Public Sector Accounting Board (PSAB 3150)

PSAB 3150 is a financial reporting standard developed by the Government Accounting Standards Board in Canada. PSAB 3150 will be implemented by 2009. Cities and municipalities and their agencies will be required to base their financial reporting for fixed assets on the condition of the asset. Both the carrying value of the assets and related depreciation costs will be based on the assessed condition, which must be supported by data.

TCPS® now has the capability of financial accounting for capital assets. Reporting is supported for all asset sub-ledger capital expenses, carrying costs and depreciation. Integration with financial packages is also supported using industry standard web service interfaces.