Page 3 - Accounting Standards Oversight Council Annual Report 2014-2015
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Message from the Chair

I am pleased to present the Accounting Standards Oversight
Council (AcSOC) Annual Report for the 2014-2015 operating year.
This report provides the public with a reporting of the work done
by AcSOC in overseeing the activities of the Accounting Standards
Board (AcSB) and the Public Sector Accounting Board (PSAB),
which together set the standards for virtually all financial reporting
entities in Canada – public and private enterprises, not-for-profit
organizations and governments. In doing so, AcSOC serves the
public interest by providing input to the Boards in terms of strategic
direction, priority setting and ensuring the needs of all financial
statement users are considered and due process is followed.

Connect Through Dialogue and Action

One of the key focal points for both the Council and the Boards is to “connect through dialogue
and action,” which is the theme of this year’s report. This is something the Council continues to
encourage and I believe great progress has been made in this regard.
Over the past year, the AcSB focused on engaging with stakeholders through extensive
communication and outreach across Canada, including dealing with issues relating to the
AcSB’s upcoming new strategic plan and specific industry concerns.
The AcSB also contributed to global standard setting though participation in the International
Accounting Standards Board’s Accounting Standards Advisory Forum and by hosting the
IFRS Foundation Trustees’ spring meeting in Toronto, which was extremely well received by
all participants and attendees. In addition, the AcSB participates with other standard setters
internationally in the development of quality standards, which often address matters related to
private enterprise and not-for-profit accounting standards.
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