rows_kept":85,"cut":false,"hidden":false,"merged":[[83,1,83,5],[84,1,84,5],[64,1,64,2],[67,1,67,2],[72,1,72,2],[75,1,75,2],[82,1,82,5],[46,1,50,1],[51,1,51,2],[53,1,56,1],[58,1,58,2],[60,1,62,1],[0,4,0,5],[1,1,1,5],[3,1,3,2],[33,1,35,1],[16,1,18,1],[20,1,20,2],[23,1,25,1],[26,1,31,1],[4,1,6,1],[7,1,7,2],[9,1,12,1],[14,1,14,2],[37,1,37,2],[38,1,41,1],[43,1,43,2],[44,1,44,2],[19,1,19,2],[32,1,32,2]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3400 Revenue"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"RECOGNITION",null,"x","x","x"]
[null,"PS 3400 .14","For an economic inflow to be recognized as revenue, the general recognition criteria in FINANCIAL STATEMENT CONCEPTS, Section PS 1000, must be met. A public sector entity recognizes only those future economic benefits it expects to obtain. Revenue is expected when:","x","x","x"]
[null,null,"(a) a transaction or event has occurred; and"]
[null,null,"(b) the public sector entity expects to obtain future economic benefits."]
[null,"Performance obligations as liabilities",null,"x","x","x"]
[null,"PS 3400 .26","Public sector entities have many types of obligations. Only those obligations that meet the definition of a liability in LIABILITIES, Section PS 3200, are present obligations. Unfulfilled performance obligations are one type of present obligations that a public sector entity may have."]
[null,"PS 3400 .27","An unfulfilled performance obligation for a public sector entity has all three of the essential characteristics of a liability. It is a present obligation of a public sector entity to others arising from past transactions or events, the settlement of which is expected to result in the future sacrifice of economic benefits. There is:","x","x","x"]
[null,null,"(a) a duty or responsibility to others, leaving a public sector entity little or no discretion to avoid settlement of the obligation;"]
[null,null,"(b) a duty or responsibility to others that entails settlement by a future transfer or use of assets, provision of goods or services, or other forms of economic settlement at a specified or predetermined date, on occurrence of a specified event, or on demand; and"]
[null,null,"(c) a transaction or event obligating the public sector entity that has already occurred."]
[null,"PS 3400 .28","When a public sector entity receives consideration prior to the provision of goods or services, unearned revenues would be recorded provided the definition of a liability is met. The public sector entity still must satisfy the performance obligations identified in the exchange transaction. Although the public sector entity is in possession of the economic resources associated with those performance obligations, it has not fulfilled its obligations and, therefore, the revenue has not yet been earned."]
[null,"Evaluating distinct goods or services",null,"x","x","x"]
[null,"PS 3400 .29","A public sector entity should evaluate the goods or services it has promised to provide. It should identify which goods or services (or which bundles of goods or services) are distinct and should be accounted for separately. [APRIL 2023]"]
[null,"PS 3400 .32","A good or service is considered to be distinct if both of the following criteria are met:","x","x","x"]
[null,null,"(a) the payor can benefit from the good or service either on its own or together with other resources that are readily available to the payor (i.e., the good or service is capable of being distinct); and"]
[null,null,"(b) a duty or responsibility to others that entails settlement by a future transfer or use the public sector entity's promise to provide the good or service to the payor is separately identifiable from other promises in the transaction (i.e., the promise to transfer the good or service is distinct in the context of the transaction)."]
[null,"APPLYING THE RECOGNITION CRITERIA",null,"x","x","x"]
[null,"Transactions with performance obligations",null,"x","x","x"]
[null,"PS 3400 .35","Revenue from transactions with performance obligations should be recognized when (or as) the public sector entity satisfies a performance obligation by providing the promised goods or services to a payor.[APRIL 2023]"]
[null,"PS 3400.40","A public sector entity will determine whether the performance obligation is considered satisfied over a period of time or at a point in time. If none of the indicators in paragraph PS 3400.43 are met, then the performance obligation is satisfied at a point in time. The public sector entity recognizes revenue in a manner that best depicts the transfer of goods or services to the payor."]
[null,"PS 3400 .42","A public sector entity has satisfied its performance obligation and recognizes revenue when control of the benefits associated with the goods or services has passed to the payor. Indicators that control of the goods or services have passed from the public sector entity to the payor include, but are not limited to, when the payor:","x","x","x"]
[null,null,"(a) has the ability to use or direct the use of, sell or exchange and obtain substantially all of the remaining benefits from the good or service; or"]
[null,null,"(b) holds the good or service and has the discretion to use it."]
[null,"PS 3400 .43","A public sector entity satisfies its performance obligation and recognizes revenue over a period of time when control of the benefits associated with the goods or services passes to the payor over a period of time. A public sector entity satisfies a performance obligation and recognizes revenue over a period of time if any of the following indicators are met:","x","x","x"]
[null,null,"(a) the payor simultaneously receives and consumes the benefits provided by the public sector entity's performance as the public sector entity fulfils the performance obligation;"]
[null,null,"(b) the public sector entity's performance creates or enhances an asset (for example, work in progress) that the payor controls or uses as the asset is created or enhanced;"]
[null,null,"(c) the public sector entity's performance does not create an asset with an alternative use to the public sector entity and the public sector entity has an enforceable right to payment for performance completed to date;"]
[null,null,"(d) the public sector entity is expected to continually maintain or support the transferred good or service under the terms of the arrangement; or"]
[null,null,"(e) the public sector entity provides the payor with access to a specific good or service under the terms of the arrangement."]
