SPFR Committee Meeting
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MINUTES OF PROCEEDINGS
Meeting No. 2
Wednesday, November 25, 1998
The Sub-Committee on Financial Reporting of the Standing Committee on Public Accounts met in camera at 3:34 p.m. this day, in Room 536, Wellington Building, the Chair, John Williams, presiding.
Members of the Sub-Committee present: Mac Harb, Lynn Myers and John Williams.
Acting Member present: Gilles Perron for Serge Cardin.
In attendance: From the Library of Parliament: Jean Dupuis and Brian O'Neal, Research Officers.
Pursuant to the order of the Standing Committee adopted on Tuesday, October 6, 1998, the Sub-Committee resumed its consideration of the advisability of establishing a Sub-Committee on international financial reporting guidelines and standards for the public sector.
It was agreed, - THAT the Standing Committee on Public Accounts establish a Sub-Committee to promote the acceptance of international financial reporting guidelines and standards for the public sector;
That the mandate of the Sub-Committee include a review of the current efforts by parliamentarians and international organizations, such as the World Bank, to promote the acceptance of guidelines and standards now being developed under the auspices of the International Federation of Accountants;
That the Sub-Committee be chaired by John Williams and that it be composed of eight (8) members including four (4) members from the Government and four (4) members from the Opposition to be appointed by the Chair after the usual consultations;
That the Chair of the Sub-Committee be authorized to hold meetings to receive evidence in the absence of a quorum, provided that four (4) members are present;
That the Sub-Committee be delegated all of the powers of the Standing Committee, except the power to report to the House;
That the Sub-Committee be authorized to reimburse the travelling expenses of the witnesses which will be charged to the budget of the Standing Committee;
That the Sub-Committee be authorized to seek the authority and the necessary funds to travel, if deemed appropriate; and
That the Sub-Committee report its findings and recommendations to the Standing Committee no later than May 31st, 1999.
It was ordered, - That the Chair present the above recommendations to the Committee at the meeting of Thursday, November 26, 1998.
At 3:41 p.m., the Sub-Committee adjourned to the call of the Chair.
Bernard G. Fournier
Clerk of the Sub-Committee