EFIS Instructions
2024-25
2024-25 Financial Statements
Schedules
Schedule 3D

Schedule 3D - Assets Held for Sale

This schedule conforms to PSAB standards relating to assets that are presented for sale during the fiscal period. When TCA meet the criteria under PS 1201.055, they are moved out of TCA and into the financial asset category called assets held for sale (AHFS). These criteria are:

  1. prior to the date of the financial statements, the government body, management board or an individual with the appropriate level of authority commits the government to selling the asset;
  2. the asset is in a condition to be sold;
  3. the asset is publicly seen to be for sale;
  4. there is an active market for the asset;
  5. there is a plan in place for selling the asset; and
  6. it is reasonably anticipated that the sale to a purchaser external to the government reporting entity will be completed within one year of the financial statement date.

School boards should only transfer the asset to AHFS when all six criteria are met.

  • An asset that is permanently removed from service (school closed) but not declared as a surplus asset is not an AHFS.
  • An asset that is declared a surplus asset but not yet put on the market (circulate according to O. Reg. 444/98) is not an AHFS.
  • For an asset that is already in the circulation process but no buyer submits any offer by the financial statement date, school boards should assess the market conditions and be cautious whether to report that asset as an AHFS or TCA.
  • If there is an offer but the transaction is not expected to complete within one year of the financial statements date, a school board should not transfer to AHFS.

Financial assets are subject to valuation allowances such that the assets are reflected at their net recoverable or other appropriate value (PS 1201.053). TCA may be written down upon transfer to financial assets; it is not possible to write up TCA. TCA that are in the process of being sold, but that are not yet sold at the financial statements date, would be transferred to financial assets. This would generally apply to land and buildings, since minor TCA is likely to be sold in the year, or is disposed of after being fully depreciated.

Refer to the Fall 2011 Training Session slides for the journal entries supporting the proceeds of disposition transactions for assets held for sale.

Schedule 3D is divided into five categories: land and land improvements with infinite lives (non-depreciable), land improvements with finite lives (depreciable), buildings (40 years), other buildings, and buildings permanently removed from service. Other categories, such as furniture and equipment, are not expected to become assets held for sale.

  • In the Estimates and Revised Estimtaes, this schedule has three tabs (AHFS - TCA, AHFS - ARO, and AHFS - Total) where school boards input transactions at an asset category level. Asset-level details are not required.

  • In the Financial Statements, there is a fourth tab (Assets Held for Sale - Details) where all AHFS are pre-populated at an asset level. An asset is reported as an AHFS on Schedule 3D either if it has been brought forward from the prior year or if there was an in-year transfer from TCA to AHFS (Schedule 3C/E to Schedule 3D). All data entry in the Financial Statements is done directly on this last tab; the first three tabs display summarized AHFS data at an asset category level based on this input.

TAB: Assets Held for Sale - Details

This tab appears only in the Financial Statements cycle. The following columns are prepopulated:

  • Ministry ID: this is comprised of the board number and original Asset Serial Number used when the asset belonged to a TCA class.

  • Asset Serial Number: this is the new serial ID assigned to the asset as an Asset Held for Sale. When transferred from a TCA into an AHFS, the ID reported under the Asset Transferred Link column on Schedule 3C is prepopulated here.

  • Asset Name: the name of the land or building asset is populated here, based on what was used in the prior year or when the asset used to be a TCA on Schedule 3C.

  • Asset Transferred Link: this is the Serial Number of the asset from Schedule 3C, prior to being transferred.

  • Asset Type: this is the asset class and is prepopulated from the prior year or from Schedule 3C, if it was transferred to AHFS in the year.

  • Opening Balance September 1: Prepopulated with each asset’s closing balance as of August 31, 2024. This column will be prepopulated only for those assets that were reported as assets held for sale in the 2023-24 Financial Statements and are still active (have not been fully disposed of).

  • In-Year Additions: this column reports the amounts that have been transferred from TCA to AHFS during the year and is prepopulated based on transfers to financial assets from Schedule 3C. The net transfer amount (Gross Book Value less Accumulated Amortization) of the asset transferred to financial assets from Schedule 3C is reported here. This will occur when a TCA meets the criteria noted in PS 1201.055, thus the TCA is reduced, and the assets held for sale are increased. If an asset held for sale is transferred back to TCA, the in-year addition will become negative.

  • ARO Opening Balance September 1: Prepopulated with each TCA-ARO asset’s closing balance as of August 31, 2024. This column will be pre-populated only for those TCA-ARO assets that were reported as assets held for sale in the 2023-24 Financial Statements and are still active (have not been fully disposed of).

  • ARO In-Year Additions: This column reports the amounts transferred from TCA-ARO to AHFS during the year. It is calculated as the net transfer amount (GBV minus accumulated amortization) of the TCA-ARO asset transferred to financial assets on the Schedule 3E detailed input form.

Data entry is required in the following columns:

  • Adjustments to Opening Balance: Similar to the adjustment column on Schedule 3C, this column should only be used for material adjustments agreed to by the auditors to restate the opening balances.

  • Additional Expenditures on AHFS: Normally, if there are expenditures on Assets Held for Sale they are expensed during the year. However, if the amount is material, please consult with your auditors to see if it qualifies for adding it to the AHFS.

