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PUT TITLE HERE TCA Implementation
- 2007/08 FS Note Disclosure - Data up to March 31,2007 - 7 month period (Sep 08 - Mar 09)
- 12 month period (Sep 08 - Aug 09) - Revisions to TCA guideInformation Session for School Board Finance Staff and External AuditorsTransfer Payments & Financial Reporting BranchFall 2008
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2007-08 Financial StatementNote Disclosure
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TANGIBLE CAPITAL ASSET NOTE DISCLOSURETANGIBLE CAPITAL ASSET NOTE DISCLOSURE
Public Sector Handbook Section PS 3150 requires Public Sector Handbook Section PS 3150 requires boards to report for fiscal years beginning on or boards to report for fiscal years beginning on or after January 1, 2009: after January 1, 2009:
»Historical cost»Accumulated Amortization
of tangible capital assets of tangible capital assets
PSG-7 requires government to disclose PSG-7 requires government to disclose information on tangible capital asset information on tangible capital asset information that is available during the information that is available during the transitional periodtransitional period
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TCA CONTINUITY SCHEDULETCA CONTINUITY SCHEDULE Schedule ? in EFIS summarizes information Schedule ? in EFIS summarizes information
required to be disclosed in the notes to financial required to be disclosed in the notes to financial statementsstatements
Schedule has two sections:Schedule has two sections:»Land and Building Assets»Other Tangible Capital Assets
Schedule does not have to be auditedSchedule does not have to be audited
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LAND AND BUILDINGSLAND AND BUILDINGS Information is preloaded using the information Information is preloaded using the information
submitted to the Ministry in the 5 and 7 Month submitted to the Ministry in the 5 and 7 Month Capital Activity Excel files beginning March 2005 Capital Activity Excel files beginning March 2005 to March 2008to March 2008
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OTHER TANGIBLE CAPITAL ASSETSOTHER TANGIBLE CAPITAL ASSETS Includes Furniture, Equipment, Computers, and Includes Furniture, Equipment, Computers, and
VehiclesVehicles
Boards can complete this schedule and disclose Boards can complete this schedule and disclose information if it is availableinformation if it is available
Boards are not required to disclose this Boards are not required to disclose this information in the 2007-08 Financial Statements if information in the 2007-08 Financial Statements if it is not available; however this information will be it is not available; however this information will be required for 2008-09 required for 2008-09
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EXAMPLEEXAMPLE Gross Book Value Section:Gross Book Value Section:
– Combine “Additions” and “Transfers” columns from EFIS schedule and include in “Additions” Column in the note schedule
Amortization Section: Amortization Section: – Combine “Write-offs & Adjustments” and
“Disposals” columns from EFIS schedule and include in the “Disposals, Write-offs, & Adjustments” column in the note schedule
Disclose assets Permanently Removed from Disclose assets Permanently Removed from Service and Write-Offs separatelyService and Write-Offs separately
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TCA Implementation - Review of Data Up to March 31, 2007
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DataData
What is it? What is it? – March 31, 2005 to March 31, 2007
– Data output from BVC (as of March 31, 2005) + following data collection periods:» April 2005 to August 2005» September 2005 to March 2006» April 2006 to August 2006» September 2006 to March 2007
– Buildings, portables, land and land improvements
– Different tabs for each asset type (does not include CIP, PAC/PCC)
Where is it ?Where is it ?– EFIS– Go to submission….Reports….Static Reports
» March 31, 2005 to March 31, 2007 Capital Asset Data
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Where to start ?Where to start ?