[null,"Transactions with no performance obligations",null,"x","x","x"]
[null,"PS 3400 .52","Revenue from transactions with no performance obligations should be recognized when a public sector entity:","x","x","x"]
[null,null,"(a) has the authority to claim or retain an inflow of economic resources; and"]
[null,null,"(b) identifies a past transaction or event that gives rise to an asset.[APRIL 2023]"]
[null,"PS 3400 .53","Legislation, regulations or bylaws authorizing the fine, penalty or fee must be in place for a public sector entity to have the authority to recognize such revenues. The exercise of authority may vary between jurisdictions."]
[null,"Hybrid transactions",null,"x","x","x"]
[null,"PS 3400 .55","A public sector entity separately accounts for the components of a single transaction that combine:","x","x","x"]
[null,null,"(a) an element with performance obligations;"]
[null,null,"(b) an element with no performance obligations (for example, a fine or penalty); and/or"]
[null,null,"(c) another form of revenue such as a contribution, a government transfer or tax revenue."]
[null,"PS 3400 .56","When accounting for hybrid transactions, the public sector entity accounts for each component of a transaction in accordance with the applicable recognition criteria. When a component of the transaction is within the scope of another standard, the public sector entity would apply that standard. For example, the price of a good or service may include a value-added or sales tax. The value-added or sales tax revenue is recognized in accordance with the applicable requirements in TAX REVENUE, Section PS 3510."]
[null,"MEASUREMENT",null,"x","x","x"]
[null,"Transactions with performance obligations",null,"x","x","x"]
[null,"PS 3400 .58","A public sector entity should recognize as revenue the portion of the transaction price allocated to the performance obligation that has been satisfied.[APRIL 2023]"]
[null,"PS 3400 .59","When determining the transaction price, a public sector entity will need to consider the effects of:","x","x","x"]
[null,null,"(a) multiple performance obligations;"]
[null,null,"(b) variable consideration;"]
[null,null,"(c) existence of significant concessionary terms; and"]
[null,null,"(d) non-cash consideration."]
[null,"Multiple performance obligations",null,"x","x","x"]
[null,"PS 3400 .60","When more than one performance obligation is identified, a public sector entity needs to consider how it will allocate the transaction price. The stand-alone selling price is the observable price charged for the goods or services when the same public sector entity sells those goods or services in similar circumstances. When available, the stand-alone selling price of the good or service underlying each performance obligation would be used as the basis of allocation. If a stand-alone selling price is not readily available, then a public sector entity will estimate the allocated amount based on information available."]
[null,"PS 3400 .61","If a stand-alone selling price is not directly observable, a public sector entity would estimate it to derive an amount that would be a faithful representation of the price at which the public sector entity would sell the good or service if it were sold separately to the payor. Estimation methods that may be used include, but are not limited to:","x","x","x"]
[null,null,"(a) expected cost — a public sector entity forecasts its expected costs of satisfying the performance obligation and, if applicable, adds an appropriate margin;"]
[null,null,"(b) residual approach — when the stand-alone selling price is highly variable or uncertain, then the estimated stand-alone selling price is based on the total consideration less the sum of observable stand-alone selling prices; or"]
[null,null,"(c) adjusted market assessment — a public sector entity evaluates the market in which it sells goods or services and estimates the price that a payor would be willing to pay."]
[null,"PS 3400 .62","A public sector entity uses professional judgment to apply a method for estimating the stand-alone selling price that most closely resembles the economic substance of the transaction."]
[null,"Variable consideration",null,"x","x","x"]
[null,"PS 3400 .63","When consideration is variable, an estimate may be needed. Consideration may be variable for several reasons, such as discounts offered, rebates, incentive programs or price concessions. Consideration may also be variable due to uncertainty related to the occurrence or non-occurrence of a future event."]
[null,"PS 3400 .66","When a reasonable estimate can be made of the amount involved, the transaction would be recognized. Professional judgment is needed to determine the most relevant and reliable estimated amount given the circumstances. Some methods used to determine a reasonable estimate include applying either:","x","x","x"]
[null,null,"(a) the expected value method — the sum of probability-weighted amounts in a range of possible consideration amounts. This method is often appropriate if a public sector entity has a large number of contracts with similar characteristics; or"]
[null,null,"(b) the most likely amount — the single most likely amount in a range of possible amounts."]
[null,"PS 3400.67","At date of inception, the public sector entity would choose the most appropriate method based on the facts and circumstances specific to the arrangement. This method would then be applied consistently throughout the term of the arrangement."]
[null,"Refunds",null,"x","x","x"]
[null,"PS 3400 .69","A public sector entity would recognize a refund liability if it received consideration from a payor and expects to refund some or all of that consideration to the payor. A refund liability is the amount of consideration received (or receivable) for which the public sector entity does not expect to be entitled (i.e., amounts not included in the transaction price). The refund liability (and corresponding change in the transaction price) would be updated at the end of each reporting period for changes in circumstances."]
[null,"PS 3400.70","Professional judgment would be applied to determine the likelihood of having to provide a refund to a payor. A refund liability would be determined using a best estimate in light of past events, current conditions and taking into account all circumstances known at the date of the financial statement preparation."]
