In 2000, the Valuation Program at Public works and Government Services Canada (PWGSC) developed the Book Value Calculator (BVC) in response to the government’s need to provide opening book values for all real property assets held by the federal government for it’s move to full accrual based accounting (similar to the requirements under the PSAB 3150 initiative).
The federal government found that it’s records relating to original historic costs and betterments completed on its real property assets were either missing or incomplete in most cases.
- Determine ‘Gross’ and ‘Net’ opening book values, and remaining asset life for all of it’s real property assets using readily available information.
- Recognize and account for betterments that had been completed on real property assets (infrastructure, buildings, etc.) since they were originally built or acquired.
The program was reviewed extensively and endorsed by the Office of the Auditor General of Canada for use in the implementation of the accrual accounting initiative across the federal government. After the completion of the federal departments accrual accounting exercise, the BVC program and PWGSC’s Valuation staff resources were made available to organizations outside the Canadian Federal Government, such as the Government of Bermuda and the Ontario Realty Corporation (ORC) for Ontario provincial assets. BVC has also been reviewed and accepted by the Auditor of the Government of Bermuda and by the Provincial Auditor of Ontario.
The BVC output data will meet the PSAB 3150 requirements
To find out more about BVC, download the PDF file below:
Click here to open the BVC more info PDF
To download other BVC related documents, including 'First Steps', ' Asset Input Screen' and 'BVC Screen Input Instructions' click the link below:
Documents