AcSB Strategic Initiative

BACKGROUND

The strategic initiative is a project to develop the AcSB’s next strategic plan.  The AcSB will review the experience from applying the frameworks currently in place and seek input on how to AcSB can better implement those strategies for use by publicly accountable enterprises, private enterprises, not-for-profit organizations and pension plans.

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There are two components to this project:

  • The first is to review the effects of applying the new frameworks and the overall reporting environment in 2014. The objective of the review is to confirm that the strategy for each framework remains appropriate.
  • The second will build on the first by identifying how the AcSB can better implement these strategies. This component will be carried out in 2014-2015 by seeking initial input from AcSB committees, organizations and others the AcSB liaises with on regular basis.

The input gathered will be used when developing the AcSB’s next strategic plan, to be issued in draft form for public comment later in 2015.

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PROJECT NEWS

AcSB 2016-2021 Strategic Plan – Accounting Standards in Canada: At the Leading Edge of Financial Reporting
March 30, 2016. Read our new five-year Strategic Plan, which takes effect on April 1, 2016. The Plan continues the overall strategies already adopted for the different categories of private sector reporting entities, and improves how they are being implemented.

AcSB Decision Summary – March 22-23, 2016
The AcSB approved its 2016-2021 Strategic Plan for publication online at www.frascanada.ca by April 1, 2016.

CPA Magazine – Standards Digest – April 2016
April 5, 2016. CPA Magazine’s Standards Digest is a monthly snapshot into some of the latest standard-setting news and issues. This month, read about the AcSB’s 2016-2021 Strategic Plan and a Q&A with PSAB’s Director about the newly formed Public Private Partnerships Task Force.

AcSB Decision Summary – February 1 and 9, 2016
The AcSB reviewed a preliminary, designed version of its 2016-2021 Strategic Plan, also to be discussed at the February 25-26, 2016 meeting of the Accounting Standards Oversight Council.

AcSB Decision Summary – November 24, 2015
The AcSB discussed a draft of the final AcSB 2016-2021 Strategic Plan.

AcSB Decision Summary – October 20, 2015
The AcSB further deliberated stakeholder feedback from the cross-country public consultations on its Invitation to Comment, “AcSB 2016-2021 Draft Strategic Plan,” and considered an analysis of written comments received.

Private Enterprise Advisory Committee Notes – October 6, 2015
The Committee discussed the stakeholder feedback received from the AcSB’s cross-country public consultations and the written responses received on its Invitation to Comment, “AcSB 2016-2021 Draft Strategic Plan,” specifically as it pertained to private enterprises. The Committee noted that the AcSB will consider this feedback received at its next meeting.

AcSB Decision Summary – September 17, 2015
The AcSB considered an analysis of the stakeholder feedback from the cross-country public consultations on the Invitation to Comment, “AcSB 2016-2021 Draft Strategic Plan.”  In October 2015, the AcSB will further deliberate the feedback received from the consultations, as well as consider an analysis of written comments received on the Draft Strategic Plan.

CPA Magazine Standards Speak – On the Road Again with the AcSB’s Next Strategic Plan
September 14, 2015. In the September issue, AcSB Chair, Linda Mezon, explains how the new strategic plan outlines the Board’s vision, how it intends to operate and the broad policy objectives that will guide its standard-setting activities.

Roundtable Discussions – Stakeholders’ Views Sought on the AcSB 2016-2021 Draft Strategic Plan
June 25, 2015. Register to attend the AcSB’s roundtable discussions being held July through September 2015 to share your views on the Invitation to Comment on its 2016-2021 Draft Strategic Plan, “Accounting Standards in Canada: At the Leading Edge of Financial Reporting.” The strategies affect a wide range of stakeholders.

Webinar – The AcSB’s Next Strategic Plan:  Have Your Say!
June 17, 2015. Tune in to this webinar on July 7, 2015 (English) or July 8, 2015 (French) to hear highlights of the AcSB 2016-2021 Draft Strategic Plan and how you can provide input to its finalization.

Private Enterprise Advisory Committee Notes – June 11, 2015
The Committee provided its input to the AcSB on the portion of the AcSB’s 2016-2021 Draft Strategic Plan relating to private enterprises. The AcSB intends to carry out extensive consultations, including a webinar, cross-country roundtables and conference calls, to be announced online at www.frascanada.ca

Written comments on the Draft Strategic Plan are requested by September 17, 2015.

AcSB Decision Summary – May 25-26, 2015
The AcSB approved a plan for public consultations on its 2016-2021 Draft Strategic Plan intended to reach a broad group of stakeholders. The consultations will consist primarily of webinars, cross-country roundtables and conference calls to be announced online at www.frascanada.ca.  Targeted meetings will also be held to obtain the additional information the AcSB seeks in order to finalize its strategies in particular areas.

The AcSB also received further input on its Draft Strategic Plan from the AcSOC Chair and Vice-Chair.

Written comments on the Draft Strategic Plan are requested by September 17, 2015.

Invitation to Comment – AcSB 2016-2021 Draft Strategic Plan
May 20, 2015. The AcSB has issued an Invitation to Comment on its next strategic plan, which outlines the AcSB’s vision, how it will operate and the broad policy objectives that will guide its standard-setting activities.  Stakeholders are encouraged to submit their comments, on the form provided, by September 17, 2015.

AcSB Decision Summary – March 18-19, 2015
The AcSB approved an invitation to comment on its next strategic plan for public comment, subject to final drafting and a written ballot. The AcSB expects to issue the invitation to comment with a 120-day response period in the second quarter of 2015.

