1. Financial Reporting Update FMI- November 26, 2008
Bill Matthews, CA
Executive Director
Government Accounting Policy and Reporting, TBS

2. Outline Summary Financial Statements
2. Financial Reporting Initiatives
3. Changing Accounting Standards

3. 1. Summary Financial Statements
Annual financial report was released on September 29, 2008
Clean Audit Opinion – 10 Consecutive Years
The Government of Canada posted a budgetary surplus of $9.6 billion in 2007–08.
The federal debt - $457.6 billion at the end of 2007–08.

4. 2. Financial Reporting Initiatives
Departmental Financial Statements
Accrual Appropriations
Monthly Submissions
Quarterly Financial Statements

5. 3. Changing Accounting Standards
Dialogue with PSAB;
Conceptual framework
Volatility (Government transfers, financial instruments)
Governance
Scope of IFRS

6. 3. Changing Accounting Standards
PSAB Projects
Statements of Recommended Practice (SORP)
Tangible capital assets,
Indicators of Financial Condition
Environmental Liabilities
Departmental Financial Statements

7. 3. Changing Accounting Standards
International
International Financial Reporting Standards (IFRS)
International Public Sector Accounting Standards Board (IPSASB)
Impact on Canada
Private sector – by 2011
Public sector – no current plans to adopt