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 \n⎯ examine the accounting, financial and administrative consequences of incorporating the health and social services and the education networks within the government reporting entity;  \n⎯ examine the implications of harmonization of the government’s accounting policies with GAAP applicable to the public sector on the following three statutes:  \n— the Balanced Budget Act;  \n— An Act to reduce the debt and establish the Generations Fund;  \n— An Act to establish a budgetary surplus reserve fund.  \n􀂉 Application of GAAP for the public sector  \nThe Task Force has listed the areas where significant disparities existed between the government’s accounting policies and GAAP applicable to the public sector. It then identified the adjustments needed to make them compatible with these accounting principles.  \nAs a result of its work, the Task Force can make recommendations on the following subjects:  \n⎯ inclusion within the government reporting entity of the entities of the health and social services and the education networks;  \n⎯ the change to the accounting policies relating to transfers and the recognition of certain grants to universities and municipalities;  \n⎯ application of accrual accounting to all government revenue;  \n⎯ revision of the valuation method of the assets and income of the Retirement Plans Sinking Fund;  \n⎯ updating of the status of certain organizations further to their evolution;  \n⎯ recognition of grants for loans and investments made at significant advantageous conditions;  \n⎯ establishment of the allowance for losses on guaranteed financial initiativeson the basis of disbursements;  \n⎯ recognition of inventories and prepaid expenses;  \n⎯ recognition of future social benefits other than the retirement plans;  \n⎯ recognition of gains and losses on short-term foreign exchange contracts;  \n⎯ recognition of exchange gains and losses on borrowings and financial derivatives redeemed prior to maturity;  \n⎯ treatment of accounting changes.  \nThe accounting adjustments proposed in this reform would affect the government’s financial position as at March 31, 2007, by increasing the accumulated deficit at the beginning of the fiscal year ended March 31, 2007 by $6 426 million and the net debt at the end of that year by $18 684 million. The impact on the results for fiscal year 2006-2007 is relatively limited, with the surplus rising by only $97 million.  \nIn administrative terms, the application of new accounting policies consistent with GAAP will require the implementation of certain processes and sustained follow-up to ensure their success.  \n􀂉 Consolidation of the health and social services and the education networks  \nOf all the changes needed to comply with GAAP, consolidation of the health and socia","cbCaikCf3mGPqx7R","https://ap.wps.com/l/cbCaikCf3mGPqx7R","pdf",2190554,66,"English","# Mandate and background\n## Formation following the 2007-2008 budget speech\n## Three-part mandate and statutes covered\n# Application of GAAP for the public sector\n## Disparities and required adjustments\n## Expected financial and administrative impacts\n# Consolidation of health and social services and education networks\n## Inclusion into the government reporting entity\n## Entities covered and accountability considerations\n## Effects on specific organizations","[{\"question\":\"What prompted the creation of the Task Force on Government Accounting?\",\"answer\":\"The Minister of Finance announced its formation when the 2007-2008 budget speech was delivered in May 2007, to propose reforms to government accounting policies.\"},{\"question\":\"What are the Task Force’s three mandate components?\",\"answer\":\"It examines the consequences of applying public-sector GAAP, the consequences of incorporating health/social services and education networks into the government reporting entity, and the implications of harmonizing accounting policies with GAAP for three specific statutes.\"},{\"question\":\"Which major government changes does the report recommend?\",\"answer\":\"It lists accounting policy adjustments to make government practices compatible with GAAP and recommends including the entities of health and social services and education networks in the government reporting entity, using a modified equity method for specified fiscal years.\"}]","Report of the Task Force on Government Accounting - 2007 - Government Accounting Reform | PDF",166]