[null,"Existence of significant concessionary terms",null,"x","x","x"]
[null,"PS 3400 .74","For transactions with significant concessionary terms, measurement of the transaction price should reflect the best estimate based on the terms of the transaction at each reporting date.[APRIL 2023]"]
[null,"PS 3400.76","When the cash flows to be received are expected to occur over extended future periods, a present value technique is often the best available technique with which to estimate the transaction price."]
[null,"PS 3400.77","A key input into a present value technique, such as a discounted cash flow calculation, is the discount rate. A discount rate reflects the time value of money and the risks specific to the transaction, for which future cash flow estimates have not been adjusted. The assumptions applied in the cash flows and the discount rate should be internally consistent. For example, if the cash flows include the effect of expected inflation, then the discount rate also incorporates the same inflation expectations."]
[null,"PS 3400.78","Often in the public sector, certain discounts may be offered, such as discounts for senior citizens or low-income housing, in an effort to meet policy objectives. In these scenarios, the concessions are available to any person or entity that meets the eligibility criteria, such as being in a certain demographic group. Given that these types of transactions are common and not specific to a particular individual, they would not be considered to have significant concessionary terms associated with them.","x","x","x"]
[null,"Non-cash consideration",null,"x","x","x"]
[null,"PS 3400 .79","In certain instances, a public sector entity may receive or expect to receive non-cash consideration in exchange for promised goods or services. In this case, the transaction price would be the fair value of the goods or services received adjusted by the amount of any cash or cash equivalents transferred. For example, in lieu of a payor paying for goods or services, the payor may provide materials, equipment and/or labour in exchange."]
[null,"PS 3400.80","If a transaction occurs between commonly controlled entities, refer to INTER-ENTITY TRANSACTIONS, Section PS 3420, for measurement guidance.","x","x","x"]
[null,"Transactions with no performance obligations",null,"x","x","x"]
[null,"PS 3400 .81","A public sector entity should recognize revenue from transactions with no performance obligations at its realizable value. [APRIL 2023]"]
[null,"PS 3400.82","Transactions with no performance obligations are to be recognized at their realizable value. This represents the future economic benefit the public sector entity expects to obtain. Realizable value is the amount of cash or its equivalent into which an asset is expected to be converted in the due course of operations. It is expected at initial recognition that assets acquired in transactions with no performance obligations will be cash or cash equivalents or a receivable that will be settled in cash or cash equivalents. Thus, the amount of revenue recognized would be the amount of cash or cash equivalents received or receivable."]
[null,null,"Note: Appendix A (Applying the requirements) is an integral part of this Section. It should be referred to for applying requirements from PS 3400.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3420","index":27,"n_rows":24,"n_cols":6,"rows_kept":24,"cut":false,"hidden":false,"merged":[[0,4,0,5],[21,1,21,5],[22,1,22,5],[23,1,23,5],[1,1,1,5],[4,1,6,1],[9,1,13,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3420 Inter-entity Transactions"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3420 .08 ","Inter-entity transactions involving the transfer of assets or liabilities should be recognized by both the provider and the recipient. [APRIL 2017]"]
[null,"PS 3420 .10 ","When there is a policy of cost allocation and recovery for the provision of goods and services:","x","x","x"]
[null,null,"(a) the provider should report all revenues and expenses on a gross basis; and"]
[null,null,"(b) the recipient should report expenses on a gross basis. [APRIL 2017]"]
[null,"PS 3420 .12 ","When there is no policy for allocating costs, the recipient may choose to recognize these costs when they would otherwise have been purchased and a reasonable estimate of the amount involved can be made. [APRIL 2017]"]
[null,"PS 3420 .13 ","When the recipient chooses to recognize unallocated costs it reports these items as revenues and expenses. [APRIL 2017]"]
[null,"PS 3420 .14 ","Inter-entity transactions should be recorded at the carrying amount as determined at the transaction date unless:"]
[null,null,"(a) transactions are undertaken on similar terms and conditions to those adopted if the entities were dealing at arm's length;"]
[null,null,"(b) assets or liabilities are transferred for nominal or no consideration;"]
[null,null,"(c) transactions are allocated costs and recoveries; or"]
[null,null,"(d) transactions are unallocated costs. [APRIL 2017]"]
[null,"PS 3420 .15 ","Inter-entity transactions should be recorded at the exchange amount when they are undertaken on similar terms and conditions to those adopted if the entities were dealing at arm's length. [APRIL 2017]"]
[null,"PS 3420 .17 ","When inter-entity transactions involve the transfer of assets or liabilities for nominal or no consideration, they should be measured at the carrying amount by the provider and at the carrying amount or fair value by the recipient. [APRIL 2017]"]
[null,"PS 3420 .19 ","When there is a difference between the exchange amount and the carrying amount of a transferred or exchanged asset or liability, a gain or loss should be reported in the statement of operations. [APRIL 2017]"]
[null,"PS 3420 .20 ","Allocated costs and recoveries should be measured at the exchange amount. [APRIL 2017]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3430","index":28,"n_rows":18,"n_cols":6,"rows_kept":18,"cut":false,"hidden":false,"merged":[[17,1,17,5],[0,4,0,5],[1,1,1,5],[8,1,11,1],[15,1,15,5],[16,1,16,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3430 Restructuring Transactions"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3430 .20 ","Individual assets and liabilities received in a restructuring transaction should be recognized by the recipient if they meet the definitions of assets and liabilities and applicable recognition criteria at the restructuring date. [APRIL 2018]"]
[null,"PS 3430 .21 ","Individual assets and liabilities transferred in a restructuring transaction should be derecognized by the transferor if they no longer meet the definitions of assets and liabilities and applicable recognition criteria at the restructuring date. [APRIL 2018]"]
[null,"PS 3430 .23 ","The increase in net assets or net liabilities resulting from recognition and derecognition of individual assets and liabilities received from all transferors and transferred to all recipients in a restructuring transaction should be recognized as revenue or as an expense. [APRIL 2018]"]
[null,"PS 3430 .27 ","Compensation not dependent on the occurrence of future events or transactions should be recognized as an expense and revenue at the restructuring date, regardless of when the payment is made. [APRIL 2018]"]
