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PSAB - Sections PS 3210, Assets, PS 3320, Contingent Assets and PS 3380, Contractual Rights [Completed]

Effective date: Fiscal years beginning on or after April 1, 2017. Earlier application is encouraged.

Transitional provisions:

Effective for fiscal years beginning on or after April 1, 2017. Earlier application is encouraged.

Last updated:

June 2015

Overview

Section PS 3210, Assets, provides guidance for applying the definition of assets and establishes general disclosure standards for assets. Disclosure of information about the major categories of assets that are not recognized is required. When an asset is not recognized because a reasonable estimate of the amount involved cannot be made, the reason(s) for this should be disclosed.

Section PS 3320, Contingent Assets, defines and establishes disclosure standards on contingent assets. Disclosure of information about contingent assets is required when the occurrence of the confirming future event is likely.

Section PS 3380, Contractual Rights, defines and establishes disclosure standards on contractual rights. Disclosure of information about contractual rights is required including a description about their nature and extent and the timing.

Other developments

June 2015

On June 1, 2015, the PSAB issued Basis of Conclusions documents in respect of the new Sections PS 3210, PS 3320 and PS 3380 which set out how PSAB reached its conclusions. As well, they set out significant matters arising from comments received in response to its ED and indicate how the Board dealt with the issues raised.”

May 2015

On May 29, 2015, Highlight Summary No. 43 was issued dated June 2015, which includes the following new PSA Handbook material: Section PS 3210, Assets, Section PS 3320, Contingent Assets, and Section PS 3380, Contractual Rights.

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.