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DATE: | April 2, 2002 |
TO: | Senior Full-time Financial Officers |
SUBJECT: | Various Accounting Issues |
This information bulletin is to address various issues that have arisen during the 2001/2002 fiscal year. Please ensure the appropriate people in your department are notified. Departmental Financial Statements Other than those entities required to publish financial statements in the Public Accounts, departments and agencies are not to publish their financial statements without the prior written consent of the Senior Director, Government Accounting Policy Division, Treasury Board Secretariat. Deleted Financial Reporting Accounts Additional guidance is being issued by the Receiver General in an upcoming Receiver General Information Bulletin that will be available at: http://publiservice.pwgsc.gc.ca/cars-sccr/text/index_e.html 11122 Moneys received after the year end 49ddd -- FIS Transition Cross Years accounts The account balance must be closed to the departmental Equity account (32ddd) at year-end. For the purposes of Departmental Financial Statements, the balance of 49ddd is to be included in the balance of all Receiver General Cash Reconciliation Control Accounts. FRA 49ddd will not affect or be reported in the Public Accounts of Canada. Deleted Revenue Authority Codes Prepayments: Advances of Contribution payments The reporting back by a recipient on the use of funds is an administrative requirement and should not be used as a determining factor in the recognition of the payment as an expense. Only the portion of a contribution given to a recipient that is intended to cover expenses that will be incurred in a subsequent fiscal year should be recorded as a prepayment. As outlined in the Policy on Transfer Payments, an accounts receivable must be recorded and covered for monies remaining from an advance payment at the end of a contribution agreement; the amount of any disallowed disbursements; demands for an accounting or repayment issued pursuant to sections 76(1)(b) and (c) of the Financial Administration Act; interest or overdue repayments in accordance with the terms of the agreement. If you have any questions on any of the above subjects, please call Ken Wheat at 957-9676.
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William G. Bradshaw Acting Senior Director Government Accounting Policy Division |