Access file Access file – Manipulate data to suit you
Excel File contains 10 tabsExcel File contains 10 tabs1) Buildings & Land Definitions
2) Portables Definitions
3) Buildings & Land Input File
4) Portables Input File
5) Buildings & Land Output File
6) Portables Output File
7) Buildings Continuity
8) Land Continuity
9) Land Improvement Continuity
10) Portables Continuity
Input into BVC
Output from BVC
Calculations will be provided shortly
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Where to FocusWhere to Focus
BVC Input
BVC Output
Excel Data
Data at March 31,
2007
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LandBuildingsPortables
LandBuildingsPortablesLand Improvements
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Where to FocusWhere to Focus
BVC Input
- Year of purchase- GFA- Building condition- Cost
Portables:- Year of manufacture- GFA
LandBuildingsPortables
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Where to FocusWhere to Focus
BVC Output
X
Don’t Audit the Black Box
Don’t try to replicate the values
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Where to FocusWhere to Focus
Excel Data
-Additions / disposals by cycle
-Ask auditors what additional work they will require
-Get together back-up
LandBuildingsPortablesLand Improvements
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Where to FocusWhere to Focus
Data at March 31,
2007
- Asset Type - RSL- GBV- AA
FOR REASONABLENESS
MISTAKESMISTAKES
Contact Ministry:
-Look at groups of assets, not one at a time
-Form for missed assets
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Where to FocusWhere to Focus
BVC Input
BVC Output
Excel Data
Data at March 31,
2007
=
- Year of purchase- GFA- Building condition
Portables:- Year of manufacture- GFA
-Additions / disposals by cycle
-Ask auditors what additional work they will require
- Asset Type - RSL- GBV- AA
X
FOR REASONABLENESS
LandBuildingsPortables
LandBuildingsPortablesLand Improvements
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Additional InformationAdditional Information For additional information, please refer to the For additional information, please refer to the
following website: following website:
http://tpfr.edu.gov.on.ca/CAImplementation.htmhttp://tpfr.edu.gov.on.ca/CAImplementation.htm
Contact:Contact:
Sangita BarmanSangita Barman
416-325-858416-325-858
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7 Month Period (September 2008 – March 2009)
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REPORTING REQUIREMENTSREPORTING REQUIREMENTS
Paragraph .13 of Asset Guide we indicated that Paragraph .13 of Asset Guide we indicated that the last period that we would be collecting capital the last period that we would be collecting capital asset information from boards is April – August asset information from boards is April – August 2008 period2008 period
Amending this paragraph as we will be asking Amending this paragraph as we will be asking board to complete a 7 Month Capital Activity board to complete a 7 Month Capital Activity Report for the September 2008 to March 2009 Report for the September 2008 to March 2009 periodperiod
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SUBMISSION REQUIREMENTSSUBMISSION REQUIREMENTS No changeNo change
Require: Require: – Specified Procedures– 7 Month Excel Capital Activity Report
Due Date: May 15, 2009Due Date: May 15, 2009
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PUT TITLE HERE12 Month Period
(September 2008 – August 2009)
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Tangible Capital Asset Data CollectionTangible Capital Asset Data Collection Ministry will be collecting summarized tangible Ministry will be collecting summarized tangible
capital asset information from school boards in capital asset information from school boards in order to support their continuity schedulesorder to support their continuity schedules
File Format: File Format: – Pipe Delimited File– Require details on an asset by asset basis
This file will be uploaded into EFISThis file will be uploaded into EFIS
Details being discussed by the Ministry:Details being discussed by the Ministry:– Process of assigning of new asset id numbers to assets
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Revisions to TCA Guide
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FIRST TIME EQUIPPING ASSET CLASSFIRST TIME EQUIPPING ASSET CLASS In Appendix C of the Asset Guide (page 51 of 81 In Appendix C of the Asset Guide (page 51 of 81
– May 2008 Release) we stated that:– May 2008 Release) we stated that:– “First time equipping costs should NOT
include computer hardware and computer software, excluding those in the classroom.”
Amending this to state that: Amending this to state that: – “First time equipping costs should NOT
include computer hardware and computer software.”
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LEASEHOLD IMPROVEMENTSLEASEHOLD IMPROVEMENTS Paragraph .236 we state that: Paragraph .236 we state that:
– “Betterments made to an asset subject to a capital lease where ownership is expected to transfer to the lessee, should be classified as betterments. The cost of the betterments must be capitalized as part of the cost of the tangible capital asset and amortized over the lease term.”
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LEASEHOLD IMPROVEMENTSLEASEHOLD IMPROVEMENTS Amending this paragraph to state: Amending this paragraph to state:
– “Betterments made to an asset subject to a capital lease where ownership is expected to transfer to the lessee, should be classified as betterments. The cost of the betterments must be capitalized as part of the cost of the tangible capital asset and amortized over the useful life of the asset.”
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QUESTIONSQUESTIONS
Sangita BarmanSangita Barman
416-325-8584416-325-8584
[email protected]@ontario.ca
