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Section PS 3320 - Contingent assets

Effective date:

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

Published by PSAB:

June 2015

Overview

This Section:

  1. defines and establishes disclosure standards on contingent assets; but
  2. does not include disclosure standards for specific types of contingent assets.

Contingent assets are possible assets arising from existing conditions or situations involving uncertainty. That uncertainty will ultimately be resolved when one or more future events not wholly within the public sector entity's control occurs or fails to occur. Resolution of the uncertainty will confirm the existence or non-existence of an asset.

History of Section PS 3320

Date

Development

Comments

June 2015

New Section

This new Section 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.

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.

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.