Procedure and House Affairs committee  I'd be happy to answer. There is often a blurring of those concepts. On costing, we try to keep to the pure concept of what does it cost, what did it cost, or what do I estimate it is going to cost. Pricing can then come into play if, for instance, there is an aspect of cost r

Procedure and House Affairs committee  Passports would be a very good example of a revolving fund that is on full cost recovery. Whatever their full costs are, they are expected to recover those full costs through the price charged for a passport. I'm trying to think of another example, and one is just not coming to

Procedure and House Affairs committee  The “Guide to Costing” is principles-based. It recognizes that reasonable assumptions need to be made. Cost estimates are often based on a variety of reasonable assumptions and other data that is known. The “Guide to Costing” explains how to cost; it does not instruct what to cos

Procedure and House Affairs committee  A lot of professional judgment is required to be exercised during the estimation of costs. Whatever the accountants consider, in consultation with the program managers, who are the most knowledgeable about the program and the activities to be performed, they would arrive in conce