[null,"PS 3430 .37 ","A transferor should derecognize individual assets and liabilities transferred in a restructuring transaction at their carrying amount at the restructuring date. [APRIL 2018]"]
[null,"PS 3430 .38 ","A recipient should recognize individual assets and liabilities received in a restructuring transaction at their carrying amount with the following adjustments, where applicable, at the restructuring date:"]
[null,null,"(a) to comply with PSA standards;"]
[null,null,"(b) to align with accounting policies, methods and assumptions to be adopted by the recipient; and"]
[null,null,"(c) to reflect the circumstances of the recipient. [APRIL 2018]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 3450","index":29,"n_rows":37,"n_cols":6,"rows_kept":37,"cut":false,"hidden":false,"merged":[[0,4,0,5],[34,1,34,5],[35,1,35,5],[36,1,36,5],[1,1,1,5],[5,1,7,1],[10,1,12,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 3450 Financial Instruments"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 3450 .011","A government should recognize a financial asset or a financial liability on its statement of financial position when, and only when, a government becomes a party to the contractual provisions of the instrument. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .014","A government should identify contracts containing one or more embedded derivatives and apply paragraphs PS 3450.A18-.A26 in determining if they are to be recognized. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .020","A government should include the following items in the fair value category:","x","x","x"]
[null,null,"(a) derivatives; and"]
[null,null,"(b) portfolio investments in equity instruments that are quoted in an active market. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .023","A government that defines and implements a risk management or investment strategy to manage and evaluate the performance of a group of financial assets, financial liabilities or both on a fair value basis, may include those items that are within the scope of this Section in the fair value category. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .025","Derivatives that are linked to and must be settled by delivery of unquoted equity instruments should be measured at cost. [APRIL 1, 2019*]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .026","A government may designate a contract to be a financial instrument carried at fair value if it contains one or more embedded derivatives unless:"]
[null,null,"(a) the embedded derivative(s) do not significantly modify the cash flows that otherwise would be required by the contract; or"]
[null,null,"(b) separation of the embedded derivative(s) is prohibited when applying paragraphs PS 3450.A18-.A26. [APRIL 1, 2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .027","A government should apply paragraphs PS 3450.A27-.A40 in measuring financial instruments in the fair value category. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .031","Transaction costs are added to the carrying value of items in the cost or amortized cost category when they are initially recognized. However, when items in the fair value category are initially recognized, transaction costs are expensed. If transaction costs were added, the initial carrying amount would exceed fair value. This would be inconsistent with the measurement of other items within the category."]
[null,"PS 3450 .033","A government should measure interest using the effective interest method. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .036","Impairment losses (such as write-downs of portfolio investments, write-offs of loan receivables, etc.) should be reported in the statement of operations. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .039","When a quoted price in an active market is no longer available for an equity instrument that is a portfolio investment, a government should measure the portfolio investment at cost. The most recent quoted price becomes its new cost. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .041","When a quoted price in an active market becomes available for an equity instrument that is a portfolio investment for which such a price previously was not available, the asset should be remeasured at fair value and the difference between its carrying value and fair value is reported as a remeasurement gain or loss. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .041A","The election in FOREIGN CURRENCY TRANSLATION, paragraph PS 2601.19A may be made for an equity instrument described in paragraphs PS 3450.040-.041 above on reclassification into the fair value category. If this election is made, the exchange gain or loss component of the difference between its carrying value and fair value on reclassification is recognized directly in the statement of operations."]
[null,"PS 3450 .042","A government should remove a financial liability (or part of a financial liability) from its statement of financial position when, and only when, it is extinguished (i.e., when the obligation specified in the contract is discharged or cancelled, or expires). [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .048","An exchange between an existing borrower and lender of debt instruments with substantially different terms should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability or part of it (whether or not attributable to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. [APRIL 1, 2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .050","The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, should be recognized as a revenue or expense in the statement of operations. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .051","If a government extinguishes a part of a financial liability, it should allocate the previous carrying amount of the financial liability between the part that continues to be outstanding and the extinguished amount based on the relative fair values of those parts on the date of the extinguishment. The difference between the carrying amount allocated to the part extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, should be recognized as a revenue or expense in the statement of operations. [APRIL 1, 2022]"]
[null,"PS 3450 .053","Except for the exchange gain or loss component of the change in fair value when the election in FOREIGN CURRENCY TRANSLATION, paragraph PS 2601.19A is made, a change in the fair value of a financial instrument in the fair value category should be recognized in the statement of remeasurement gains and losses as a remeasurement gain or loss until the financial instrument is derecognized. [APRIL 1,  2022 *]\n*See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .053A","A change in fair value of a financial asset in the fair value category that is externally restricted should be accounted for in accordance with RESTRICTED ASSETS AND REVENUES, paragraphs PS 3100.11-.12. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .056A","Consideration transferred pursuant to a credit risk management mechanism in a derivative contract does not result in the recognition of a gain or loss in the statement of operations on a derivative contract unless there is an extinguishment or modification in the underlying terms specified in the derivative contract."]
