Amortization Calculation Tools

The Historical Amortization Calculation Tool and Custom Amortization Calculation Tool were developed for school districts to calculate amortization for capital assets and deferred capital contributions at a point of time. At June 30, 2005 responsibility for maintaining these tools was passed from Ministry of Education staff to school district staff.

Historical Amortization Calculation Tool

The Historical Amortization Calculation Tool was developed to establish a provincial database from Ministry records, develop applicable policies in discussion with other government staff, calculate historical building costs and calculate amortization figures for implementation of full GAAP at July 1, 2004.

Government Reporting Entity (GRE) Quarterly Reporting

The Historical Amortization Calculation Tool will assist with amortization calculations for the Government Reporting Entity quarterly reports.

The Historical Amortization Calculation Tool will calculate annual amortization when applicable data for capital assets and deferred capital contributions is entered from the annual financial statements.

For example, when applicable data for capital assets and deferred capital contributions is entered from the June 30, 2005 financial statements, the tool will calculate annual amortization for the 2005/06 fiscal year.

Please report the appropriate portion of the annual amortization figure in the September (1/4), December (1/2) March (3/4) and June (4/4) quarterly GRE reports.

Questions regarding the GRE report can be addressed to Linda Seabrook at (250) 356-5088.

Custom Amortization Calculation Tool

The Custom Amortization Calculation Tool was designed to assist school districts with financial reporting. In contrast to the Historical Amortization Calculation Tool, which is populated with figures from the school districts' audited financial statements, the Custom Amortization Calculation Tool is unpopulated to facilitate calculations for unique circumstances.

The Custom Amortization Calculation Tool provides a calculator that allows entry of up to 25 asset classes. Amortization calculations can be customized for each asset class by assigning the applicable expected life and applying, as required, deemed disposals.

The Custom Amortization Calculation Tool will provide amortization schedules and annual journal entries for each asset class.