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Assets, Contingent Assets and Contractual Rights

  • PSAS - PSAB Image

Apr 02, 2015

At its meeting on March 19-20, 2015, the Public Sector Accounting Board (PSAB) reviewed the responses to its August 2014 Exposure Draft “Assets, Contingent Assets and Contractual Rights”.

here was general support among the respondents for the proposed standards. After discussing the responses and the changes proposed by the Task Force to address the comments, the PSAB approved three new Handbook Sections, Assets, Contingent Assets and Contractual Rights.

The ED proposed that (i) the new Sections will apply to fiscal years beginning on or after April 1, 2017; (ii) earlier application is encouraged; and (iii) the new Sections be applied prospectively.

The PSAB expects to issue the final PSA Handbook material in Q2/2015.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.