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As a result of recent changes to the Financial Administration Act, the Canada Council for the Arts is required to publish a quarterly financial report within 60 days of the end of each fiscal quarter.

The Council has revised its accounting policies and practices to transition from the use of Canadian Generally Accepted Accounting Principles to Public Sector Accounting Standards effective April 1, 2011. Some complexity has arisen from this transition and therefore the Council received an exemption from the Treasury Board Secretariat in the presentation of comparative results. More detail is provided in the narrative and the notes to the financial statements.

It should be noted that as the Council is not required by the Financial Administration Act to submit a Corporate Plan there is no comparison of the quarterly results against the Corporate Plan.

The quarterly financial statements should be read with the audited financial statements of the Council.