Page 4 - Accounting Standards Oversight Council Annual Report 2014-2015
P. 4
2 AcSOC Annual Report 2014-2015

PSAB also spent much of this past year focusing on stakeholder engagement, including through
the activities of the Public Sector Accounting (PSA) Discussion Group. This forum, aimed at
improving the dialogue between the Board and its stakeholders, has proven to be an effective
approach to furthering that goal. Beyond this, the Board made a significant effort to reach out
to stakeholders at all levels of government to better understand their issues and concerns.

Serve the Public Interest

Over the last 12 months, the Council has encouraged the development of a common
understanding as to what it means to “serve the public interest”. While this has proven to
be a difficult concept to articulate with clarity and precision, the dialogue itself has served
to reinforce the important role the Council and the Boards play in ensuring that confidence
in financial reporting in Canada remains strong.

AcSOC also plays an important role through its responsibility for appointing the Chairs and
members of both Boards. We believe the Boards, as currently constituted, have the right culture
and the appropriate diversity of experience to address the ever increasing complexity of today’s
global standard-setting process.

Thank You

On behalf of the Council, AcSOC Vice-Chair Peter Jewett and I would like to express our
gratitude toward our volunteer Council members. I would also like to thank the AcSB and
PSAB members for their dedication and standard-setting efforts. We greatly value all
stakeholders who generously volunteer their time and share their considerable expertise.
We would also like to thank those AcSB, PSAB and Council members who retired during
2014-2015 for their valued contribution.

Finally, I want to encourage our stakeholders – from preparers, auditors, regulators to users
– to continue to participate actively in the standard-setting process. Your thoughtful input is
invaluable in assisting us to serve the public interest and strengthen financial reporting in

Kevin G. Nye
Chair, Accounting Standards Oversight Council
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