Extracts from AcSB Decision Summaries concerning Planning Discussions

March 31-April 1, 2004

The AcSB began discussing its plans for future activities, and agreed to develop a new five-year strategic plan.  In developing the plan, the AcSB will review its current policies on key issues such as harmonization with US GAAP and global convergence.  The AcSB will consider recent developments in the standard-setting environment, such as the recent high-profile financial reporting failures, and the current status of other issues such as standards overload and differential reporting.  The process for developing the plan will include consultations with the public and the Accounting Standards Oversight Council (AcSOC) during 2004.  The AcSB expects to publish an Invitation to Comment in June to obtain input from interested parties.

May 5, 2004

The AcSB continued its discussion of strategic planning, including the process for obtaining public input.  The AcSB discussed and approved in principle an Invitation to Comment, subject to possible changes to reflect discussions with the Accounting Standards Oversight Council (AcSOC).  The AcSB also reviewed a draft Discussion Paper intended to assist interested parties in formulating their responses.

The AcSB intends to invite public comment on its strategic policies, including harmonization with US GAAP and global convergence, as well as on the implications of developments such as the recent high-profile financial reporting failures, differential reporting and concerns about standards overload.  Input will be sought through a series of consultations with interested parties, in addition to written responses to the Invitation to Comment.  Based on the input received, the AcSB will begin formulating its plan for 2005-2010 later this year.

December 1-2, 2004

The AcSB began discussing the written and oral input received in response to the May 2004 Invitation to Comment, Accounting Standards in Canada: Future Directions , and formulating some tentative conclusions on fundamental strategic issues. The AcSB's discussion of the issues will continue at its January 5, 2005 meeting. The AcSB's tentative conclusions will be presented at the February 10-11, 2005 meeting of the AcSOC, with a view to finalizing a draft plan for public comment in March or April 2005.

January 5, 2005

The AcSB continued discussing the written and oral input received in response to the May 2004 Invitation to Comment, “Accounting Standards in Canada: Future Directions,” and formulating tentative conclusions on fundamental strategic issues. These tentative conclusions will be presented at the February 10-11, 2005 meeting of the AcSOC, with a view to finalizing a draft plan for public comment in March or April 2005.

March 2, 2005

The AcSB considered the views of the Accounting Standards Oversight Council on its draft strategic plan and approved the plan for public comment, subject to final drafting and a written ballot.  The plan is expected to be posted on the AcSB website by early April, for comment by July 31, 2005.

To assist interested stakeholders in assessing one aspect of the draft strategic plan, the AcSB agreed that a staff summary of significant Canadian GAAP/IFRS differences should be published at the same time as the plan.  A more comprehensive analysis of Canadian GAAP/IFRS differences will be published while the strategic plan is open for comment.

May 11, 2005

The AcSB commenced discussion of matters arising from the proposed strategies in its Draft Strategic Plan, including:

  • an identification of important issues that would need to be addressed in implementing the proposed strategies;
  • the effects of the strategies on the AcSB’s current work program; and
  • measures to be taken to improve familiarity with International Financial Reporting Standards in Canada.

These discussions will continue in future meetings.

June 8, 2005

The AcSB continued discussion of matters arising from the proposed strategies in its Draft Strategic Plan.  These discussions will continue at future meetings.

September 7-8, 2005

The AcSB began redeliberating the proposals in its March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan,” in light of the considerable amount of written and oral input received from a wide range of interested parties.

The AcSB has tentatively decided to continue to pursue the following:

  • The proposed strategy of adopting International Financial Reporting Standards in place of a separate Canadian GAAP for publicly accountable enterprises (subject to the legal rights certain enterprises have to choose to adopt US GAAP).  The timing and process for a transition will be discussed further, and work will proceed on a detailed implementation plan.
  • The proposed strategy of a separate basis of financial reporting for non-publicly accountable enterprises.  Work will begin as soon as possible on the investigation proposed in the Draft Strategic Plan into the financial reporting needs of this sector.  The proposal to exempt some enterprises from all GAAP standards and various other aspects of the strategy will be discussed further in future meetings.

The AcSB will continue its discussions of the key strategic issues in its November and December meetings, including taking account of the advice of the Accounting Standards Oversight Council (AcSOC).  The AcSOC meeting of October 27-28 will include a discussion of the AcSB’s planning.  The strategic planning process is expected to be completed in early 2006.

November 2, 2005

The AcSB continued its discussion of issues arising from its March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan,” in light of the input received.  In particular, the AcSB:

  • considered the views expressed by the members of the Accounting Standards Oversight Council in their October 27-28, 2005 meeting; and
  • agreed to a proposal to undertake the investigation proposed in the Draft Strategic Plan into the financial reporting needs of non-publicly accountable enterprises.

The AcSB expects to continue its substantive discussions of the key strategic issues at a future meeting.

November 30-December 1, 2005

The AcSB continued its discussion of issues arising from its March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan.”  The AcSB considered several implementation issues associated with the proposed plan and agreed to some minor modifications to individual strategies.  The AcSB expects to finalize its Strategic Plan in early 2006.

January 4, 2006

The AcSB completed its redeliberation of the proposals in its March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan.” The AcSB confirmed the basic directions proposed, but also agreed to some modifications to the plan to clarify certain matters and address concerns raised by respondents to the Invitation to Comment and members of the Accounting Standards Oversight Council.  The AcSB will publish a final version of the Strategic Plan following redrafting of the proposals.

The AcSB discussed the development of more detailed implementation plans for carrying out its strategies. The AcSB discussed elements of a plan for achieving convergence of Canadian GAAP for publicly accountable enterprises with International Financial Reporting Standards, which is expected to be published in June 2006. The AcSB also discussed some initial findings of research into private business reporting needs. That research, expected to be completed later in 2006, will provide a basis for the next steps in carrying out the strategy for non-publicly accountable enterprises.