Treasury Board Accounting Standard (TBAS) 1.2 Departmental and Agency Financial Statements

The purpose of this note is to provide you with the revised draft of Treasury Board Accounting Standard (TBAS) 1.2 Departmental and Agency Financial Statements and to advise you of the requirement to publish your department's 2005-2006 financial statements in the Departmental Performance Report (DPR).

TBAS 1.2 is attached in draft format for your review and comment. Your 2005-06 financial statements should be prepared in accordance with this format. The key changes to the TBAS are:

  • the statement of operations includes certain services provided without charge as an expense;
  • the statements and notes include liabilities previously recorded centrally such as allowances for loan losses and for contingent liabilities assessed as likely to result in a liability;
  • the format of the statement of net assets/liabilities has changed and is now titled the statement of equity of Canada.

Treasury Board Accounting Standard (TBAS) 1.2 Departmental and Agency Financial Statements

Most departments have prepared unpublished departmental financial statements since fiscal year 2001-2002. Starting with fiscal year 2005-2006, departmental financial statements are to be published in your DPR. Instructions on their publication will be included in the 2005-2006 DPR guidelines. Departments should ensure that the responsibilities identified in the statement of management responsibility (i.e. statements in accordance with TBAS, financial information is reliable.) are met.

Please provide any written comments on the draft TBAS by October 12th. Your comments will be reviewed and a final version of TBAS 1.2 should be released in . Two meetings have been scheduled to present in detail the changes to TBAS 1.2 and answer any questions. Departments have the option to send a representative(s) to either of the following meetings:

September 21, 1:30 pm,
L'Esplanade Laurier, 8th Floor,
East Tower, Boardroom E

September 22, 9:30 am,
Place du Portage, Phase III
Room I- 514

Please forward the name(s) of any representative from your department/agency planning to attend and identify the date of the meeting selected to Chantal Lemyre at 957-2527 or Lemyre.Chantal@TBS-SCT.gc.ca. Comments and questions on the TBAS should also be forwarded to Chantal Lemyre.

John Morgan
Acting Assistant Comptroller General
Office of the Comptroller General

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