E-12.00002 - Balanced Budget Act

Section 4 Disposition versions

2023-12-07

4. The budget balance for a fiscal year is determined taking into account the accounting entries made directly in the accumulated deficit figures appearing in the Government’s financial statements, if they are a consequence of the retroactive effect of the correction of an error or change made in that fiscal year to the accounting policies of the Government or one of its enterprises.

However, the budget balance does not include the accounting entries made directly in the accumulated deficit figures that are a consequence of the retroactive effect of a new CPA Canada standard, for the years preceding the changeover year proposed by CPA Canada.

2023, c. 30, s. 29.