Annual Reports 2015 | Page 81

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. - 10 - 2015 Annual Report 81 | Page