TABLE 2
PRACTICAL STEPS FOR GREATER TRANSPARENCY
STEPS
Improved financial information
- Publication of the monthly report on financial
transactions since April 2006.
- Initial publication in 2006-2007 of a mid-year
update to the economic and financial situation.
- The Public Accounts contain a financial
analysis and indicators showing the change in
the state of the government’s finances.
- Initial annual update in 2006-2007 to tax
expenditures.
- In 2005-2006, the government adjusted its
calculation method for the allowance for losses
on guaranteed financial initiatives.
- Since 2005-2006 the government has applied
accrual accounting to federal transfer revenues.
- Since 2003-2004 the government has
presented information on the financial situation
of the health and education networks in an
appendix to the financial statements.
- In 2005-2006 the government broadened the
definition of its commitments to improve the
presentation of information in the financial
statements.
- In 2005-2006 the government produced new
actuarial valuations of the retirement plans of
government and public sector employees.
- In its policy statement on the modernization of
governance of government corporations in April
2006, the government wants the Auditor
General’s mandate to be broadened to include
government corporations.
- The government continues to study accounting
standards recommended by the CICA and, if
necessary, will change its accounting practices.
Source: Ministère des Finances du Québec
October 2006
COMMENTS
- Québec is the only province to present a
monthly report on its financial situation.
- This is the first time a Québec government has
presented such an update.
- In response to a practice recommended by the
CICA.
- This is the first time a Québec government has
presented this information on an annual basis.
- In response to a restriction by the Auditor
General in the financial statements since 1998-
1999.
- In response to a comment by the Auditor
General in the financial statements since 2003-
2004.
- Previously, these data were not shown.
- In response to a new recommendation of the
Canadian Institute of Chartered Accountants.
- In response to a restriction of the Auditor
General in the 2004-2005 financial statements.
- In response to a concern of the Auditor
General.
- The CICA would like governments to adopt the
standards it recommends. However, it
acknowledges that they can define their own
accounting practices.