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Section PS 3510 - Tax revenue

Effective date:

April 1, 2012

Published by the PSAB:

February 2010

Overview 

This Section establishes recognition, measurement, presentation and disclosure standards relating to tax revenue reported in financial statements.

Taxes are economic resources compulsorily paid or payable to governments in accordance with laws and/or regulations normally established to provide revenue for public purposes to the government. Tax transactions are non-exchange transactions.

Taxes are a major source of revenue for governments. A government levies taxes on individuals and other entities, known as taxpayers, within its jurisdiction by use of its sovereign powers in the case of the federal, provincial and territorial governments, or through rights granted it in provincial or territorial legislation in the case of local governments.

Taxes should be recognized as assets and revenue when:

  1. they meet the definition of an asset set out in PS 1000 Financial Statement Concepts;
  2. they are authorized as described in paragraph .17; and
  3. the taxable event occurs.

History of Section PS 3510

Date

Development

Comments

February 2010

New Section

This new Section establishes recognition, measurement, presentation and disclosure standards relating to tax revenue reported in financial statements.

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.