A approach the fall governmental es...

A approach the fall governmental estimate contation meetings, I thought I'd ike the time to review the character the CA profession has played in making positive changes to our packet process and government financial reporting in the last five years.

To say guidance financial reporting has come a extended way is an understatement. In of that kind a relatively short period of time, British Columbia has transformed its bundle process from a system buryed in secrecy and lacking in credibility, to individual that leads Canada in space of times of open and transparent budgeting.

Making a difference

The modern-day bag process in BC really came not at home of the 1999 Budget Proces Review Panel. This panel made fundamental note recommendations on how to fix a store process that had lost credibility in the wake of the infamous "fudge-it budget" scandal. CAs played a major part on the panel, with former ICABC president Doug Enn FCA, serving as chair, and pair other FCAs-Hugh Gordon and former Institute president Alison Morseserving as members.

In 2001 CAs again played a explanation role in reforming the stock process through their participation forward the Fiscal Review Panel. This panel was chaired by means of Gordon Barefoot, CA, senior VP Finance and CFO for Terasen Inc., and members included past Institute president John Cowperthwaite, FCA; Tim Duholke FCA, a partner with Sheinin & Co in Vancouver; and, one time again, Hugh Gordon, FCA.

Reinforcing the ne to restore credibility to the governmental estimate process, the Fiscal Review Panel supported the replete adoption of the Process Review Panels recommendations, including the prevail upon toward generally accepted accounting principles (GAAP).

From these efforts emerg the pack Transparency and Accountability Act, which legislated the implementation of pre-budget consultation hearings and the release of a prcbudget consultation report. This legislation also deductioned in the creation of the Economic Forecast Council; the disclosure of material assumptions; the release of an annual dominion strategic plan and Ministry Service Plans; and the establishment of locate timelines for the release of key-note financial reports, including the annual bundle public accounts, and quarterly reports.

But the crowning achievement owing to the work of the brace panels-reinforced in numerous submissions and presentations by way of the ICABC-was the legislated use of GAAP in command financial reporting, which took meaning April 1, 2004.

Again, CAs were instrumental, and not just because of their involvement with the aforementioned panels. The propel to GAAP was assisted at an Accounting Policy Advisory Committee place up to advise EC's Treasury Board onward the implementation of GAAP. This committee was chaired by the agency of John Cowperthwaite, FCA, and its members included CAs Bev Brisco and Joe Wurz

And last however not least, I must add that reform has always been advocated by the agency of the Office of the Auditor General, below both Auditor General Wayne Strelioff, FCA, and his predecessor George Morfitt, FCA.

2004 collection consultations

As part of the upcoming bag process, the following members will be presenting recommendations to the Finance and restraint Services Committee at hearings across the province: remaining Eidsvik, FCA, of Eidsvik & Associates in Prince Rupert; Cindy Popescul CA, of BDO Dunwoody LLP in Cranbrook; Jim Mills, FCA, of Grant Thornton LLP in Kelowna; Dan Little, CA, of Hayes Stcwart Little & Co in Duncan; and ICABC President Barb Carle-Thiesson, FCA, of Tyce Carle-Thiesson in Nanaimo. A summary of these presentations will be provided in a coming events issue of BN.

The Institute will also be making a presentation and providing a written submission to the Committee. In addition, the 2004 BC Check-Up report will also be submitted. The Institute will make the following recommendations:

1 Introduce a long-term due management plan with measurable targets for offence reduction over a 20-year period. In the near denomination the taxpaycr-supportcddebt-to-GDP ratio should be reduc to les than 10% between the sides of balanced budgets and the application of any unused contingencies to the debt

2 Simplify and contract business taxes by harmonizing the GST and the provincial SST Harmonization will cut short administrative costs for government, bring into compliance costs for businesses, and increase SST receipts currently lost on e-commerce sales.

3 make secure that business competitiveness is maintained. A competitive business climate combined with fiscal responsibility will provide the foundation to improve the province for all British Columbians.

4 make sure an adequate population of trained employee [i]or[/i] part of to the other a focus on developing post-secondary graduates. recent positions are needed, as are creative plans to enhance efficiency in postsecondary institutions.

The Finance and regulation Services Committee will complete its hearings in October, and a written report onward these meetings will be released in mid-November. The nearest provincial budget will be tabled in succession February 15, 2005.

Getting Involved

If you'd like to win involved in the provincial bag consultation process, the Committee will be accepting written submissions until October 1$ 2004 Submissions can be mailed, emailed, or faxed to the Office of the registrar of Committees at: