Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.
Section PS 3510 applies to:
- Accounting for and reporting tax revenue in government financial statements.
Does not apply to:
- Revenue recognition of developer charges, which is addressed in PS 3100, Restricted Assets and Revenues;
- Revenue recognition of resource royalties;
- Fines or penalties, such as those imposed for breaches of tax law;
- Interest earned on tax receivables;
- Transactions that are more in the nature of exchange transactions, such as user fees, license or permit fees; or
- Non-compulsory transfers to the government or entities charged with tax collection for the government, such as donations, contributions and the payment of fees.