[null,"PS 3450 .057","When a financial instrument is derecognized, a gain or loss is recognized in the statement of operations. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450 .057A"," A gain or loss associated with a financial instrument that is externally restricted is accounted for in accordance with RESTRICTED ASSETS AND REVENUES, paragraphs PS 3100.11-.12. [APRIL 1,  2019 *]\n* See explanation of effective date in paragraph PS 3450.097."]
[null,"PS 3450.058","When a financial instrument in the fair value category is derecognized, the cumulative amount of remeasurement gains and losses previously reported is reversed and a gain or loss on disposal is recognized in the statement of operations."]
[null,null,"Note: Appendix A (Applying the requirements) is an integral part of this Section. It should be referred to for applying requirements from PS 3450.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4200","index":30,"n_rows":10,"n_cols":6,"rows_kept":10,"cut":false,"hidden":false,"merged":[[1,1,1,5],[0,4,0,5],[7,1,7,5],[8,1,8,5],[9,1,9,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4200 Financial Statement Presentation by Not-for-Profit Organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4200 .37 ","Revenues and expenses should be recognized and presented at their gross amounts when an organization is acting as a principal in transactions. [JAN. 2012]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4210","index":31,"n_rows":38,"n_cols":6,"rows_kept":38,"cut":false,"hidden":false,"merged":[[35,1,35,5],[36,1,36,5],[37,1,37,5],[0,4,0,5],[27,1,30,1],[1,1,1,5],[3,1,5,1],[8,1,9,1],[18,1,21,1],[22,1,23,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4210 Contributions—Revenue Recognition"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4210 .10 ","An organization should recognize contributions in accordance with either:","x","x","x"]
[null,null,"(a) the deferral method (see paragraphs PS 4210.28-.56); or"]
[null,null,"(b) the restricted fund method (see paragraphs PS 4210.57-.77). [JAN. 2012]"]
[null,"PS 4210 .16 ","An organization may choose to recognize contributions of materials and services, but should do so only when a fair value can be reasonably estimated and when the materials and services are used in the normal course of the organization's operations and would otherwise have been purchased. [JAN. 2012]"]
[null,"PS 4210 .19 ","Contributions should be measured at fair value at the date of contribution if fair value can be reasonably estimated. [JAN. 2012]"]
[null,"PS 4210 .29 ","Deferral method"]
[null,null,"Endowment contributions should be recognized as direct increases in net assets in the current period. [JAN. 2012]"]
[null,"PS 4210 .31 ","Restricted contributions for expenses of one or more future periods should be deferred and recognized as revenue in the same period or periods as the related expenses are recognized. [JAN. 2012]"]
[null,"PS 4210 .33 ","Restricted contributions for the purchase of capital assets that will be amortized should be deferred and recognized as revenue on the same basis as the amortization expense related to the acquired capital assets. [JAN. 2012]"]
[null,"PS 4210 .34 ","Restricted contributions for the purchase of capital assets that will not be amortized should be recognized as direct increases in net assets. [JAN. 2012]"]
[null,"PS 4210 .38 ","Restricted contributions for the repayment of debt that was incurred to fund expenses of one or more future periods should be deferred and recognized as revenue in the same period or periods as the related expenses are recognized. [JAN. 2012]"]
[null,"PS 4210 .39 ","Restricted contributions for the repayment of debt that was incurred to fund the purchase of a capital asset that will not be amortized should be recognized as direct increases in net assets. [JAN. 2012]"]
[null,"PS 4210 .40 ","Restricted contributions for the repayment of debt that was incurred for purposes other than those described in paragraph PS 4210.38 or PS 4210.39 should be recognized as revenue in the current period. [JAN. 2012]"]
[null,"PS 4210 .45 ","Restricted contributions for expenses of the current period should be recognized as revenue in the current period. [JAN. 2012]"]
[null,"PS 4210 .47 ","Unrestricted contributions should be recognized as revenue in the current period. [JAN. 2012]"]
[null,"PS 4210 .49 ","An organization should recognize:","x","x","x"]
[null,null,"(a) net investment income that is not externally restricted in the statement of operations;"]
[null,null,"(b) externally restricted net investment income that must be added to the principal amount of resources held for endowment as direct increases, or decreases, in net assets; and"]
[null,null,"(c) other externally restricted net investment income in the statement of operations, in the appropriate deferred contributions balance or in net assets, depending on the nature of restrictions, on the same basis as described in paragraphs PS 4210.31-.48. [JAN. 2012]"]
[null,"PS 4210 .60 ","Restricted fund method","x","x","x"]
[null,null,"Endowment contributions should be recognized as revenue of the endowment fund in the current period. [JAN. 2012]"]
[null,"PS 4210 .62 ","Restricted contributions for which a corresponding restricted fund is presented should be recognized as revenue of that fund in the current period. [JAN. 2012]"]
[null,"PS 4210 .65 ","Restricted contributions for which no corresponding restricted fund is presented should be recognized in the general fund in accordance with the deferral method (see paragraph PS 4210.31, PS 4210.33, PS 4210.34, PS 4210.38, PS 4210.39, PS 4210.40 or PS 4210.45). [JAN. 2012]"]
[null,"PS 4210 .68 ","Unrestricted contributions should be recognized as revenue of the general fund in the current period. [JAN. 2012]"]
[null,"PS 4210 .70 ","An organization should recognize:","x","x","x"]
[null,null,"(a) net investment income that is not externally restricted in the statement of operations in the general fund;"]
[null,null,"(b) externally restricted net investment income that must be added to the principal amount of resources held for endowment in the statement of operations in the endowment fund; and"]
