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0 PUT TITLE HERE 7-Month Tangible Capital Asset Activities Report OASBO Finance Committee Workshop Transfer Payments & Financial Reporting Branch March 2008 Slide 2 1 PURPOSE Overview of the 7-month capital activities report Changes Commonly made errors Things that boards should be looking at Specified Procedures Report Filing requirements Slide 3 2 Changes to Package Summary Page See Excel Page 1 New section on write-offs / write-downs New Assets See Excel Page 2 You can no longer add the gross book value of the new asset until you have given the Ministry the details of the asset Write-downs See Excel Page 4 (Column H.7) Used to say What is the amount of the write-down Slide 4 3 Commonly Made Errors Schedules 17C and 17D See Excel Page 3 Operating lease schedules Report leasehold improvements in leases schedules only DO NOT include monthly lease payments Schedules 17A - 17D Not updating lease end dates (Column Z) Lease has ended and has not been renewed (Column AC) Asking for new assets If youre not sure if the asset is included, please call Doubling of assets Slide 5 4 Things You Should be Looking At AFTER ALL DATA INPUT IS COMPLETE, PLEASE REVIEW THE FOLLOWING PRIOR TO SUBMISSION: Remaining Service Life See Excel Page 4 (Column H.3) Significant investments should increase remaining service life Contacting boards in April to review April to Aug 07 submissions Write-downs & Transfers to Permanently Removed from Service See Excel Page 4 (Columns H.5 to H.7) Make necessary write-down adjustments and transfers Putting negatives in gross book value column See Excel Page 4 (Column I or Column G.1) Negative values exceed gross book value Slide 6 5 Specified Procedures Copy in your handouts Specified procedures is 1 report that covers 2 elements: March Report 7-Month Capital Activities Report Unchanged from the prior 7-month report Filing requirements (details included in memo): Hard-copy to: Phina Deal Transfer Payments & Financial Reporting Branch 21st Floor, Mowat Block 900 Bay Street Toronto, Ontario M7A 1L2 Due date: May 23, 2008