District of Lake Country
Notes to Financial Statements
For the year ended December 31, 2015
3. Current and future accounting changes
Current accounting change
Effective April 1, 2014, the Public Sector Accounting Board issued Section 3260 Liability for
contaminated sites. This Section establishes standards on how to account for and report a liability
associated with the remediation of contaminated sites. During the year, the District adopted this
standard on a retroactive basis and there were no adjustments as a result of the adoption of this
standard.
Future accounting changes
PS 2200 – Related party disclosures
This section establishes the definition of a related party, the criteria for identifying related parties of
the District, the circumstances in which disclosure of the transaction with the related party would be
required, and the required content of those disclosures, if necessary. This section applies to fiscal
years beginning on or after April 1, 2017, with early adoption permitted.
PS 3210 – Assets
This new section provides guidance for applying the definition of an asset as set out in Section PS
1000 Financial statement concepts and establishes general disclosure standards for assets. This
section applies to fiscal years beginning on or after April 1, 2017, with early adoption permitted.
PS 3320 – Contingent assets
This new section defines and establishes disclosure requirements for contingent assets. This section
applies to fiscal years beginning on or after April 1, 2017, with early adoption permitted.
PS 3380 – Contractual rights
This new section defines and establishes disclosure requirements for contractual rights. Contractual
rights are rights to economic resources arising from contracts or agreements that will result in both
an asset and revenue in the future. This section applies to fiscal years beginning on or after April 1,
2017, with early adoption permitted.
PS 3420 – Inter-entity transactions
This section establishes how to account for and report transactions between public sector entities
that comprise a government’s reporting entity from both a provider and recipient perspective. This
section applies to fiscal years beginning on or after April 1, 2017, with early adoption permitted.
PS 1201 – Financial statement presentation
This section revises and replaces the existing Section PS 1200 Financial statement presentation. This
section applies to fiscal years beginning on or after April 1, 2019, with early adoption permitted.
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2015 Annual Report
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