Application of the definition and essential characteristics of assets need to be addressed, and guidance on reporting contingent assets and contractual rights need to be developed.
Assets are defined in Section PS 1000, Financial Statement Concepts. Guidance on applying the definition of assets is limited to identification of three essential characteristics.
The approach of this project will be similar to how the CICA Public Sector Accounting (PSA) Handbook addresses liabilities, contingent liabilities and contractual obligations in Sections PS 3200, PS 3300 and PS 3390 respectively.