2.1. 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, from a date subsequent to 31 March 2006, of the correction of an error or change made during 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 because of
(1) the retroactive effect of a new CPA Canada standard, for the years preceding the changeover year proposed by CPA Canada; or
(2) the accounting changes resulting from the 2006-2007 accounting reform and appearing in the public accounts.
2009, c. 38, s. 1; I.N. 2016-09-01.