Directive on Accounting Standards: GC 4400 Departmental Quarterly Financial Report

• N/A

April 1, 2017

1. The objective of this handbook section is to provide the special purpose financial reporting framework for the quarterly financial report prepared by departments in accordance with section 65.1 of the Financial Administration Act, including the expected form and content of the Statement outlining results, risks and significant changes in relation to operations, personnel and programs and the quarterly financial information tables.
2. The quarterly financial report must include, at a minimum:
   1. A statement outlining the results, risks and significant changes in operations, personnel and programs, signed by the Deputy Head and Chief Financial Officer; and
   2. The following quarterly financial information tables, which present financial information for the quarter and the fiscal year-to-date and comparative financial information for the preceding fiscal year:
      • Statement of Authorities; and
      • Departmental Budgetary Expenditures by Standard Objects.
3. The purpose of the quarterly financial information tables is to provide a comparison of in-year departmental spending with authorities granted by Parliament, as well as comparative financial information for the preceding fiscal year.
4. The information contained in the quarterly financial information tables must be prepared using an expenditure basis of accounting which is consistent with the information included in the Ministerial Sections in Volume II of the Public Accounts of Canada.
5. The total authorities available for use for the year must include all authorities granted by Parliament at quarter-end.
6. Departmental level financial information must reflect the corresponding departmental level information that can be found in the Estimates Publications.
7. Departments must report statutory authorities in detail in the Statement of Authorities (for budgetary authorities only), with each individual statutory authority reported in a separate row.
8. The Illustrative Quarterly Financial Report presents a model of the quarterly financial report. This model must be used in order to ensure presentation and disclosure consistency across departments.

• GC 4400 Guideline: Illustrative Quarterly Financial Report