The Office of the Chief Financial Officer of Foreign Affairs and International Trade Canada (DFAIT) prepares the consolidated financial statements of the Department.
The financial statements are prepared on an annual basis as of March 31st, in accordance with Treasury Board’s Accounting Standard 1.2 – Departmental and Agency Financial Statements which was developed using the recommendations of the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants (CICA). The consolidated financial statements of the Department include Passport Canada.
The objectives of the general-purpose financial statements are to provide an accounting of the Department's administration of its public financial affairs and resources to a variety of users both within the government and external to it. As such, they are meant to serve the different needs of many users. Since external readers of the financial statements do not have access to specialized financial reports of the Department, the primary focus of these financial statements is geared toward them. Additional information on the Department's performance is available within our departmental performance reports.
The Financial Administration Act requires that departments publish a quarterly financial report in accordance with Treasury Board’s Accounting Standard 1.3 – Departmental and Agency Quarterly Financial Report, for the first three quarters of each fiscal year, starting April 1, 2011.
The Financial Administration Act was amended when Bill C-51 (the Economic Recovery Act) received Royal Assent in 2009. The Financial Administration Act requires that quarterly financial reports be published within 60 days after the end of the fiscal quarter to which the report relates.
The Government of Canada is pursuing its commitment to improve accountability and increase transparency at all levels of Government. The introduction of Quarterly financial reports complements other financial information that is currently provided by the Government, such as departmental performance reports and the Public Accounts of Canada. Quarterly financial reporting ensures that parliamentarians and Canadians are provided with enhanced information on Government spending on a timely basis.
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