Public Accounts of Canada

Public Accounts of Canada
Name	Public Accounts of Canada
Country	Canada
Publisher	Government of Canada
Language	English, French
First published	19th century

Public Accounts of Canada

The Public Accounts of Canada are the principal annual financial statements presented to the Parliament of Canada that report on the financial position, fiscal results, and stewardship of federal resources. Issued alongside departmental estimates and the Budget of Canada, the Public Accounts provide consolidated information used by members of the House of Commons, senators in the Senate, officials at the Department of Finance, and external stakeholders such as the Auditor General of Canada and international organizations like the International Monetary Fund and the World Bank. The documents interact with statutory frameworks including the Financial Administration Act and inform reviews by committees such as the Standing Committee on Public Accounts (Canada) and the Standing Committee on Finance.

Overview and Purpose

The Public Accounts serve as the formal record reconciling the Consolidated Revenue Fund receipts and disbursements with the authorized appropriations from Appropriation Acts and other statutory authorities. They contain financial statements comparable to those prepared under Canadian generally accepted accounting principles and International Public Sector Accounting Standards, facilitating analysis by parliamentarians from parties such as the Liberal Party of Canada, the Conservative Party of Canada, the New Democratic Party, and the Bloc Québécois. The reports support fiscal transparency demanded after events like the Gomery Commission and episodes scrutinized by the Royal Commission on the Economic Union and Development Prospects for Canada.

Historical Development

Origins trace to colonial-era practices under the Province of Canada and earlier Upper Canada and Lower Canada administrations, evolving after Confederation in 1867 alongside institutions such as the Bank of Canada and the Privy Council of Canada. Reforms in the 20th century were influenced by crises including the Great Depression, wartime finance during the First World War and Second World War, and postwar policy shifts under leaders like William Lyon Mackenzie King and Lester B. Pearson. Modernization accelerated with the adoption of accrual accounting debates linked to figures such as Michael Wilson and reports by commissions like the Task Force on Federal Accountability. Legislative changes in the late 20th and early 21st centuries intersected with cases reviewed by the Supreme Court of Canada and reporting expectations set by the Organisation for Economic Co-operation and Development.

Structure and Content

Typical volumes include the consolidated financial statements of the Receiver General for Canada, departmental financial statements for ministries such as National Defence, Health Canada, Employment and Social Development Canada, and the Canada Revenue Agency. Sections cover the consolidated statement of operations, statement of financial position, notes to the financial statements, and schedules that reconcile voted and statutory expenditures authorized by acts including the Public Service Superannuation Act and the Veterans Well-being Act. Appendices may profile transactions with Crown corporations such as the Canadian Broadcasting Corporation, Canada Post Corporation, Export Development Canada, and Business Development Bank of Canada, and disclosures related to federal pension obligations administered under laws like the Canada Pension Plan and programs such as Old Age Security (Canada). The presentation aligns with standards promulgated by bodies such as the Public Sector Accounting Board.

Preparation and Publication Process

Preparation is led by the Treasury Board Secretariat in collaboration with the Receiver General for Canada and departmental comptrollers. Timelines coordinate with the fiscal year ending 31 March and parallel submissions for the Estimates of the Government of Canada and the Budget Implementation Act. Financial consolidation incorporates data from entities reported under Government Transfers in Canada and inter-entity eliminations, audited by the Office of the Auditor General of Canada. Publication logistics involve the Library of Parliament and distribution to committees including the Standing Committee on Public Accounts (Canada) and parliamentary clerks.

Role of the Auditor General

The Auditor General of Canada provides independent assurance through audits, attestations, and special examinations, producing responses and chapters that often accompany or reference the Public Accounts. High-profile reports by Auditors General such as Michael Ferguson and Bonnie Lysyk have influenced parliamentary scrutiny and policy changes, drawing interest from offices like the Privy Council Office and ministers in portfolios including Treasury Board and the Minister of Finance (Canada). The Auditor General evaluates compliance with the Financial Administration Act and reports on internal controls, risk management, and value-for-money issues, leading to follow-up by the Standing Committee on Public Accounts (Canada).

Use by Parliament and Public Accountability

Members of Parliament, senators, and committees use the Public Accounts to hold federal officials and ministers accountable, examine variances between appropriation and expenditures, and pursue inquiries that may reference precedents from the Royal Commission on Aboriginal Peoples or rulings of the Federal Court of Canada. Civil society actors including think tanks like the Fraser Institute, advocacy groups such as the Canadian Taxpayers Federation, and media outlets such as the Globe and Mail and the Toronto Star rely on Public Accounts data for reporting and analysis. International partners and credit rating agencies like Moody's Investors Service and Standard & Poor's also consult these statements when assessing Canada’s fiscal position.

Category:Government of Canada Category:Public finance in Canada Category:Canadian federal legislation