Page 10 - Accounting Standards Oversight Council Annual Report 2014-2015
P. 10
8 AcSOC Annual Report 2014-2015

Support Standard Setting and Ensure Due Process

As per AcSOC’s responsibilities, the diverse views of Council members support the standard-
setting process in terms of strategic direction and priority setting for national projects. Providing
this input helps the AcSB and PSAB ensure that wider policy considerations factor adequately
into their deliberations.

Left to Right: AcSOC members Michael Ptasznik, Neil Le Blanc and To carry out these responsibilities
Tricia O’Malley appropriately, AcSOC:
• recognizes that the

responsibility to set accounting
standards rests with the AcSB
and PSAB;
• oversees the application of
due process by the AcSB and
PSAB;

• provides input to the Boards in terms of strategic direction and priority setting to ensure that
the AcSB and PSAB consider the public interest and the needs of all financial statement
users when setting standards; and

• ensures the activities of the AcSB and PSAB are responsive to stakeholder needs and free
from interference from any source.

AcSB

The AcSB has had a successful year in 2014-2015. It achieved the key objectives in its annual
plan, and its long-term objective that financial statements satisfy the financial reporting needs
of stakeholders, despite some significant challenges.

The Council provided input to the AcSB to ensure that the public interest was considered on
such key matters as:
• the draft of a new five-year 2016-2021 strategic plan;
• a strong Canadian voice in the development of international standards and closely

monitoring IFRS implementation issues domestically;
• reinvigorating the relationship with the U.S. Financial Accounting Standards Board; and
• increased outreach and engagement with stakeholders to better understand their

perspectives and needs on standards for private enterprises, and standards for not-for-profit
organizations
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