Rescinded [2017-04-01] - Treasury Board Accounting Standard 1.3 – Departmental and Agency Quarterly Financial Report

Statement outlining results, risks and significant changes in operations, personnel and program

Introduction

This section should indicate that the quarterly financial report:

• should be read in conjunction with the Main Estimates (and as applicable - Supplementary Estimates and previous interim reports for the current year).
• has been prepared by management as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Treasury Board.
• has not been subject to an external audit or review.

This section should also provide:

• A summary description of the department's program activities. This can be done through a link to the appropriate section of the Main Estimates (Part II).
• A brief description of the basis of presentation as follows:

Basis of Presentation

This quarterly report has been prepared by management using an expenditure basis of accounting. The accompanying Statement of Authorities includes the department's spending authorities granted by Parliament and those used by the department consistent with the Main Estimates and Supplementary Estimates (as applicable) for the 20XX-20XX fiscal year. This quarterly report has been prepared using a special purpose financial reporting framework designed to meet financial information needs with respect to the use of spending authorities.

The authority of Parliament is required before moneys can be spent by the Government. Approvals are given in the form of annually approved limits through appropriation acts or through legislation in the form of statutory spending authority for specific purposes.

When Parliament is dissolved for the purposes of a general election, section 30 of the Financial Administration Act authorizes the Governor General, under certain conditions, to issue a special warrant authorizing the Government to withdraw funds from the Consolidated Revenue Fund. A special warrant is deemed to be an appropriation for the fiscal year in which it is issued.

The Department uses the full accrual method of accounting to prepare and present its annual departmental financial statements that are part of the departmental performance reporting process. However, the spending authorities voted by Parliament remain on an expenditure basis.

Highlights of fiscal quarter and fiscal year to date (YTD) results

This section should provide a concise discussion of the significant events affecting both the quarter and the year to date results. Elements to be discussed include, but are not restricted to, the following:

1. Identify and explain significant variances including analysis of significant trends related to increases and/or decreases in actual expenditures and in relation to planned expenditures, compared to the same periods of the preceding fiscal year (quarter and YTD), and including the status of any new significant spending initiatives.
2. Identify and explain significant changes that have occurred, but are not readily apparent from the quantitative analysis, for the quarter ended and the year to date.

Explanations should be provided for each significant variance.

Risks and Uncertainties

This section should include concise information on significant financial risks and uncertainties including potential impact related to the department's financial plan for the current year. It should also briefly outline the strategies adopted to manage those risks and uncertainties. The focus should be on any newly identified risks and any changes to previously identified risks relevant to the department's financial plan.

Numerous sources of risks and uncertainties can arise, relevant factors already identified in the department's corporate risk profile may be a good source of information. Other relevant factors may include, but are not restricted to:

• Internal restructuring;
• Human resource challenges and key actions;
• Changing economic, technological, social, or political conditions;
• New or changing policies or government-wide priorities;
• Reliance or dependence on key partners, clients, or stakeholders; and,
• Changes in patterns of demand for goods and services.

Significant changes in relation to operations, personnel and programs

This section is to provide information about significant changes which occurred in the department during the current quarter, related to departmental operations, personnel and programs. The potential financial impact of the significant changes should be discussed where applicable.

Approval by Senior Officials

This section is to provide the approval of Senior Officials, as required by the Policy on Financial Resource Management, Information and Reporting as follows:

Approved by:

DEPARTMENT'S NAME 
Quarterly Financial Report
For the quarter ended Month DD, 20XX

Statement of Authorities (unaudited)

More information is available in the attached table.

*Includes only Authorities available for use and granted by Parliament at quarter-end.
**Departments should substitute the vote numbers and title by the appropriate ones.

Note to preparers: Summary information contained in this statement should be similar in nature to the information included in the Source and Disposition of Authorities in the Volume II of the Public Accounts (Public Accounts Instructions - Form A).

DEPARTMENT'S NAME 
Quarterly Financial Report
For the quarter ended Month DD, 20XX

Departmental budgetary expenditures by Standard Object (unaudited)

Departmental budgetary expenditures by Standard Object (unaudited) (continued)