83 / 150
Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
28
City of Surrey
12. Tangible capital assets (continued)
b) Contributed Tangible Capital Assets
Contributed tangible capital assets have been recognized at fair value at the date of contribution. The
value of contributed assets received during the year is $146.8 million (2013 - $90.9 million) comprised
of roads infrastructure in the amount of $92.4 million (2013 - $69.3 million), water and wastewater
infrastructure in the amount of $45.7 million (2013 - $13.4 million) and land in the amount of $8.7
million (2013 - $8.2 million), including improvements.
c) Tangible Capital Assets Disclosed at Nominal Values
Where an estimate of fair value is not determinable, the tangible capital asset is recognized at a
nominal value.
d) Intangible Assets
The City manages and controls various works of art and non-operational historical cultural assets
including buildings, artifacts, paintings and sculptures located at City sites and public display areas.
These assets are not recorded as tangible capital assets and are not amortized.
e) Write-down of Tangible Capital Assets
Tangible capital assets are written down when conditions indicate that they no longer contribute to
the City’s ability to provide goods and services. Any impairment is accounted for as an expense in the
consolidated statement of operations. No impairments were identified or recorded during the year
ended December 31, 2014 and 2013.