The ABCs of Fiscal Accountability: The Report Card for Canada's Senior Governments, 2023

Two decades ago, none used consistent accounting in their budgets and financial statements; now, presentations consistent with public sector accounting standards are the rule. Taxpayers' and citizens' ability to monitor, influence and react to legislators' and government officials...

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Bibliographic Details
Published in:Commentary - C.D. Howe Institute 2023-10 (646), p.0_1-27
Main Authors: Robson, William B R, Dahir, Nicholas
Format: Article
Language:English
Subjects:
Accountability
Accounting
Audited financial statements
Budgets
Canadians
Capital assets
Charitable foundations
Equity
Fiscal years
Government
Legislators
Public sector
Transparency
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Summary:Two decades ago, none used consistent accounting in their budgets and financial statements; now, presentations consistent with public sector accounting standards are the rule. Taxpayers' and citizens' ability to monitor, influence and react to legislators' and government officials' stewardship of public funds is fundamental to representative government. The audited financial statements Canada's senior governments publish in their public accounts after each fiscal year provide key information. The budget should also show the change in net worth that will result from the projected surplus or deficit, so users of the budget will understand the budget's implications for the government's capacity to deliver services at the end of the period.
ISSN:0824-8001
1703-0765