Nova Scotia Committed to Transparent Accounting

Finance Minister Peter Christie welcomed the auditor general's acknowledgement today, Nov. 14, that Nova Scotia is a leader in financial reporting.

Auditor general Roy Salmon confirmed the province's financial statements, released on Nov. 13, are in order and in compliance with generally accepted accounting principles (GAAP). The auditor general released an additional report today about other financial reporting practices.

"Nova Scotians deserve to know the entire picture when it comes to the province's financial affairs," said Mr. Christie. "That's why we've aggressively pursued accounting changes that provide full and open disclosure of our books."

In his report, the auditor general said, "Nova Scotians should recognize, and have reason to be proud of the progress that has been made in the past five years through the implementation of GAAP for purposes of the province's annual financial statements."

Mr. Salmon also noted that implementing GAAP, "...has allowed Nova Scotia to move from the bottom of the pack, as it related to Canadian provincial government financial reporting, to that of a leader."

"I appreciate the auditor general's comments and welcome his recommendations which will help strengthen Nova Scotia's position as a leader in provincial government financial accountability," said Mr. Christie.

The minister said that previous discussions with the auditor general's office have led to significantly improved financial reporting in the 2002-03 financial statements. Mr. Christie said he has already accepted the auditor general's recommendation to include retirement health benefits in the province's debt reduction plan. He also said the impact of the 2001 census adjustment on the current fiscal year would be included in his December forecast update.

The minister added that his department would continue working with the Office of the Auditor General to ensure full and open disclosure on all financial reporting.