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New Public Sector Accounting Rules For Post-employment Liabilities
When new public sector accounting standards come into effect in 2004, some federal, provincial, territorial and local governments in Canada may take a significant hit to their bottom line. Like the private sector, government balance sheets will have to show future expenses for post-retirement benefits, compensated absences and termination benefits in the fiscal year in which employees work and accrue the benefits. This could have an impact on government’s ability to borrow money, meet financial obligations, maintain level and quality of services, and finance new programs.
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