Tangible Capital Assets Project
Tangible Capital Assets Project
In 2002 the Public Sector Accounting Board (PSAB) released a research report - Accounting for Infrastructure in the Public Sector. A key recommendation of this report is that municipalities should record and report capital assets in their financial statements, including information on the condition of those assets. Recently, the Canadian Institute of Chartered Accountants has adopted section PS 3150 – Tangible Capital Assets which includes requirements to recognize capital expenditures as capital assets and to amortize them over their useful life.
Alberta Municipal Affairs is facilitating and sponsoring the TCA Project to support municipalities and to ensure that all matters are addressed in a timely manner with a collaborative approach.
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