Transfer Payment and Financial Reporting Branch Ministry of Education New Reporting Model TPFR Information Sessions Fall 2007.

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Presentation transcript:

Transfer Payment and Financial Reporting Branch Ministry of Education New Reporting Model TPFR Information Sessions Fall 2007

2 Transfer Payment and Financial Reporting Branch Ministry of Education Handbook Section Changes  N/A  Objectives of FS for Local Governments  PS1700  General Standards of PS Presentation  PS1800  Financial Statement (FS) Concepts  PS1000  Financial Statement Objectives  PS1100  Financial Statement Presentation  PS1200

3 Transfer Payment and Financial Reporting Branch Ministry of Education PS FS Concepts  Sets out definitions of assets, liabilities, revenues & expenses;  Defines revenues & expenses in terns of changes in assets and liabilities;  Requires full accrual basis of accounting;  Provides general recognition and measurement principles.

4 Transfer Payment and Financial Reporting Branch Ministry of Education PS FS Objectives  Scope of activities to be included in a government’s report;  Reporting financial position;  Reporting changes in financial position:  Reporting government operations  Reporting the change in net debt  Reporting cash flow  Legislative control & financial accountability.

5 Transfer Payment and Financial Reporting Branch Ministry of Education PS FS Presentation  4 statements: Financial position, operations, change in net debt, cash flows (funds & reserves in notes);  Statements must be on full accrual basis;  Net debt statement will highlight the effects of capital spending on net debt;  Statement of operations shows the annual surplus/deficit as difference between revenues & expenses;  Cash flow has new capital category - D or I;  Current year budget figures must be provided.

6 Transfer Payment and Financial Reporting Branch Ministry of Education Work Plan / Timeline  Redraft forms package -- November to January  Issue communication to boards about changes to handbook & new forms release -- March 2008

7 Transfer Payment and Financial Reporting Branch Ministry of Education Illustrative Example of Forms  Statement of Financial Position  Statement of Operations  Statement of Changes in Net Debt  Statement of Cash Flows (D & I)