Effective Date: March 1, 2015
Responsibility: Vice-President and Chief Financial Officer
APPLICATION
This Policy applies to all CBC/Radio-Canada employees.
OBJECTIVE
To provide direction on the accounting frameworks that must be followed by CBC/Radio-Canada for financial reporting purposes.
STATEMENT OF POLICY
Part X of the Financial Administration Act requires that all Crown Corporations maintain accurate books and records and prepare financial statements in accordance with generally accepted accounting principles (as defined by the Chartered Professional Accountants of Canada (CPA) handbook).
In order to comply with the Financial Administration Act, CBC/Radio-Canada concluded that International Financial Reporting Standards (IFRS) is the most appropriate basis of accounting for external financial reporting and for financial reports provided to the Canadian Radio-television and Telecommunications Commission (CRTC). The Corporation elected to adopt IFRS, effective April 1, 2011.
SUBSIDIARY POLICIES INSTRUMENTS
- Rules and Procedures on External Financial Statements
- Directive on General Ledger Accounts
- Directive on Manual Journal Entries
- Directive on the Use of Additional IFRS and Non-IFRS Financial Measures
REFERENCES
- Part X of the Financial Administration Act
- Public Sector Handbook Section 1300
HISTORY
This Policy replaces:
- 2.3.12: General Accounting and Reporting Guidelines
- 2.3.33: Journal Entry
INQUIRIES
All questions pertaining to the interpretation or application of this Policy should be referred to the Director, Accounting and Corporate Reporting.
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