Bill 12, the Education Statutes Amendment Act, 2004, was introduced in the Legislature and received First Reading on March 1, 2004. The Act provides that school boards are to adopt Generally Accepted Accounting Principles (“GAAP”) beginning with the 2004/05 fiscal year.
In addition, school boards will be included as part of the “government reporting entity” for financial purposes. The Bill also removes or corrects terminology in the School Act that is redundant or inconsistent with GAAP and removes the detailed financial procedures outlined in the School Act where they will be more properly covered by GAAP procedures.
