Effective Date: March 1, 2015
Responsibility: Vice-President and Chief Financial Officer
RULES AND PROCEDURES
The year-end/quarter end reporting procedures and schedules enable the Corporation’s compliance with the governing statutes and legislation (i.e., the Financial Administration Act and Treasury Board of Canada Secretariat Standard on Quarterly Financial Reports for Crown Corporations).
- All CBC/Radio-Canada external financial statements must be prepared using International Financial Reporting Standards (IFRS).
- Financial statements being submitted to the Government of Canada for consolidation into the Public Accounts must be prepared using the Public Sector Accounting Standards (PSAS).
- The Director of Accounting and Corporate Reporting provides instructions and timelines for submitting reports, analytical reviews, financial statements, etc. for each quarterly and year end reporting period.
- Network and Regional Senior Finance and Administration officers must ensure that all necessary documents are submitted, as per the timeline provided by Corporate Reporting.
- If a material adjustment has been identified after the General Ledger (GL) is closed, Network and Regional Senior Finance and Administration officers must send the adjustments to the Director of Accounting and Corporate Reporting for approval, in accordance with the Directive on General Ledger Accounts.
- The Vice-President and Chief Financial Officer must approve the consolidated corporate Financial Statements. Once approved, the Vice-President and Chief Financial Officer then submits the external Financial Statements to the Audit Committee, as part of the quarterly/annual review, for recommendation for approval by the Board of Directors.
Year End IFRS Financial Statements
Once approved by the Board of Directors, the external financial statements, along with the accompanying independent auditor’s report of the Office of the Auditor General of Canada, and as a component of the Annual Report, is submitted to the Minister of Heritage and the Treasury Board of Canada within three months of the Corporation’s fiscal year end. After the Minister of Heritage has tabled the Corporation’s Annual Report to Parliament, CBC/Radio-Canada is permitted to release the Annual Report to the public.
Quarter End IFRS Financial Statements
Quarterly external financial statements must be made available to the public within 60 days of the end of the fiscal quarter for the first three quarters of the fiscal year.
Quarter End and Year End PSAS Financial Statements
- CBC/Radio-Canada’s external financial statements must be translated from IFRS to Canadian Public Sector Accounting Standards (PSAS) on a quarterly basis using the forms for Crown Corporations, provided within the Receiver General’s Manual.
- At year end, the Vice-President and Chief Financial Officer must review the reconciliation prior to submission to the Receiver General of Canada.
SUBSIDIARY POLICY INSTRUMENTS
- Directive on General Ledger Accounts
- Directive on Manual Journal Entries
- Directive on the Use of Additional IFRS Measures and Non-IFRS financial Measures
All questions pertaining to the interpretation or application of these Rules and Procedures should be referred to the Director, Accounting and Corporate Reporting.