  • In-Year Disposals: Report any in-year decreases to the assets held for sale as a negative amount. This will occur when the school board has disposed of the asset. Please note that only negative amounts can be entered in this column.

  • Disposal Type: Enter a value here (C = Complete; P = Partial) whenever an amount is entered under the Disposals column. This will determine if the asset has been fully disposed of or if it should be brought forward to the following year.

  • Disposal Source: If the asset was sold to a government reporting entity (GRE), enter the 4-digit GRE number. Otherwise, enter “0000”.

  • Proceeds of Disposition: Enter the proceeds of disposition on the sale of the assets held for sale.

  • ARO Adjustments to Opening Balance: This column should only be used for material adjustments agreed to by the auditors to restate the opening balances.

  • ARO Changes in the Estimate: Input changes in a TCA-ARO asset value due to changes in the estimates of the related ARO liabilities. These could arise from new information or reassessment in the year.

  • ARO In-Year Disposals: Input disposals of AHFS-ARO in the year, which occur when the school board has disposed of the related asset.

  • ARO Revenue Recovery: Input the revenue recovery on AHFS-ARO, to reverse excess amortization taken on TCA-ARO in prior periods due to changes in estimates or disposals.

  • ARO Loss: Input any losses on AHFS-ARO in the year, which may occur due to a disposal.

The following columns are calculated based on pre-populated and entered data:

  • Closing balance August 31: The closing balance is calculated as the opening balance plus opening balance adjustments plus in-year additions plus additional expenditure plus in-year disposals.

  • Gain/(loss) on disposal: Calculated as the proceeds of disposition plus in-year disposals.

  • ARO Closing Balance August 31: The closing balance is calculated as the sum of the opening balance, adjustments to opening balance, changes in the estimate, additions, and disposals.

The following control checks have been added to ensure complete reporting and reduce errors:

  • All existing AHFS as of August 31, 2024 reported in the 2023-24 Financial Statements are carried forward with the same data that was reported in the prior year.

  • New assets transferred into AHFS in-year from Schedule 3C/3E are populated with the Asset Serial Number, Asset Name, Asset Transferred Link, Asset Type, and In-Year Additions amounts from Schedule 3C/3E (Transferred to Financial Assets column).

  • Whenever there is an amount entered under the Disposals column, school boards are required to provide the Disposal Type (C = Complete; P = Partial). This will help determine if the asset has been fully disposed of or if it should be brought forward to the following year.

  • The Transfer to TCA Flag column should be used when an AHFS is transferred back to TCA during the year. School boards should select “Y” in the drop-down menu if they transfer an AHFS back to TCA on Schedule 3C/3E in the year; otherwise, it should be left blank. The net total closing balances on Schedule 3D of all assets transferred back to TCA should be zero.

  • If the specific asset transferred back to TCA still exists in Schedule 3C/3E, enter a positive transfer amount in the Transfer to Financial Assets column and flag the Asset Fully Transferred Flag with a “P/T” on the existing line; if the specific asset transferred back to TCA no longer exists on Schedule 3C/3E, create a new line on Schedule 3C/3E, enter a positive value in the Transfer to Financial Assets column, and enter “P/T” in the Asset Fully Transferred Flag column. This will create an asset line which will have a closing balance on Schedule 3C/E. A new line will also be created on Schedule 3D, reducing the closing balance to a negative amount.

  • All assets flagged with a Y = full transfer back to TCA will not be carried forward and populated into the opening balances for the following year.

  • All assets with 0 closing balance should not be carried forward to the next year. To remove the asset from the asset list, the asset must be tagged as fully disposed (Disposal Type = “C”).

TAB: AHFS - TCA

Note that in the Financial Statements, there is no data entry; this tab displays summarized AHFS data for regular TCA at an asset category level, based on the detailed data from the Assets Held for Sale - Details tab.

TAB: AHFS - ARO

Note that in the Financial Statements, there is no data entry on this tab; it displays summarized AHFS data for TCA-ARO at an asset category level, based on the detailed data from the Assets Held for Sale - Details tab.

TAB: AHFS - Total

This tab is simply the continuity of total AHFS activities from September 1, 2024 to August 31, 2025. It is the sum of amounts from Schedule 3D-1 (AHFS-TCA) and Schedule 3D-2 (AHFS-ARO). There is no data entry on this tab.

Relationship to Other Schedules:

  • In the Estimates and Revised Estimates, the TCA in-year additions (column 3) are populated from Schedule 3C as the net transfer to financial assets (gross book value less accumulated amortization). In the Financial Statements this occurs at asset level, from Schedule 3C Detail Data to the Assets Held for Sale - Details tab.

  • In the Estimates and Revised Estimates, the ARO in-year additions (column 14) are populated from Schedule 3E as the net transfer to financial assets (gross book value less accumulated amortization). In the Financial Statements this occurs at asset level, from Schedule 3E Detail Data to the Assets Held for Sale - Details tab.

  • In the Financial Statements, the amounts reported on the Assets Held for Sale - Details tab are summarized by asset class on the AHFS-TCA and AHFS-ARO tabs.

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