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Case Study: District of Squamish, BC

Correcting Historical Errors in Tangible Capital Asset Data

Location:

Squamish, BC

Population:

~20,000

Modules:

Citywide Assets

Table of Contents

Introduction

The District of Squamish, BC faced a significant challenge in maintaining accurate Tangible Capital Asset (TCA) data in 2009. Like many Canadian municipalities, Squamish prepared its asset register to comply with PS 3150, a Public Sector Accounting Standard (PSAS) that required the incorporation of capital assets into financial statements. However, errors in the data went undetected until 2017, leading to detailed review processes and a material correction of approximately $15 million in the TCA data. By leveraging modern Asset Management software and external advisory support, Squamish successfully identified and resolved these issues.

Challenge

The implementation of PS 3150 in 2009 marked a turning point for municipalities, requiring them to collect and value all TCAs, such as land, buildings, vehicles, and infrastructure, for the first time. Due to the presence of multiple source documents, limited historical records, and the complexity of asset classifications, many municipalities had to rely on estimates and incomplete data to meet compliance deadlines.

For the District of Squamish, this process resulted in material errors in the TCA register that continued for almost a decade. By 2017, these inaccuracies amounted to an overstatement of TCA values by approximately $15 million, creating potential risks for financial reporting accuracy and public trust. These errors revealed the difficulties of ensuring data quality over time and highlighted the need for more reliable review processes and systems.

Solution

Recognizing the importance of accurate financial reporting, the District of Squamish realized they needed support and adopted Citywide Assets—a comprehensive Asset Management software solution. The system’s advanced functionality allowed the Finance team to easily identify inconsistencies in the TCA register, enabling them to locate overstated values and work with auditors to prepare the necessary Prior Period Adjustment (PPA).

In addition to implementing Citywide Assets, Squamish partnered with external financial advisors who brought critical expertise and guidance to the review process. This collaboration ensured the correction of historical errors and set a foundation for stronger financial reporting practices moving forward.

Scenic overlook of Squamish Town, British Columbia, Canada.

Result

By correcting material errors in their TCA data, the District of Squamish improved their financial accuracy, with a $15 million reduction in overstated values. This led to more reliable financial statements and increased confidence among stakeholders. With a stronger system in place, Squamish is now better prepared for new standards like PS 3280, the Asset Retirement Obligation (ARO) standard. More than a decade after implementing PS 3150, Squamish’s proactive approach serves as a model for municipalities, demonstrating the value of using modern software and external expertise to ensure data integrity and financial transparency. The District of Squamish’s experience highlights the importance of proactive Asset Management. By embracing modern tools and external expertise, municipalities can ensure the accuracy and reliability of their asset data. This approach not only supports compliance with evolving standards but also strengthens financial transparency, enhancing the long-term sustainability of public Asset Management.

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