Page 6 - Accounting Standards Board Annual Report For the Year Ended March 31, 2015
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4 AcSB Annual Report 2014-2015

About the AcSB

The Accounting Standards Board (AcSB) is an independent body with the authority to establish
accounting standards for use by all Canadian entities outside the public sector. The AcSB
serves the public interest by establishing standards for financial reporting by all private sector
Canadian entities and by influencing the development of internationally accepted financial
reporting standards.
The activities of the AcSB are overseen by the Accounting Standards Oversight Council
(AcSOC). AcSOC appoints the members of the AcSB and provides input to the AcSB, primarily
in terms of its strategic direction and priorities. AcSOC also assesses and reports to the public
on the performance of the AcSB including compliance with due process.

Why the AcSB Matters

As an independent body, the AcSB develops and maintains Canadian accounting standards to
support informed economic decision making by financial statement users through maintaining
a framework that provides a basis for high-quality information about financial performance
reported by Canadian private sector entities. Accounting standards specify how transactions and
other events are to be recognized, measured, presented and disclosed in financial statements.

The AcSB’s Objectives

The AcSB’s objectives are:
• to establish financial reporting standards that improve the quality of information reported

by Canadian entities with due consideration for the costs and the benefits to the preparers
and users of financial statements, and changes in the economic environment;
• to facilitate the capital allocation process in both the business and not-for-profit sectors
through improved information;
• to participate with other standard setters in the development of a single set of high-quality
internationally accepted financial reporting standards; and
• to support the implementation of financial reporting standards and the resolution
of emerging application issues.
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