Read this report from the Vancouver Sun on BC Auditor General John Doyle’s slamming of BC Hydro’s shocking accounting practices.

“Not often do accountants engage in the bookkeeping equivalent of hand-to-hand combat. But
there was some of that at a meeting of the public accounts committee of
the legislature one day last week, as BC Hydro’s chief financial
officer and acting CEO Charles Reid squared off against Auditor-General
John Doyle.

The occasion was supplied by the committee review of
Doyle’s recent report on Hydro’s growing practice of defer-ring current
expenses to future years. The flashpoint was provided by Doyle’s
bald assertion that although every penny of the soon-to-be-$5-billion
balance in the 27-and-count-ing deferral accounts will have to be
repaid, neither Hydro nor the government has any detectable plan to do
so. (Nov. 30, 2011)

Read article: http://www.vancouversun.com/Auditor+finds+billion+snake+dilemma+Hydro+hard+swallow/5788297/story.html#ixzz1fDPdH0v4