The present Act provides for the financial administration of the Government of Canada, the establishment and maintenance of the accounts of Canada and the control of Crown corporations. The Act (FAA) is the cornerstone of the legal framework for general financial management and accountability of public service organizations and Crown corporations. It sets out a series of fundamental principles on the manner in which government spending may be approved, expenditures can be made, revenues obtained, and funds borrowed. The Act also establishes the Treasury Board, a committee of Cabinet composed of at least six ministers, including its President and the Minister of Finance. The FAA allows the Treasury Board to adopt administrative policies for the Government of Canada and gives it specific authority to issue directions in various areas related to the management and control of funds. The text consists of 162 sections divided into 11 Parts and 7 Schedules.
Implemented by: Environmental Assessment Review Panel Service Charges Order (SOR/98-443). (1996-08-26)
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A land of vast distances and rich natural resources, Canada became a self-governing dominion in 1867, while retaining ties to the British crown. Economically and technologically, the nation has developed in parallel with the US, its neighbor to the south across the world's longest international border. Canada faces the political challenges of meeting public demands for quality improvements in health care, education, social services, and economic competitiveness, as well as responding to the particular concerns of predominantly francophone Quebec.