Notice: Guidance on Accounting for Contingent Liabilities Stemming from claims and litigation and contingent gains
TO: Senior Financial Officers
The purpose of this note is to provide you with revised Treasury Board Accounting Standard (TBAS) 3.6 Contingencies which replaces the version issued in 2001. The key change made to this TBAS is the requirement for departments to record an estimated liability for a contingency once it is assessed as likely to result in a liability and can be reasonably estimated. This change and the resulting changes to departmental financial statements have already been communicated to departments in the revised draft TBAS 1.2 - Departmental and Agency Financial Statements which was distributed in .
Also attached is a document which provides detailed guidance on the accounting transactions for contingent liabilities. This guidance will be released in a future update of the FIS Accounting Manual.
Questions on TBAS 3.6 should be forwarded to Chantal Lemyre at (613) 957-2527 or Lemyre.Chantal@tbs-sct.gc.ca.
c.c.: Senior Full-Time Financial Officers
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