Data Standard on Classification of Procurement Items

This standard defines common procurement item classification code which allows for consistent recording, aggregation and reporting of financial information within the departmental finance and materiel management systems (DFMS).
Date modified: 2021-08-18

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Glossary

critical financial risk (risque financier majeur)
An event with reasonable probability that a significant unfunded financial obligation may arise, the department may be unable to fulfill its mandate, or that the event may cause significant damage to the reputation of the Government of Canada. The identification of a critical financial risk depends on the department's operating environment and management's professional judgment.
Departmental financial and materiel management system (DFMS) (Système ministériel de gestion financière et du materiel (SMGFM))
Is a system whose primary objectives are to demonstrate compliance by the government with the financial authorities granted by Parliament, comply with the government's accounting policies, inform the public through departmental financial statements, provide financial and materiel information for management and control, provide information for economic analysis and policy formulation, meet central agency reporting requirements and provide a basis for audit.
financial authorities (pouvoirs financiers)

Includes:

financial information (information financière)
Is any data or information and knowledge used in understanding, managing and reporting on the monetary aspects of any activity. Financial information is not limited to accounting data but includes aggregated information and knowledge developed and used to understand, manage and report on the monetary aspects of any activity.
financial management (gestion financière)
A continuum of finance-related activities undertaken to ensure sound and prudent use of public funds in an effective, efficient and economical manner.
financial management system (FMS) (système de gestion financière (SGF))
Any combination of business processes (end-to-end, automated and manual), procedures, controls, data and software applications, all of which are categorized as either program systems or central systems, that produces financial information and related non-financial information.
financial plan (plan financier ministériel)
A multi-year plan providing the basis for identifying the elements of the work and priorities to be delivered to achieve a department's mandate and programs. A financial plan supports the development of the in-year departmental budget and related allocations of resources.
financial reporting (rapport financier)
Internal and external financial reports and disclosures. Internal financial reporting can include financial information that supports decision making, risk assessment, planning, budgeting, resource allocations, accounting, performance assessments and reports. External reporting includes all financial statements, reports or disclosures, including those prepared for Parliament or designed to be made public.
internal control over financial management (contrôle interne en matière de gestion financière)
A set of measures and activities that provide reasonable assurance of the effectiveness and efficiency of the financial management activities of the department.
internal control over financial reporting (contrôle interne en matière de rapports financiers)
A subset of the system of internal control over financial management. Internal control over financial reporting is a set of measures and activities that allow senior management and users of financial statements to have reasonable assurance of the accuracy and completeness of the department's financial statements.
procurement item (objet d'approvisionnement)
Represents the good and/or service acquired by departments and agencies.
senior departmental managers (cadres supérieurs du ministère)
For the purposes of the Policy on Financial Management, senior departmental managers are typically departmental managers who report directly to a deputy head and are accountable for effective financial management within their areas of responsibility.
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