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PACP Committee News Release

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Standing Committee on Public Accounts
house of commons
HOUSE OF COMMONS
CHAMBRE DES COMMUNES
OTTAWA, CANADA
K1A 0A6

Comité permanent des comptes publics

For immediate release


NEWS RELEASE


Public Accounts of Canada 2005

Ottawa, October 31, 2005 -

Today, Mr. John Williams, M.P., and Chair of the House of Commons Standing Committee on Public Accounts, tabled a report on the 2005 Public Accounts of Canada recommending that the government adopt full-accrual accounting in its budgeting process and that it set a firm deadline for the attainment of this goal.

The Committee’s twenty-first report also reiterated an earlier recommendation that the Comptroller General, along with the Office of the Auditor General, review the 15 largest foundations and decide which, if any, are controlled versus which operate at arm’s length. At stake is $7.4 billion in foundation assets that could, depending on the interpretation of public sector accounting board guidelines, find their way onto the federal government’s balance sheet in the 2006 Public Accounts of Canada.

Finally, the Committee commended the federal government for producing the seventh consecutive Public Accounts to receive a clean assessment from the Office of the Auditor General and the first Public Accounts in recent memory to include no “matters of concern” in the Auditor General’s “observations” comments.

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For more information, or for copies of the report, please contact:
Elizabeth Kingston, Clerk of the Standing Committee on Public Accounts
Tel: (613) 996-1664
E-mail: PACP@parl.gc.ca