Capital Asset Inventory

We are going through a detailed assessment of our assets to determine a plan for asset management. Through this process we have come to realize that not all of our water inventory was captured when TCA was rolled out. Has anyone else had this occur in their municipality? If yes, did you add it to the TCA inventory later? What did your auditors think of this gap? Did they make you restate prior year or report prospectively?

Rose Bronswyk Kassa, CPA, CMA

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Comments

  • We had this occur in 2014 with our land inventory. Our auditors required that we restate the prior year with an accompanying Note of explanation.

    Lorraine Coughlin
    Manager of Financial Services
    Town of Gibsons

  • We have had this occur multiple years. We now look at materiality, but every couple of years we do a restatement of prior years. We explained to Council that the municipality has been around many years and because a lot of assets are underground we don't know they are there until we dig a hole then we find assets after we dig the hole. Records were not as good 50-70 years ago.

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