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Public Sector Accounting Board (PSAB) 3150 Compliance

As part of the Capital Asset Management Program to comply with Public Sector Accounting Board (PSAB) Initiative 3150, the Engineering Department must report the quantity and value of all Engineering's infrastructure tangible capital assets (TCAs) as they are put in service.

The reporting includes not only the TCAs the City adds by its contractors and City crews, but also assets contributed through the land development process. In addition to reporting assets that are added and contributed, the City must also report the quantity and assumed value of any TCA that is decommissioned.

For all infrastructure projects, the quantity and value of new engineering infrastructure constructed through the land development process is to be reported at the time that they are put into service. For PSAB reporting purposes, the in-service date for all infrastructure contributed through the land development processes is assumed to be the date at which the Final Construction Inspection is completed.

However, through the land development process, the City is aware of the quantity and value to TCAs to be contributed before they are constructed. As a result, as soon as the value and quantity of infrastructure is known, it needs to be reported to the City.

The Land Development Engineering Consultant should base the quantity of each TCA on the constructed units of measure for each TCA as developed.

The value of each TCA represents its total construction cost. Therefore, the construction value should include the actual tendered construction value, and all costs related to its installation. This may include:

  • design fees,
  • construction administration fees,
  • utility relocation charges, and
  • construction-tendering costs, as estimated and allocated by the Land Development Engineering Consultant.

To assist Land Development Engineering Consultants, the PSAB Land Development Project Reporting Guide (for Consultants) and PSAB Land Development Project TCA Reporting Templatehave been prepared.