Timely Financial Reporting: A Path Forward for the Public Accounts of Canada

Sep 13, 2024

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The timely publication of the Public Accounts is crucial for transparency and accountability in government finances. However, Canada faces challenges in meeting the International Monetary Fund’s standard for advanced fiscal reporting, which recommends that governments publish their annual financial statements within six months of the end of the fiscal year (September 30th in Canada’s case). This report explores the challenges to the timely publication of the Public Accounts of Canada and offers recommendations to parliamentarians to improve the process.

Highlights

Canada falls short of the standard for advanced practice under the International Monetary Fund’s (IMF) fiscal reporting guidelines, which recommends that governments publish their annual financial statements within six months of the close of the fiscal year.

Moving up the mandatory tabling date for the Public Accounts would ensure a timely release that would not significantly impact the production process.

Decoupling the publication and the tabling of the Public Accounts in Parliament would make it easier to ensure they could be published in a timely manner, particularly during election years.

Should parliamentarians be interested in accessing the Public Accounts earlier than the fall, there would need to be changes to the current process, such as finalizing tax revenue estimates earlier or prioritizing the release of the audited sections of the Public Accounts.