Date: June 06, 2007
To : Senior Full-Time Financial Officers
Subject: Applicability of TBAS 1.2 to Revolving Funds
In the context of the annual audit of Revolving Funds, questions have been raised about the applicability of the TBAS 1.2 when preparing financial statements for Revolving Funds. The purpose of this note is to clarify the applicability of the TBAS 1.2 to Revolving Funds. When the revised TBAS 1.2 was issued on March 20, 2006 a memo sent to SFOs stated that Revolving Funds had the option of following TBAS 1.2 or to continue reporting under their existing model for preparing their 2005-2006 financial statements. This practice will continue until TBAS 1.2 is updated or until further notice.
Should you have any question please contact Marcel Lalande at (613) 957-9853 or Lalande.email@example.com.
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