Recommended Timeline for Municipalities

Recommended Activities* Recommended Completion Date
Phase One
Review TCA Reference Manual May – July 2008
Attend Scheduled PSAB Information Session May – July 2008
Complete TCA Listing September 30, 2008
Complete TCA Valuation December 1, 2008
Complete TCA Opening Balances

  • Record value for TCA
  • Record accumulated amortization
 December 31, 2008
Establish Accounting Policies December 31, 2008
Record Asset Additions and Disposals Ongoing
Calculate and Record Amortization Annually at Year-End
 
Phase Two
Review Reference Manuals

  • TCA Valuation Manual
  • Phase Two Reference Manual
 October – December 2008
Begin data gathering and analysis, wherever possible before attending information session on:

  • Municipal Reporting Entities
  • Environmental Liabilities
  • Accruals
 October – December 2008
Attend Scheduled PSAB Information Session October – December 2008
Identify all Controlled Entities and Government Partnerships

  • Assess whether or not control exists
  • Assess their compliance with PSAB GAAP and impact if not compliant
 December 1, 2008
Identity all significant Controlled Entities and Government Partnerships with your auditor’s assistance December 1, 2008
Identify Potential Environment Liabilities December 31, 2008
Identify Accruals and Other Liabilities December 31, 2008
Complete all Opening Balances, where applicable:

  • Municipal Reporting Entities
  • Environment Liabilities
  • Accruals, etc.
 December 31, 2008
Consolidate Controlled Entities Annually at Year-End
Record Environment Liabilities, Accruals, etc Ongoing
 
Phase Three
Review Phase Three Reference Manual on:

  • Financial Statement Presentation
  • Disclosure
  • Financial Planning (Budgets)
 2009
Attend Scheduled PSAB Information Session 2009
Prepare 2008 Financial Statements** June 30, 2009
Prepare 2009 Financial Statements** June 30, 2010
Maintain Compliance with PSAB GAAP Ongoing, beyond 2009

* Please note that the Recommended Timeline for Municipalities is only a guide and is not all-encompassing. Additional dates may be added as they arise.

** PSAB compliance for the 2008 fiscal year merely requires a note in the financial statements identifying the municipalities plan and where they are in the plan. Financial statements for 2009 will require full PSAB compliance including financial statement presentation, TCA disclosure, etc.