GOVERNMENT ORGANIZATION ACCOUNTING STANDARDS REGULATION 257/2010

Transcription

1 PDF Version [Printer-friendly - ideal for printing entire document] GOVERNMENT ORGANIZATION ACCOUNTING STANDARDS REGULATION 257/2010 Published by Quickscribe Services Ltd. Updated To: [includes B.C. Reg. 146/2011 amendments (effective y 25, 2011)] Important: Printing multiple copies of a statute or regulation for the purpose of distribution without the written consent of Quickscribe Services Ltd. is strictly prohibited. Quickscribe offers a convenient and economical updating service for those who wish to maintain a current collection of hard copy legislation. Go to for more details. B.C. Reg. 257/2010 Go to to view the Disclaimer.

2 GOVERNMENT ORGANIZATION ACCOUNTING STANDARDS REGULATION 257/2010 B.C. Reg. 257/2010 [includes B.C. Reg. 146/2011 amendments (effective y 25, 2011)] Contents PART 1 Definitions 1. Definition PART 2 Government Organizations in the Taxpayer-Supported Government Reporting Entity 2. Alternate standards and guidelines 3. Application PART 3 British Columbia Hydro and Power Authority 4. Definition 5. Standards and guidelines 6. Application [Provisions relevant to the enactment of this regulation: Budget Transparency and Accountability Act, SBC 2000, c. 23, sections 23 and 23.1; and the Financial Administration Act, RSBC 1996, c. 138, section 4] B.C. Reg. 257/2010 Page 2 of 5 Quickscribe Services Ltd.

3 Definition PART 1 Definitions 1. In this regulation, "Act" means the Budget Transparency and Accountability Act. B.C. Reg. 257/2010 Page 3 of 5 Quickscribe Services Ltd.

4 PART 2 Government Organizations in the Taxpayer-Supported Government Reporting Entity Alternate standards and guidelines 2. The standards and guidelines referred to in section 23.1 (1) (a) of the Act that apply to the government as reported through the consolidated revenue fund are adopted for government organizations in the taxpayer-supported government reporting entity. Application 3. (1) Section 2 applies to a government organization in the taxpayer-supported government reporting entity, other than an education and health sector organization, in relation to (a) the fiscal year of the organization beginning in 2011, and (b) subsequent fiscal years. (2) Section 2 applies to an eduction and health sector organization in relation to (a) (b) the fiscal year of the organization beginning in 2012, and subsequent fiscal years. B.C. Reg. 257/2010 Page 4 of 5 Quickscribe Services Ltd.

5 PART 3 British Columbia Hydro and Power Authority (ADD) Definition 4. In this Part, "BC Hydro" means the British Columbia Hydro and Power Authority and its subsidiaries, as defined in the Business Corporations Act. (ADD) Standards and guidelines 5. (1) Subject to subsections (2) and (3), the standards and guidelines referred to in section 23.1 (1) (a) of the Act apply to BC Hydro. (2) Except for the part referred to in subsection (3), the United States Financial Accounting Standards Board Accounting Standards Codification 980, as amended, supplemented or replaced from time to time, is adopted for BC Hydro. (3) The part of the United States Financial Accounting Standards Board Accounting Standards Codification 980 that requires rates to be established by or subject to approval by an independent, third-party regulator is not adopted. (ADD) Application 6. (1) Section 5 applies in relation to the fiscal years of BC Hydro beginning in 2012 and subsequent fiscal years. (2) The alternate standards and guidelines adopted for BC Hydro under section 5 (2) apply in relation to the accounting policies and practices of BC Hydro and the accounting policies and practices of the government reporting entity in consolidating the financial operations of BC Hydro. [Provisions relevant to the enactment of this regulation: Budget Transparency and Accountability Act, SBC 2000, c. 23, sections 23 and 23.1; and the Financial Administration Act, RSBC 1996, c. 138, section 4] B.C. Reg. 257/2010 Page 5 of 5 Quickscribe Services Ltd.