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Section PS 3210 - Assets

Effective date:

Fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.

Published by PSAB:

June 2015

Overview

This Section provides guidance for applying the definition of assets and establishes general disclosure standards for assets; but does not include standards for recognition and disclosure of specific types of assets, which are dealt with in other Handbook Sections.

Assets are economic resources controlled by a public sector entity as a result of past transactions or events and from which future economic benefits are expected to be obtained.

Assets have three essential characteristics:

  1. They embody future economic benefits that involve a capacity, singly or in combination with other assets, to provide goods and services, to provide future cash inflows, or to reduce cash outflows.
  2. The public sector entity can control the economic resource and access to the future economic benefits.
  3. The transaction or event giving rise to the public sector entity's control has already occurred.

 

History of Section PS 3210

Date

Development

Comments

June 2015

New Section

This new Section provides guidance for applying the definition of assets set out in Section PS 1000, Financial Statement Concepts, 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.

This Section applies to fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

 

Public Sector Accounting Discussion Group meetings

  • March 3, 2016 - Sections PS 1000, PS 3100, PS 3200 and PS 3210: Endowments – Selected Issues

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.