Media release The Ordre des comptables agréés du Québec applauds the future adoption of generally accepted accounting

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					                                                          Media release




        The Ordre des comptables agréés du Québec applauds the
       future adoption of generally accepted accounting principles
                        (GAAP) for governments


Montreal, May 25, 2007 – The Ordre des comptables agréés du Québec
applauds the news of the agreement between the Department of Finance and the
Auditor General of Quebec to create a task force with a view to adopting GAAP.
“We strongly feel that Quebec taxpayers should have access to public accounts
that are consistent with the new standards now applied elsewhere in Canada. For
several years now, Quebec’s auditors general have been insisting that the
Quebec government comply with public sector GAAP. This transition is therefore
excellent news for Quebec,” stated Michel Théroux, FCA, Chair of the Ordre.

The Ordre recognizes the importance of and need for this transition, and fully
supports the Quebec government’s initiative. The migration to generally
accepted accounting principles for governments will have a definite impact on
the annual results and accumulated deficit. The creation of this working
committee, jointly led by the Auditor General of Quebec, will foster a smooth
transition.

This review of government accounting can only benefit Quebecers. “Yesterday’s
announcement demonstrates the government’s commitment, made during the
recent election campaign, to greater transparency in the management of public
finances, and emphasizes the importance of presenting an accurate and true
picture of affairs to the public,” said Daniel McMahon, FCA, President and CEO of
the Ordre.

The CA profession is offering its full cooperation to the Quebec government and
the Auditor General in developing a plan to transition to GAAP. “Quebec’s public
sector employs many skilled chartered accountants able and willing to participate
in this project, which is critical to the credibility of the Quebec government’s
financial reporting,” concluded both the Chair of the Ordre and its President.



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With a membership of over 17,300 CAs and close to 1,500 candidates for the
practice of the profession, the Ordre des comptables agréés du Québec carries
out its primary mission to protect the public by enforcing the most demanding
admission criteria and ethical standards.


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For more information:    Cédrick Beauregard
                         External Relations Manager
                         Ordre des comptables agréés du Québec
                         514-982-4615 – 1-800-363-4688, ext. 4615
                         c.beauregard@ocaq.qc.ca