AcSB Decision Summary – January 14, 2015
The AcSB decided that its next strategic plan will be for the five-year period beginning on April 1, 2016 and discussed the portions developed to date of an invitation to comment on a draft of the strategic plan.

The AcSB expects to issue the invitation to comment in the second quarter of 2015.

AcSB Decision Summary – December 10, 2014 
The AcSB continued its discussions on how to improve the implementation of its strategies for each major category of reporting entity as a result of its recently completed Strategic Initiative consultations. The AcSB is considering how to reflect that input in the AcSB strategic plan that is now being developed and is expected to be issued for public comment in the second quarter of 2015.

AcSB Decision Summary – November 5-6, 2014 
The AcSB began its discussions on how to improve the implementation of its strategies for each major category of reporting entity as a result of its recently completed Strategic Initiative  consultations, including how to reflect that input in the AcSB strategic plan that is now being developed.

Private Enterprise Advisory Committee Notes – September 16, 2014
The Committee discussed the input received on how the AcSB could better implement its strategies for private enterprises. This input originated from 12 roundtable discussions involving 147 stakeholders who participate in the process for setting standards for private enterprises. The Committee noted that the AcSB will consider this input when developing a draft of its next strategic plan, which will be issued for public comment in 2015.

AcSB Decision Summary – September 3-4, 2014
The AcSB discussed the input received on how it could better implement its strategies for each major category of reporting entity. This input originated from over 40 roundtable discussions involving about 345 stakeholders who participate in the process for setting standards for public enterprises, private enterprises, not-for-profit organizations and pension plans. The AcSB will consider this input when developing a draft of its next strategic plan, which will be issued for public comment in 2015.

Private Enterprise Advisory Committee Notes – June 16, 2014
The AcSB is carrying out consultations to gather input on how it could better implement its current strategies for each major category of reporting entity. These consultations involve discussions with stakeholders who have participated in the standard-setting process. The objective of the consultations on accounting standards for private enterprises is to gather input on how the standards could better meet the needs of the users of Canadian private enterprises’ financial statements, taking into account cost and benefit considerations, as well as how to better carry out the process for maintaining and improving the standards. The Committee provided its input to the AcSB. The AcSB will consider the input received from these consultations when developing its next strategic plan, which will be issued in draft form for public comment in 2015.

CPA Magazine Standards Speak – One Size Doesn’t Fit All: The AcSB’s Strategy Holds True
 June 5, 2014. In this month’s column, Linda F. Mezon, AcSB Chair, discusses the Board’s comprehensive review of the strategy it put in place to adopt separate accounting frameworks for various entities. Up next: the 2016-2021 strategic plan, which will soon require Canadians’ feedback.

AcSB Decision Summary – May 14-15, 2014
The AcSB discussed its program of consultations on how it could better implement its current strategies for each major category of reporting entity.  These consultations involve discussions with stakeholders who have participated in the standard-setting process.  The consultations will take place in various centres across Canada in May and June 2014.

The AcSB will consider this input when developing its next strategic plan, which will be issued in draft form for public comment in 2015.

AcSB Decision Summary – March 18-19, 2014
The AcSB approved a plan to review the implementation of the AcSB’s financial reporting strategies after considering input from AcSOC on the proposed plan. As approved, the review will:

  • consider the effects of the adoption of the AcSB’s current strategies; and
  • seek input into the development of the next strategic plan.

The AcSB reviewed a summary of the discussions held by the AcSB with stakeholders and studies prepared by others on the effects of applying the current frameworks and the overall reporting environment. The AcSB concluded that the current core strategies have proved appropriate and should continue into the next strategic plan.

The AcSB plans to issue a draft of its next strategic plan for public comments in 2015.

AcSB Decision Summary – January 15, 2014
The AcSB continued its discussion of a plan for seeking input from stakeholders on strategic issues.

The AcSB reflected on the significant monitoring of the adoption and application of the new frameworks that has already been undertaken. The AcSB directed staff to prepare a summary of the discussions held and materials prepared by others on the effect of applying the new frameworks and the overall reporting environment.

The AcSB agreed to conduct focused consultations in the latter half of 2014 to seek input on how the AcSB could better implement its strategies for each major category of reporting entity.

The results of these consultations, together with a summary of feedback on the adoption and application of the new frameworks, will form the basis for developing the AcSB’s next strategic plan. The AcSB will issue a draft of its next strategic plan for public comment in 2015.

AcSB Decision Summary – December 3, 2013
The AcSB continued its discussion of a plan for consulting stakeholders in 2014 to seek input on how to improve the implementation of the AcSB’s financial reporting strategies. No decisions were made.

AcSB Decision Summary – September 11-12, 2013
The AcSB continued discussion of the proposed review of the financial reporting environment and the effects of the current strategies on each major category of reporting entity. The AcSB agreed that the main objectives of this review are to assess the effects of the strategies adopted and seek input that will assist the AcSB in developing its next strategic plan.  The results will help to identify how the AcSB could improve the implementation of its strategies to support the application of IFRSs by publicly accountable enterprises, and to maintain and improve the separate sets of standards for non-publicly accountable enterprises and not-for-profit organizations.

The AcSB discussed activities it may undertake to ensure that the effects analysis considers input from a wide range of stakeholders. The AcSB agreed that its conclusions should be founded on the full range of stakeholders’ experiences. The AcSB intends to begin the consultations in mid-2014.

AcSB Decision Summary – July 10, 2013
The AcSB began developing a plan for conducting a comprehensive review of the financial reporting environment and the effects of applying the new sets of standards recently adopted for each major category of reporting entity.  The AcSB intends to carry out the review and seek stakeholders’ views in 2014-2015.