Loto-Quebec Wants To Streamline Reporting
Crown Corporation Loto-Quebec is on a mission to streamline its financial reporting model. And even though it does seemingly make sense to want to simplify systems in order to make revenue reports more abridged and to the point, there is a negative side to the coin also. In a time menaced by financial crimes and money laundering controversy, various concerns have been levied regarding overly simplified reporting practices.
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The corporation has passed an internal decision to instead of publishing quarterly detailed reports, compiling reports of more summarised and categorised variety. An example of this would be to no longer publish a list of individual casinos, but instead, report overall performance under the heading “land-based performance”. The same would then apply to online gaming performance, land-based gaming venues and to the corporation’s Lottery products.
Concerns Aren’t Unjustified
The corporation first indicated that it had launched an internal policy review process early on in 2019. And even though the a new streamlined reporting policy would certainly have the intended effect of simplified and easily accessible, many industry authorities are concerned that the new process will in fact stub accurate reporting or at least cause some uncertainty about the individual performance posted by each of the four casinos that fall under the jurisdiction of Loto-Quebec.
The main concern on the part of the general public appears to be that of a lack of transparency regarding individual casino municipal allocations. If results were to be posted in categorised style and manner, there would be no way to tell whether any given municipality has in fact benefited sufficiently as opposed to the remainder of the municipalities.
Transparency Always Wins
Now is a time for absolute transparency, especially as British Columbia braces for impact in lieu of he findings that will ultimately be made by the Cullen Commission of Inquiry into Money Laundering. That Loto-Quebec wants to streamline its reporting style in support of creating a better general understanding isn’t in dispute. But the fact that some may perceive such a move as being of the cover-up variety is also true.
Many would opine that those who are supposed to rely on an understanding of what the figures may indicate will by default be equipped to analyse such figures, even if the reports were to be remain as are. The idea behind financial reporting is a detailed understanding, after all. And so, sticking with detailed transparency may be the best route and approach after all.