Page 5 - Accounting Standards Oversight Council Annual Report 2014-2015
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About AcSOC 3

About AcSOC

The Accounting Standards Oversight Council (AcSOC) has the mission of serving Canadians
and the practice of financial reporting by overseeing and providing input into the activities of the
Accounting Standards Board (AcSB) and Public Sector Accounting Board (PSAB).

AcSOC normally meets three times a year The Council is committed to a
transparent standard-setting
process to serve the public
interest. Its work is vital to
ensuring that confidence in
financial reporting in Canada
for all private and public sector
entities remains strong.

History

AcSOC was established in 2000 to oversee the work of the AcSB. In 2003, AcSOC also

began to oversee PSAB. The Council supports these two Boards in the setting of standards

domestically and in their contribution to the development of internationally accepted standards.

Responsibilities

Recognizing that the responsibility to set standards rests with the AcSB and PSAB, AcSOC
supports standard setting by:
• appointing members to AcSOC, the AcSB, and PSAB, including Chairs and Vice-Chairs;
• overseeing the application of due process by the AcSB and PSAB;
• providing input to the Boards in terms of strategic direction and priority setting to ensure the

AcSB and PSAB consider the public interest and the needs of all financial statement users
when setting standards;
• monitoring and evaluating the performance of both Boards, the fulfilment of their
responsibilities, accomplishment of their work programs, and the use and adequacy
of available volunteer and staff resources; and
• ensuring the activities of the AcSB and PSAB are responsive to stakeholder needs and
free from interference from any source.
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