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:

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;
the asset is in a condition to be sold;
the asset is publicly seen to be for sale;
there is an active market for the asset;
there is a plan in place for selling the asset; and
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 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: AHFS - TCA

The data in the columns are as follows:

Column 1: Opening Balance September 1

The amounts are pre-loaded from last year’s board-submitted Estimates. Adjustments are not permitted in this column.

Column 2: Adjustments to Opening Balance

This column allows school boards to adjust the pre-loaded opening balances to reflect the latest data. In Revised Estimates, the adjustment, if any, plus the pre-loaded opening balance should agree to the closing balance of the prior year Financial Statements.

Column 3: Assets Held for Sale - In-Year Additions

The amounts are populated from Schedule 3C, which equal the difference between the amounts reported under the Transfer to Financial Assets column on the cost and accumulated amortization tabs.

Column 4: 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.

Column 5: 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.

Column 6: Closing Balance August 31

The closing balance is calculated as the sum of the opening balance, in-year additions, additional expenditures, and in-year disposals columns.

Column 7: Proceeds of Disposition

Enter the proceeds of disposition on the sale of the assets held for sale.

Column 8: Gain on disposal

Input the sum of all gains on disposal from each asset being disposed. Positive values should be input in this column.

Column 9: Loss on disposal

Input the sum of all losses on disposal from each asset being disposed. Negative values should be input in this column.

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

This tab captures assets held for sale detail for TCA-ARO assets. School boards must input assets held for sale activity from September 1, 2025 to August 31, 2026.

Column 11: ARO Opening Balance September 1

The opening balances are preloaded from the 2024-25 board-submitted Revised Estimates closing balances. Adjustments are not permitted in this column.

Column 12: ARO Adjustments to Opening Balance

Column 13: ARO Changes in the Estimate

Input changes in the TCA-ARO asset values due to changes in the estimates of the related ARO liabilities. These could arise from new information or a reassessment in the year. Negative values should be input in this column.

Column 14: ARO In-Year Additions

This column is loaded from Schedule 3E, as the net book value of amounts entered in the Transfer to Financial Assets columns (Schedule 3E-2 col. 15 minus Schedule 3E-1 column 7).

Column 15: ARO In-Year Disposals

Input disposals of AHFS-ARO in the year, which occur when the school board has disposed of the related asset. Negative values should be entered in this column.

Column 16: ARO Closing Balance August 31

This column is calculated as the sum of columns 11 to 15.

Column 17: ARO Revenue Recovery

Input the revenue recovery on AHFS-ARO by asset category, to reverse excess amortization taken on TCA-ARO in prior periods due to changes in estimates or disposal. Positive values should be input in this column. Please refer to the ARO Accounting Policies and Implementation Guide (Appendix G) document for examples of journal entries which may generate a revenue recovery on AHFS-ARO.

Column 18: ARO Loss

Input any losses on AHFS-ARO in the year, which may occur due to a disposal. Negative values should be entered in this column. Please refer to the ARO Accounting Policies and Implementation Guide (Appendix G) document for examples of journal entries which may generate a loss on 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, 2025 to August 31, 2026. 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.

Last updated on 2025-05-13

Schedule 3C Schedule 3E