[null,null,"(c) other externally restricted net investment income in the statement of operations in the appropriate restricted fund or, if there is no appropriate restricted fund, in the general fund on the same basis as that described in paragraph PS 4210.65. [JAN. 2012]"]
[null,null,"Note: Appendix A presents decision trees to illustrate how standards in Section PS 4210 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4220","index":32,"n_rows":12,"n_cols":6,"rows_kept":12,"cut":false,"hidden":false,"merged":[[11,1,11,5],[1,1,1,5],[3,1,5,1],[0,4,0,5],[9,1,9,5],[10,1,10,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4220 Contributions Receivable"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4220 .03 ","A contribution receivable should be recognized as an asset when it meets the following criteria:","x","x","x"]
[null,null,"(a) the amount to be received can be reasonably estimated; and"]
[null,null,"(b) ultimate collection is reasonably assured. [JAN. 2012]"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4230","index":33,"n_rows":18,"n_cols":6,"rows_kept":18,"cut":false,"hidden":false,"merged":[[1,1,1,5],[0,4,0,5],[15,1,15,5],[16,1,16,5],[17,1,17,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4230 Capital Assets Held by Not-for-Profit Organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4230 .06 ","A capital asset should be recorded on the statement of financial position at cost. For a contributed capital asset, cost is considered to be fair value at the date of contribution. In unusual circumstances when fair value cannot be reasonably determined, the capital asset should be recorded at nominal value. [JAN. 2012]"]
[null,"PS 4230 .08 ","The cost of a capital asset includes the purchase price and other acquisition costs such as installation costs, design and engineering fees, legal fees, survey costs, site preparation costs, freight charges, transportation insurance costs and duties."]
[null,"PS 4230 .13 ","The cost of a capital asset includes direct construction or development costs (such as materials and labour) and overhead costs directly attributable to the construction or development activity. A capital asset which is developed or constructed by an organization might include contributed materials or labour, which would be recognized at fair value at the date of contribution."]
[null,"PS 4230 .15 ","The cost incurred to enhance the service potential of a capital asset is a betterment. Service potential may be enhanced when there is an increase in the previously assessed service capacity, associated operating costs are lowered, the useful life is extended, or the quality of output is improved. The cost incurred in the maintenance of the service potential of a capital asset is a repair, not a betterment. If a cost has the attributes of both a repair and a betterment, the portion considered to be a betterment is included in the cost of the capital asset."]
[null,"PS 4230 .16 ","The cost, less any residual value, of a capital asset with a limited life should be amortized over its useful life in a rational and systematic manner appropriate to its nature and use by the organization. Amortization should be recognized as an expense in the organization's statement of operations. [JAN. 2012]"]
[null,"PS 4230 .21 ","Land normally has an unlimited life and would not be amortized. Certain works of art and historical treasures may have lives that are so long as to be virtually unlimited. Works of art and historical treasures in this category are those that have cultural, aesthetic, or historical value that is worth preserving perpetually. In addition, the organization must have the technological and financial ability to continue to protect and preserve them. Works of art and historical treasures of this type would not be amortized. Collections of works of art and historical treasures are subject to specific organizational policies that demonstrate the organization's commitment to protect and preserve them. Because of the significant valuation problems associated with collections, they are dealt with in a separate Section, COLLECTIONS HELD BY NOT-FOR-PROFIT ORGANIZATIONS, Section PS 4240."]
[null,"PS 4230 .23 ","The amortization method and the estimate of the useful life of a capital asset should be reviewed on a regular basis. [JAN. 2012]"]
[null,"PS 4230 .28 ","When a capital asset no longer has any long-term service potential to the organization, the excess of its net carrying amount over any residual value should be recognized as an expense in the statement of operations. A write-down should not be reversed. [JAN. 2012]"]
[null,"PS 4230 .30 ","On disposal of a capital asset, whether by sale, destruction, loss, abandonment or expropriation, the difference between the net proceeds on disposal and the net carrying amount is recognized in the statement of operations. Any unamortized deferred contributions related to the capital asset disposed of would be recognized as revenue in the period of the disposal, provided that all restrictions have been complied with (see CONTRIBUTIONS—REVENUE RECOGNITION, Section PS 4210)."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4240","index":34,"n_rows":10,"n_cols":6,"rows_kept":10,"cut":false,"hidden":false,"merged":[[1,1,1,5],[0,4,0,5],[7,1,7,5],[8,1,8,5],[9,1,9,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4240 Collections Held by Not-for-Profit Organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4240 .06 ","The cost of capitalizing collections often would exceed the incremental benefit of the information gained, especially for organizations that have been in existence for several decades. Accordingly, although the capitalization of collections is not precluded, it is not required."]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PS 4250","index":35,"n_rows":20,"n_cols":6,"rows_kept":20,"cut":false,"hidden":false,"merged":[[0,4,0,5],[17,1,17,5],[18,1,18,5],[19,1,19,5],[1,1,1,5],[3,1,5,1],[6,1,8,1],[9,1,11,1]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PS 4250 Reporting Controlled and Related Entities by Not-for-Profit Organizations"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PS 4250 .26 ","An organization may exclude a group of controlled organizations from both consolidation and the disclosure set out in paragraph PS 4250.22, provided that:","x","x","x"]
