Page 11 - Accounting Standards Board Annual Report For the Year Ended March 31, 2015
P. 11
AcSB Scorecard 9

Long-term strategic goal – maintain different strategies for different categories
of reporting entity

Publicly accountable Adopt International • Standards in place
enterprises Financial Reporting
Standards (IFRSs) • IFRS reporting now well established in practice
— Part I
• Transition to IFRSs by rate-regulated entities nearing completion
without significant problems (Canadian Securities Administrators
permit some entities to apply U.S. GAAP until 2019)

• Ongoing AcSB participation at the IASB and related bodies at a
high level

Private enterprises Create and adopt • Standards in place
a separate set of • Reporting by this sector now well established in practice
standards tailored to • Major and annual improvements projects underway
the needs of these
entities — Part II

Not-for-profit Create and adopt • Existing standards provide a stable platform while a project to
organizations a separate set of revise standards is underway
standards tailored to
the needs of these • Second annual reporting under the new framework completed
entities — Part III
• Extensive outreach and substantial stakeholder response on
AcSB/PSAB Statement of Principles analyzed and summarized

• Commenced deliberations of next steps

Pension plans Create and adopt • Standards in place
a separate set of • Reporting by this sector now well established in practice
standards tailored to
the needs of these
entities — Part IV

Maintain standard-setting capability • Committee structure fully operational

• Resources and processes to carry out operating plans in place,
although staff resources currently stretched

• Process improvements underway including process mapping

Due process • Continued to operate in compliance with due process and report
to AcSOC

Monitor global developments • The AcSB considered how global developments affected
stakeholders and exerted influence globally

Monitor standards fatigue • Period of relatively less AcSB activity from the perspective of
many Part II stakeholders

Improve communications • Outreach programs operational; focus on the Board’s online
presence (for example, website, links to the website from other
websites) and email efforts (i.e., targeting and expansion);
multiple webinars and information articles
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