The University of the Fraser Valley is a publicly funded institution under the University Act, with direction provided through the Ministry of Advanced Education. As part of the Government Reporting Entity (GRE), the University is required to develop a consolidated balanced budget and prepare consolidated financial statements.
The University’s consolidated financial statements are presented in accordance with Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia supplemented by Regulations 257/2010 and 198/2011 issued by the Province of British Columbia Treasury Board. The directions provided through the Act and Regulations require statements to be prepared under modified Public Sector Accounting Standards (PSAS).