[null,null,"(a) the group of organizations is comprised of a large number of organizations that are individually immaterial; and"]
[null,null,"(b) the reporting organization discloses the reasons why the controlled organizations have been neither consolidated nor included in the disclosure set out in paragraph PS 4250.22. [JAN. 2012]"]
[null,"PS 4250 .30 ","An organization should report each controlled profit-oriented enterprise in either of the following ways:","x","x","x"]
[null,null,"(a) by consolidating the controlled enterprise in its financial statements; or"]
[null,null,"(b) by accounting for its investment in the controlled enterprise using the modified equity method and providing the disclosure set out in paragraph PS 4250.32. [JAN. 2012]"]
[null,"PS 4250 .36 ","An organization should report each interest in a joint venture in either of the following ways:","x","x","x"]
[null,null,"(a) by accounting for its interest using the proportionate consolidation method in accordance with GOVERNMENT PARTNERSHIPS, Section PS 3060; or"]
[null,null,"(b) by accounting for its interest using the modified equity method and disclosing the information set out in paragraph PS 4250.38. [JAN. 2012]"]
[null,"PS 4250 .43 ","When the reporting organization has significant influence over a profit-oriented enterprise, the investment should be accounted for using the modified equity method in accordance with GOVERNMENT PARTNERSHIPS, Section PS 3060. [JAN. 2012]"]
[null,null,"Note: Appendix A presents decision trees to illustrate how standards in Section PS 4250 might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PSG-2","index":36,"n_rows":18,"n_cols":6,"rows_kept":18,"cut":false,"hidden":false,"merged":[[17,1,17,5],[0,4,0,5],[1,1,1,5],[5,1,8,1],[15,1,15,5],[16,1,16,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PSG-2 Leased Tangible Capital Assets"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PSG-2 .11","A government should account for leased property that meets the definition of a leased tangible capital asset as a tangible capital asset and a liability."]
[null,"PSG-2 .14","The value of the leased tangible capital asset and the amount of the lease liability, recorded at the beginning of the lease term, would be the present value of the minimum lease payments, excluding the portion thereof relating to executory costs."]
[null,"PSG-2 .15","At inception of the lease, the estimate of the discount rate used should be reviewed together with:","x","x","x"]
[null,null,"(a) the present value of the minimum lease payments;"]
[null,null,"(b) the assumed fair value of the property; and"]
[null,null,"(c) the assumed residual value, to ensure that all figures are reasonable and internally consistent."]
[null,"PSG-2 .17","The interest rate implicit in the lease is affected by the residual value of the leased property in which the government would usually have no interest. As a result, to use the interest rate implicit in the lease as the discount rate when it is higher than the government's rate for incremental borrowing, would produce an amount that is less representative of the value of the asset to the government than would be obtained by using the government's rate for incremental borrowing as the discount rate. Therefore, the discount rate used by the government in determining the present value of minimum lease payments would be the lower of the government's rate for incremental borrowing and the interest rate implicit in the lease, if practicable to determine. Notwithstanding the foregoing, the maximum value recorded for the asset may not exceed the leased property's fair value."]
[null,"PSG-2 .22","Contingent rentals should be charged to expense as incurred."]
[null,null,"Note: Appendix B presents a decision tree to illustrate how standards in this Guideline might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]

{"sheet":"PSG-5","index":37,"n_rows":39,"n_cols":6,"rows_kept":39,"cut":false,"hidden":false,"merged":[[37,1,37,5],[38,1,38,5],[0,4,0,5],[1,1,1,5],[3,1,10,1],[13,1,17,1],[20,1,22,1],[36,1,36,5]]}
[null,"Index",null,null,"PROTECTED A (when completed)"]
[null,"PSG-5 Sale-leaseback Transactions"]
[null,"Standard Reference","Requirement","Results\nYes1/No2/NA3","F/S Reference","Comments"]
[null,"PSG-5 .13","When determining fair values (or a surrogate thereof), the following methodologies would be considered:","x","x","x"]
[null,null,"(a) when market-based information is available:"]
[null,null,"(i) value in an active and liquid market for the same or a similar property;"]
[null,null,"(ii) values for other properties with similar characteristics, circumstances and locations; and"]
[null,null,"(iii) other market-based evidence, such as a discounted cash flow calculation using market estimates of the cash flows able to be generated by the property and a market-based discount rate; or"]
[null,null,"(b) in the absence of market-based information:"]
[null,null,"(i) depreciated replacement cost; and"]
[null,null,"(ii) depreciated reproduction cost."]
[null,"PSG-5 .22","Any difference between the proceeds received and the fair value of the property is accounted for in accordance with its economic substance."]
[null,"PSG-5 .23","Similarly, any difference between the present value of the minimum lease payments and the fair value of the lease is also accounted for in accordance with its economic substance."]
[null,"PSG-5 .26","The proceeds received and the minimum lease payments component of the transaction may be \"bundled\" into a larger contractual arrangement that also includes other items. Examples of items that could be \"bundled\" into the arrangement, and how they are to be treated, are discussed below:","x","x","x"]
[null,null,"(a) Executory costs (insurance, maintenance and other costs) that relate to the operation of the property, and ancillary contractual arrangements that pertain to the leased property, would be excluded from the calculation of proceeds received for the property and the minimum lease payments."]
