Thank you, Mr. Chair. In terms of accounting for forgiveness and bad debts, basically what occurs in government and public agencies when we look at our accounts receivable, we look at the likelihood of collection and we generate what’s called an allowance for doubtful accounts. When that’s generated, when that amount’s determined, the charge is made either to the appropriation, in the GNWT’s case, or against expenditures from the public agency. So the expense is recorded in the year that the recoverable amount is considered to be impaired. So, from an accounting perspective and evaluation perspective, that’s taken account of and taken care of during the audit of the preparation of annual financial statements. The write-off and forgiveness is an event that happens subsequent to that. Not all accounts that are allowed for are necessarily written off. We may, in fact, collect on them later. Similarly, all accounts don’t necessarily find their way to forgiveness. Thank you.
Mr. St. Germaine on Committee Motion 75-17(5): Concurrence Of Tabled Document 93-17(5), Supplementary Estimates (Operations Expenditures), No. 1, 2014-2015, Carried
In the Legislative Assembly on June 3rd, 2014. See this statement in context.
Committee Motion 75-17(5): Concurrence Of Tabled Document 93-17(5), Supplementary Estimates (Operations Expenditures), No. 1, 2014-2015, Carried
Consideration in Committee of the Whole of Bills and Other Matters
June 2nd, 2014
St. Germaine
See context to find out what was said next.