Sage Fixed Assets: PS 3150
Canadian Institute of Chartered Accountants PS 3150 Tangible Asset Accounting
The implementation of PS 3150, established by the Public Sector Accounting Board
(PSAB) of the Canadian Institute of Chartered Accountants (CICA) requires Canada’s local governments to account for and report on tangible capital assets beginning January 1, 2009. These provisions were implemented because it was determined that proper tangible capital asset management was vital to a government’s financial ability to maintain its existing service levels. Tangible capital assets include such items as roads, buildings, vehicles, equipment, land, utility systems, computer hardware and software, bridges, and many other asset categories.
Local governments are required to ensure that their financial systems and records can provide all of the information required by PS 3150 and meet the disclosure requirements of accepted accounting standards. PS 3150 requires local governments to establish an inventory of tangible capital assets, including the details of each individual asset, amortize the assets over defined estimated useful lives, provide detailed reporting, and reconcile the asset register to the inventory. This data will be reviewed by independent auditors to ensure the detail and accuracy.
Local governments cannot afford to implement a “solution” that only addresses some of the requirements of PS 3150. Sage Fixed Assets is more than an integrated solution that is effective and easy to use—it is the only solution that is complete, yet scalable and affordable. Sage Fixed Assets seamlessly helps local governments manage their tangible capital assets throughout the entire life-cycle—from managing construction of an asset in progress, performing the initial inventory, calculating accurate depreciation, through the transfer or disposal of an asset. Sage Fixed Assets enables local governments to implement a total tangible capital asset solution that meets the requirements of PS 3150 quickly and accurately with:
Sage Fixed Assets—Depreciation
Sage Fixed Assets—Tracking
Sage Fixed Assets—Planning
Sage Fixed Assets—Reporting
Sage Fixed Assets helps enable the local government’s management to provide the assurance that the tangible capital asset data is complete, accurate, properly valued, correctly disclosed, and has maintained complete audit trails.
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Topic
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Sage Fixed Assets
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Establish the initial inventory and maintain an accurate, current inventory of tangible capital assets.
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SmartLists and Asset Templates make creating the initial inventories accurate and efficient.
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Track costs and components during the construction in progress of a tangible capital asset.
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Sage Fixed Assets—Planning tracks all details of an asset that is being constructed.
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Maintain detailed, complete, and accurate fixed asset records.
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All details of an asset can be recorded and tracked including the name of the asset, physical description, serial number, date placed in service, location, custodian, expected useful life, amortization method, book value, and more.
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Implement a reasonable and established depreciation method.
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Sage Fixed Assets—Depreciation supports more than 20 recognized depreciation methods, including straight-line depreciation and custom methods.
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Perform depreciation on tangible capital assets.
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An easy depreciation process walks you through accurately depreciating tangible capital assets.
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Integrate with existing general ledger systems.
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Sage Fixed Assets Links allow data to flow into existing general ledger programs, eliminating data entry errors.
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Produce detailed fixed asset reports.
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More than 20 ready-to-use reports and easy-to-use options allow you to create detailed custom reports specific to PS 3150 reporting requirements.
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Track and report mobile or sensitive assets.
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“Check-in/Check-out” feature improves the tracking of mobile or sensitive assets, and records date and time the asset was checked-in/checked-out, the custodian, and other important details concerning the asset.
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Disclose the total cost, accumulated amortization, and net value at the beginning and the end of an accounting period, including additions, disposals, and write-downs.
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The Capital Assets Note Disclosure Report presents asset balances at the start of an accounting period, costs of acquisitions and disposals during the period, and ending asset balances.
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Provide auditors with the asset register by asset category.
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Group Manager allows assets of similar categories to quickly be grouped together for analysis and reporting purposes.
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