Sub-Committee on the Tobacco-Growing Industry

PPSC-IT | Public Procurement Subcommittee in the Information Technologies Sector | PPSC-IT,now PPG [Abbr.]

Voluntary Sector ADM Steering Committee [ Voluntary Sector Steering Committee of Assistant Deputy Ministers ]

Sub-Committee on International Financial Reporting Guidelines and Standards for the Public Sector of the Standing Committee on Public Accounts

I understand the deputy minister to tell us that we, as a committee and a legislative arm of Parliament, really do not have much of a duty to review these guidelines before they go into effect.

Mr. Gurmant Grewal: Through you, Mr. Chairman, would the Comptroller General of the Treasury Board of Canada extend this same rationale, of which he has told the committee now, to the private sector for making their financial statements?

The examination procedure should be used for the adoption of implementing acts on standard contractual clauses between controllers and processors and between processors; codes of conduct; technical standards and mechanisms for certification; the adequate level of protection afforded by a third country, a territory or a specified sector within that third country, or an international organisation; standard protection clauses; formats and procedures for the exchange of information by electronic means between controllers, processors and supervisory authorities for binding corporate rules; mutual assistance; and arrangements for the ex ...[+++]change of information by electronic means between supervisory authorities, and between supervisory authorities and the Board.

The Chair presented the First Report of the Sub-committee on Financial Reporting which read as follows: Pursuant to the order of the Committee adopted on October 6 , 1998, the Sub-committee on Financial Reporting of the Standing Committee on Public Accounts met on November 18 and 25, 1998 and agreed to recommend the following: - THAT the Standing Committee on Public Accounts establish a Sub-Committee to promote the acceptance of international financial reporting guidelines and standards for the public sector; That the mandate of the Sub-Committee include a review of the current efforts by parliamentarians and international organizations ...[+++], such as the World Bank, to promote the acceptance of guidelines and standards now being developed under the auspices of the International Federation of Accountants; That the Sub-Committee be chaired by John Williams and that it be composed of eight (8) members including four (4) members from the Government and four (4) members from the Opposition to be appointed by the Chair after the usual consultations; That the Chair of the Sub-Committee be authorized to hold meetings to receive evidence in the absence of a quorum, provided that four (4) members are present; That the Sub-Committee be delegated all of the powers of the Standing Committee, except the power to report to the House; That the Sub-Committee be authorized to reimburse the travelling expenses of the witnesses which will be charged to the budget of the Standing Committee; That the Sub-Committee be authorized to seek the authority and the necessary funds to travel, if deemed appropriate; and That the Sub-Committee report its findings and recommendations to the Standing Committee no later than May 31st, 1999.