PS3150 Compliance

Client: City of Guelph

UMA was recently retained by the City of Guelph to prepare the City for compliance with the new Public Sector Accounting Board PS-3150 reporting requirements. The new guidelines require all public bodies to account for and report on all tangible capital assets on their financial statements.

UMA, in partnership with BMA Management Consulting is currently working with the City to leverage the compliance exercise to enable sound and consistent asset management practices across all City departments. The scope of work includes:

• Development of capital asset accounting policies pertaining to materiality, pooling, amortizations, and write-downs
  
• Consolidating asset inventories, developing asset hierarchies, rationalizing level of detail for asset tracking
  
• Asset valuation and condition assessment to meet both PS-3150 reporting and requirements for asset management
  
• Business process mapping and IT system evaluation to meet PS-3150 reporting and enable sound asset management
  
• Development of asset management plans
  
• Assistance with development of long term capital funding plans and preparation of financial statements and FIR according to PS-3150 requirements.