Financial Administration Manual

605 - Recording Revenue

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Effective: April 1, 2016
Section: Revenue Cycle
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies

POLICY

Revenue earned for work performed, goods supplied, services rendered, or amounts entitled in the fiscal year must be recorded in accordance with approved systems and procedures in a timely manner.  

PURPOSE

To ensure that revenue is accurately recorded as it is earned, and is reported in the appropriate revenue category.

SCOPE

Applies to all sources and categories of revenue.

RESPONSIBILITIES

Deputy Head

Ensure that all revenues are accurately recorded in a timely manner and in accordance with the applicable Canadian generally accepted accounting principles (GAAP).

Comptroller General

Establish and maintain systems and procedures to ensure the integrity of GNWT financial records and accounting systems; may approve Interpretation Bulletins associated with this policy.

Financial Management Board

May issue a directive respecting the financial management or financial administration of a Public Agency.

AUTHORITIES and REFERENCES

  • Financial Administration Act (FAA)
    • s. 7 – Duties: Board
    • s. 10 – Board directives
    • s. 13 – Duties; Minister of Finance
    • s. 16 – Duties: Comptroller General
    • s. 18 – Public agencies: Accountability
    • s. 20 – Accounting policies and practices
    • s. 45 – Deposit of Public Money
    • s. 46 – Records
    • s. 46 – Ownership of Records
    • s. 48 – Accountability for money and property
    • s. 81 – Receipt in same or other fiscal year
       

INTERPRETATION BULLETINS