1998/99 Legislative Session: 3rd Session, 36th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
|3||Financial Reporting Policies|
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 (1) Subject to subsection (2), the terms used in this Act have the same meanings as defined in the Financial Administration Act.
(2) In this Act,
"government" includes government bodies;
"government body" means
(a) a government corporation, and
(b) any local or Provincial public authority, other than a municipality as defined in the Municipal Act, which
(i) receives, either directly or indirectly in any manner whatsoever, public money from the government, and
(ii) is designated as a government body by regulation of the Auditor General for purposes of this Act;
"public officer" includes any person employed in the government.
2 If there is a conflict between this Act and the Financial Administration Act, this Act applies.
3 (1) The Reporting Policy Committee, consisting of the Auditor General, the Comptroller General and a Charered Accountant appointed by the Public Sector, Accounting and Policy Board of the Canadian Institute of Chartered Accountants shall prepare and present a report to the Legislative Assembly with the financial reporting policies they recommend for the proper preparation and presentation of all government budgets and financial statements.
(2) The financial reporting policies must be based upon generally accepted accounting principles.
(3) The Reporting Policy Committee shall present their first report under subsection (1) at the first session of the Legislative Assembly following the enactment of this Act and then from time to time as they consider necessary and advisable.
(4) The financial reporting policies presented under subsection (1) shall be in force in the next fiscal year immediately following the date of their presentation to and adoption by the Legislative Assembly.
4 (1) The government shall prepare and publish all budgets and financial statements in accordance with the financial reporting policies which are in force at the date of preparation or publication, as the case may be.
(2) No government budgets or financial statements shall be prepared and published unless a public officer certifies in a conspicuous place on the documents that they have been prepared and published in accordance with the financial reporting policies.
(3) Subsection (2) does not apply to working drafts of the budgets or financial statements which are not being circulated outside the government operations preparing them.
5 The Lieutenant Governor in Council may make regulations.
6 This Act comes into force by regulation of the Lieutenant Governor in Council.
The purpose of this Bill is to ensure that the financial reporting policies of the government are in accordance with generally accepted accounting practices. It is intended that this will result in transparent, comprehensive, understandable and truthful reporting of the financial affairs of the government.
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