The Public Accounts of Canada is an annual report of the Government of Canada’s financial activities for the fiscal year ending each 31 March. It includes consolidated financial statements, summaries of various financial reports, and additional analysis and information. It does not include Canada Pension Plan assets as they do not belong to the government.
Following Confederation (1 July 1867), among the first Acts passed in the first Parliament of the new Dominion of Canada was An Act respecting the collection and management of the Revenue, the Auditing of Public Accounts, and the liability of Public Accountants. It received Royal Assent on 21 December 1867 and established the provisions for the Public Accounts for the newly formed Canada.
Since 2004, the Public Accounts of Canada has been divided into three volumes:
- Volume I presents the Government of Canada’s audited consolidated financial statements, as well as additional financial information and analysis.
- Volume II presents financial operations.
- Volume III presents additional information and analyses, such as the remissions of taxes, fees, penalties and other debts; debts, obligations and write‑offs; and expenditures on professional services and property management.
The consolidated financial statements of the Government of Canada consist of the following five statements:
- Consolidated Statement of Operations and Accumulated Operating Deficit;
- Consolidated Statement of Financial Position;
- Consolidated Statement of Change in Net Debt;
- Consolidated Statement of Cash Flow; and
- Consolidated Statement of Remeasurement Gains and Losses.
The Receiver General for Canada (i.e., the Minister of Public Services and Procurement) must prepare the Public Accounts of Canada on behalf of the federal government. The government’s consolidated financial statements are prepared under the joint direction of the President of the Treasury Board, the Minister of Finance and the Receiver General for Canada.
The Auditor General of Canada is responsible for expressing an opinion to Parliament on the Government’s consolidated financial statements, based on their audit conducted in accordance with Canadian generally accepted auditing standards.
Read the full text of the HillStudy: Understanding the Public Accounts of Canada
By Dillan Theckedath, Library of Parliament
Categories: Economics and finance, Executive summary, Government, Parliament and politics