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1998/99 Legislative Session: 3rd Session, 36th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

MR. CAMPBELL

BILL M 202 – 1998

TRUTH IN BUDGETING ACT

Contents

Section

Interpretation

Application

Financial Reporting Policies

Obligation

Regulations

Commencement

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the

Province of British Columbia, enacts as follows:

Interpretation

(1) Subject to subsection (2), the terms used

in this Act have the same meanings as defined in the Financial Administration

Act .

(2) In this Act,

"government" includes government bodies;

"government body" means

(

a) a government corporation, and

(

b) any local or Provincial public authority, other than

a municipality as defined in the Municipal Act , which

(

i) receives, either directly or indirectly in any manner whatsoever, public money from

the government, and

(ii) is designated as a government body by regulation of the Auditor General for

purposes of this Act;

"public officer" includes any person employed in the government.

Application

2 If there is a conflict between this Act and the

Financial Administration Act , this Act applies.

Financial Reporting Policies

(1) The Reporting Policy Committee, consisting of the Auditor General, the

Comptroller General and a Charered Accountant appointed by the Public Sector, Accounting

and Policy Board of the Canadian Institute of Chartered Accountants shall prepare and

present a report to the Legislative Assembly with the financial reporting policies they

recommend for the proper preparation and presentation of all government budgets and

financial statements.

(2) The financial reporting policies must be based upon generally accepted accounting

principles.

(3) The Reporting Policy Committee shall present their first report under subsection

(1) at the first session of the Legislative Assembly following the enactment of this Act and

then from time to time as they consider necessary and advisable.

(4) The financial reporting policies presented under subsection (1) shall be in force in

the next fiscal year immediately following the date of their presentation to and adoption

by the Legislative Assembly.

Obligation

(1) The government shall prepare and publish all budgets and financial

statements in accordance with the financial reporting policies which are in force at the

date of preparation or publication, as the case may be.

(2) No government budgets or financial statements shall be prepared and published unless

a public officer certifies in a conspicuous place on the documents that they have been

prepared and published in accordance with the financial reporting policies.

(3) Subsection (2) does not apply to working drafts of the budgets or financial

statements which are not being circulated outside the government operations preparing

them.

Regulations

5 The Lieutenant Governor in Council may make regulations.

Commencement

6 This Act comes into force by regulation of the Lieutenant Governor in Council.

Explanatory Note

The purpose of this Bill is to ensure that the financial reporting policies of the

government are in accordance with generally accepted accounting practices. It is intended

that this will result in transparent, comprehensive, understandable and truthful reporting

of the financial affairs of the government.

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