Bill S-228 explained in plain English
An Act to amend the Financial Administration Act and the Bank of Canada Act (quarterly financial reports)
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 40th Parliament, 2nd Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill S-228 proposed to amend the Financial Administration Act and the Bank of Canada Act to mandate the preparation and public release of quarterly financial reports by certain federal entities and the Bank of Canada.
Bill S-228, if it had become law, would have required certain parts of the federal public administration and parent Crown corporations to prepare and make public quarterly financial reports. It would have also required the Bank of Canada to prepare and make public quarterly financial reports. These reports would have included comparative financial information, a cash-flow statement, a statement of revenues and expenditures, and a management discussion and analysis. The bill stated that these requirements would apply starting in the fiscal year following the one in which the bill's provisions came into force.
- It would have required specific parts of the federal public administration, as listed in Schedules I, IV, or V of the Financial Administration Act, to prepare quarterly financial reports. These reports would cover each three-month period of the fiscal year and be prepared according to generally accepted accounting principles. They would need to include comparative financial information from the previous year, a cash-flow statement, a statement of revenues and expenditures, and a management discussion and analysis on significant changes or other matters. These reports would have to be made public within 60 days of the end of each quarter and tabled in Parliament. (Section 65.1)
- It would have required parent Crown corporations to prepare quarterly financial reports for themselves and their wholly-owned subsidiaries. These reports would follow the same content requirements as those for the federal public administration and would also need to be made public within 60 days and tabled in Parliament. (Section 131.1)
- It would have required the Bank of Canada to prepare a quarterly financial report for each three-month period of the financial year. This report, prepared according to generally accepted accounting principles and in a form prescribed by the Bank's by-laws, would include comparative financial information, a cash-flow statement, a statement of retained earnings, a statement of revenues and expenses, and a management discussion and analysis. The Bank of Canada would have had to make these reports public within 60 days and table them in Parliament. (Section 29.1)
- It would have amended a provision in the Bank of Canada Act regarding the form of annual financial statements to also include the form of quarterly financial reports. (Section 4)
- The bill specified that these new requirements would apply starting from the first fiscal year after the provisions of the bill come into force. (Section 65.1(4), 131.1(4), 29.1(4))
- The federal public administration (specifically portions named in Schedules I, IV, or V of the Financial Administration Act)
- Parent Crown corporations
- The Bank of Canada
- Parliament
- The public (as recipients of the financial reports)
- Obligation for specified federal entities and the Bank of Canada to prepare and publish quarterly financial reports.
- Right for the public and Parliament to receive these quarterly financial reports.
- The bill stated that its provisions would apply to each fiscal year beginning with the first fiscal year after the section comes into force. The commencement of the provisions was to be fixed by order of the Governor in Council, no later than eighteen months after the bill received royal assent.
- The bill was not proceeded with, meaning its proposed changes did not become law.
- The specific content of the management discussion and analysis required in the reports, beyond its general purpose, could be subject to interpretation.
- The phrase "first reasonable opportunity" for tabling reports in Parliament allows for some discretion.
This bill would have added new sections requiring specific parts of the federal public administration (named in Schedules I, IV, or V) to prepare and publish quarterly financial reports. It would also have required parent Crown corporations to prepare and publish such reports. The act would have also been amended to include the form of quarterly financial reports in its by-law provisions.
Source: Sections 1, 2, 4
This bill would have added a new section requiring the Bank of Canada to prepare and publish quarterly financial reports.
Source: Section 3
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Introduction and first reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Debate at second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Debate at second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced