ARCHIVED - Note to all AANDC Funded Recipients
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Subject: Consistent audited consolidated financial statements and elimination of reporting annexes
The purpose of this note is to inform AANDC (formerly INAC) Recipients of amendments to the 2011-12 Year-End Reporting Handbook (YERH) as well as a requirement for those Recipients who must submit audited financial statements to provide consolidated audited financial statements in the new format available on our Internet Site. These formats are the minimum standards to be met. For example, Revenue and Expense items shown in the Statements and in the Annexes are only examples and are not limited to these examples. Therefore, if a Recipient is required, under a funding agreement and the YERH for Funding Agreements covering Fiscal Year period 2011-12, to provide AANDC with audited financial statements for the fiscal year 2011-12, they must do so in accordance with these model formats, these changes take effect immediately.
In 2010, AANDC approved the concept of consistent formats for audited financial statements. Since then, the Department has worked closely with the Aboriginal Financial Officers Association (AFOA) to develop model formats for recipient financial statements. AFOA further contributed to this work by conducting numerous consultations on the model formats with its members and AANDC recipients. In addition to these consultations, AANDC consulted with the Public Sector Accounting Board and public accounting firms.
In February of this year, we sought comments on the model formats from seven of Canada’s largest public accounting firms working with Aboriginal clients. The feedback received from these firms was incorporated into the model formats. This letter is notice that section 6.0 FINANCIAL REPORTING REQUIREMENTS of the YERH for Funding Agreements covering Fiscal Year period 2011-12 is amended.
Furthermore, we are eliminating some Annexes and improving others that are required under the 2011-12 YERH for the year ending March 31, 2012 (see attachments 2 and 3). We have made available on our Internet site the amended Annexes. Where instructions that accompany the amended Annexes are not consistent with instructions in the YERH, the instructions that accompany the amended Annexes prevail.
Because significant changes to Public Sector Accounting Standards will take effect for fiscal years commencing on or after April 1, 2012, appropriate revisions will have to be made to the model for 2012-2013 reporting.
Please do not hesitate to contact your assigned AANDC Funding Services Officer if you have any questions.
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