Accounting Standards Board (Canada)
The Accounting Standards Board (AcSB) establishes accounting standards for use by private enterprises and private sector not-for-profit organizations. The AcSB contributes to the development of International Financial Reporting Standards (IFRSs) by participating in consultations and activities of the International Accounting Standards Board (IASB) to ensure Canadian publicly accountable entities' financial reporting needs are considered. The AcSB develops and participates in the development of high-quality financial reporting standards. As an independent body, the AcSB is intended to make clients confident and promote objectivity , which helps organizations make informed decisions on where to allocate their  financial assets. Responsibilities. According to their Terms of Reference, their responsibilities include: Stakeholders. The AcSB's stakeholders include preparers, auditors, advisors and financial statement users in the following sectors: Members. Ten voting and three non-voting members make up the AcSB, including a paid Chair. View current AcSB members. The AcSB membership consists of a diverse group of members with a range of experience from various locations across Canada. The Board's support staff comprises: The Board also hires consultants as the need arises. Setting standards. Generally accepted accounting principles (GAAP) are intended to apply to general purposes financial statements  that meet common information needs for a range of users, but there are limits to how much latitude GAAP can provide for diversity in practice. As a result, in 2005, the AcSB developed a strategy whereby separate accounting frameworks were adopted for publicly accountable enterprises, private enterprises and private sector not-for-profit organizations as "one size does not fit all." International Financial Reporting Standards (IFRSs). For issues related to publicly accountable enterprises, agenda topics come from the following sources: Standards for Private Enterprises, Not-for-Profit Organizations and Pension Plans. Accounting standards for private enterprise (ASPE) issues come from  many sources, including the following: At the AcSB's request, the Committee also reviews each new IFRS and standards developed by other Boards, including the U.S. FASB, and considers whether to recommend that some or all provisions of a standard be included in ASPE. Not-for-profit organization issues also come from many sources, including: For matters related to pension plans, AcSB members or members of the public may raise these. Meetings. The AcSB schedules meetings almost every month. View the AcSB meeting calendar. Relationship with CPA Canada. CPA Canada is the national organization representing the Chartered Professional Accountant (CPA ) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process. CPA Canada and the boards and oversight councils function at arm's length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner. Accounting Standards Oversight Council (AcSOC). The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (CICA)* in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting  Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB). It oversees the activities of the AcSB and the Public Sector Accounting Board. The Council ensures the Boards follow its rigorous due process. AcSOC also appoints Board members and provides input on strategy and priorities. AcSOC also assesses and reports to the public on the performance of the Boards. AcSOC serves the public interest by playing a key role in Canadian financial reporting by overseeing and evaluating the performance of, and providing input into, the activities of Canada's  accounting standard-setting boards – the AcSB and PSAB. AcSOC's Responsibilities. See AcSOC's Terms of Reference. Note: AcSOC is empowered by its terms of reference to take necessary, reasonable actions to carry out its responsibilities. AcSOC's Membership. AcSOC comprises between 20 and 25 voting members, including five non-voting members. View current AcSOC members. The AcSOC membership consists of senior members from, amongst others, the following: Members have a broad perspective of the complex issues facing standard setters. AcSOC's Meetings. AcSOC normally meets three times a year. To better serve the Council's objectives, additional meetings and  conference calls may take place. With the exception of administrative matters, meetings are generally open to public observation. Read the Guidelines for Observers for information on attending AcSOC meetings. View the AcSOC meeting calendar. AcSOC's Relationship with CPA Canada. CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process. CPA Canada and the boards and oversight councils function at arm's length from one another. As a result, the boards and oversight councils as well as their staff carry  out their standard-setting operations in an independent manner.