The Canada Council for the Arts publishes quarterly financial reports, as required by the Financial Administration Act. These reports are published within 60 days of the end of the first three quarters of the fiscal year. They are posted on the Canada Council website and provided to the Office of the Comptroller General and to the Ministry of Canadian Heritage.
Each report includes:
Management’s Discussion and Analysis – a narrative of the results for the quarter and year-to-date; a Statement of Management Responsibility; and unaudited financial statements for the quarter and year-to-date.
The unaudited financial statements are prepared in accordance with Public Sector Accounting Standards (PSAS), but with abbreviated notes. The reported results, in accordance with PSAS, are compared against the annual budget that was approved by the Canada Council Board. They are not compared to a Corporate Plan, as the Canada Council is not required by the Financial Administration Act to submit one. The quarterly financial statements should be read in conjunction with the audited financial statements of the Council [PDF, 238 KB] for the previous year.