AcSB 2016-2017 Annual Report
Message from the Chair
2016-2017 was a pivotal year for the Accounting Standards Board (AcSB).
There were many pieces of the puzzle that fell into place, putting us in a position to pave the way to improved performance – our annual report’s theme this year.
This year’s report will highlight the projects and strategies we moved forward, but there are a few standout pieces for me:
- Our engagement with stakeholders: Engagement with our stakeholders continues to develop and I feel that the tone of engagement is constructive across the country. Our strategy focuses on getting more stakeholders to participate in our various standard-setting activities. An example of this that is top of mind is our work on updating standards for not-for-profit organizations. We have directly responded to the issues raised by our not-for-profit stakeholders during extensive consultations with them over the past few years. We tailored the timing and extent of our multi-phase improvements project and reprioritized our research projects on topics such as combinations.
- Our research program: We increased our focus on evidence-based standard setting. Our staff research paper on rate-regulated activities, presented internationally, took the AcSB to a new level in the eyes of our international peers. Our research program informs our views and reinforces the input received from our stakeholders with objective evidence. This means we can influence with evidence, bolstering Canada’s voice on the international stage.
- Our staff support: AcSB staff is up to its full complement and was also reorganized for optimal productivity. While they are still in transition, having the right capacity to support the AcSB as we address our stakeholders’ needs naturally paves the way to improved performance all around. This year, staff support was particularly critical as we made steady progress on key accounting standards for private enterprises projects. Ensuring the AcSB understands the specific needs of Canada’s private enterprises is vital to ensuring the success of the standards we set – an area that requires extensive staff support.
Our ability to establish high-quality accounting standards and also contribute to the development of high-quality global standards would not be possible without the support we get from staff, committee volunteers, and especially our stakeholders.
I want to thank our volunteer Board members and everyone who participated in a roundtable discussion, responded to a document for comment, came up to me after a speaking event to introduce themselves, connected with me on LinkedIn, or simply reached out with a phone call or email.
Our stakeholders are our number one priority. With your support, the AcSB is able to set standards and work at the international level to meet the needs of the Canadian market.
This was an exciting year. And, because of the groundwork we have laid, I am very optimistic for the years to come.
Linda Mezon, FCPA, FCA, CPA (MI)