[null,null,"(b) Certain types of additional rentals (payments that guarantee a minimum usage of the property) would be included in the calculation of the proceeds received for the property and the minimum lease payments."]
[null,null,"(c) The impact of various types of financial assistance (transfers, loans or loan guarantees) to or from the lessor that could influence the amount of the minimum lease payments would be considered in the calculation of the proceeds received for the property and the minimum lease payments."]
[null,null,"For example, if the proceeds received for the property are greater than the fair value of the property, the excess could actually have stipulations attached to it specifying the purpose(s) for which the excess is to be used. As such, those surplus proceeds could actually be an externally restricted amount, which may need to be unbundled and accounted for separately in accordance with RESTRICTED ASSETS AND REVENUES, Section PS 3100. The effects of these other types of contractual arrangements would be accounted for in accordance with their economic substance (see Appendix B, Example 1, for an illustration of a \"bundled\" arrangement)."]
[null,"PSG-5 .29","In those situations involving a sale and 100 percent leaseback as an LTCA, the LTCA would be recognized at its carrying amount prior to the transaction. Holding gains would not be recognized in the operating results (see Appendix B, Example 2, Situations 2.I-2.IV)."]
[null,"PSG-5 .30","The lease liability, after considering the effects of any arrangements set out in paragraphs 25-26, would be recognized at the present value of the minimum lease payments (see Appendix B, Example 2, Situations 2.I-2.IV)."]
[null,"PSG-5 .31","Any economic gains or losses, after considering the effects of any arrangements set out in paragraphs 25-26, would be recognized immediately in the operating results (see Appendix B, Example 2, Situations 2.II-2.IV). By immediately recognizing these economic gains and losses, the net effect on the operating results will be to immediately reflect either:","x","x","x"]
[null,null,"(a) the realized benefit of a government having entered into an arrangement when it will have to repay less than it has borrowed; or"]
[null,null,"(b) the future consequence of having entered into an uneconomic arrangement by agreeing to repay more than it has borrowed."]
[null,"PSG-5 .33","The LTCA would be reported at its carrying amount in proportion to the amount of the property actually leased back. Holding gains associated with the portion leased back as an LTCA would not be recognized in the operating results. That proportion of the holding gain associated with the portion of the property not leased back as an LTCA would be recognized in the operating results, as there has in substance been a sale of that portion (see Appendix B, Example 3, Situations 3.I-3.V)."]
[null,"PSG-5 .34","The lease liability, after considering the effects of any arrangements set out in paragraphs 25-26, would be recognized at the present value of the minimum lease payments (see Appendix B, Example 3, Situations 3.I-3.V)."]
[null,"PSG-5 .35","Any economic gain or loss, after considering the effects of any arrangements set out in paragraphs 25-26 on the whole transaction, would be recognized immediately in the operating results (see Appendix B, Example 3, Situations 3.II-3.V). By immediately recognizing these economic gains and losses, the net effect on the operating results will be as described in paragraph 31."]
[null,"PSG-5 .39","Any holding gains would be immediately recognized in the operating results (see Appendix B, Example 4, Situations 4.I-4.V)."]
[null,"PSG-5 .40","In those situations involving an operating lease without interrelationship, all economic gains and losses associated with proceeds received would be recognized immediately in operating results, because they have been realized (see Appendix B, Example 4, Situations 4.II-4.III)."]
[null,"PSG-5 .41","Economic gains associated with the present value of the minimum lease payments being less than the fair value of the lease would not be immediately recognized in the operating results, because they are not realized. Such gains will be recognized as they are realized over the life of the lease, by virtue of the government paying lower than fair value rent and recognizing this lower amount as expense (see Appendix B, Example 4, Situation 4.IV)."]
[null,"PSG-5 .42","Economic losses associated with the present value of the minimum lease payments being greater than the fair value of the lease would be recognized immediately in the operating results. Immediate recognition ensures that the operating results reflect the future consequence from having entered into an uneconomic obligation. In substance, the economic loss constitutes a form of contribution payable to the lessor; therefore, a liability for the amount of the economic loss would be recognized and settled in proportion to the minimum lease payments (see Appendix B, Example 4, Situation 4.V)."]
[null,"PSG-5 .49","When the proceeds received and the present value of the minimum lease payments are both less than their respective fair values, the amount of interrelationship is in substance a prepayment (a non-financial asset). The government has taken a portion of the proceeds received and instructed the lessor to immediately apply it against the present value of the minimum lease payments. The amount of the interrelationship would be recognized as a prepaid expense (a non-financial asset) (see Appendix B, Example 5, Situation 5.I)."]
[null,"PSG-5 .50","When the proceeds received and the present value of the minimum lease payments are both greater than their respective fair values, the amount of interrelationship is in substance a loan payable (a liability). The government has received additional funds from the lessor with repayment factored into the present value of the minimum lease payments. The amount of the interrelationship would be recognized as a loan payable (see Appendix B, Example 5, Situation 5.II)."]
[null,null,"Note: Appendices A and B present decision trees and examples to illustrate how the standards in this Guideline might be implemented.","x","x","x"]
[]
[]
[]
[null,"1 Yes—A response of yes indicates that this recognition or measurement requirement has been complied with in the entity’s financial statements."]
[null,"2 No—A response of no indicates that the recognition or measurement requirement has not been met."]
[null,"3 N/A—A response of N/A indicates that the requirement does not apply since, for example, the entity does not enter into relevant transactions or circumstances that are being addressed by the requirement."]