AcSOC 2016-2017 Annual Report

Message from the Chair

Peter JewettAs I reflect on the past year of the AcSOC activities, I cannot help but focus on the collaborative teamwork we were part of in 2016-2017.

This year, we had the opportunity to work closely with our sister council, the Auditing and Assurance Standards Oversight Council (AASOC). With AASOC, we shared information on our structure, our processes and together reflected on whether we were carrying out our respective oversight duties in the best way. We share the aim of ensuring that we are serving the public interest as best we can, effectively and efficiently.

While AcSOC is very focused on its main activities – overseeing and providing input into the activities of the two standard-setting boards we oversee – we ensure that our meeting agendas include topics for discussion that reflect the needs of the markets we serve. With volunteer members who have broad perspectives on the complex issues facing standard setters from the point of view of users, preparers and the public, we are able collectively to reflect on many topics at meetings in support of informed economic decision-making, supporting the public interest, and ensuring that continuous improvement to our oversight role is considered. As a result, our agendas this year included such topics as:

  • non-GAAP financial measures;
  • reflecting on what the public interest means specifically to us; and
  • accounting and the accountability of Indigenous governments in Canada.

I wish to extend thanks to the many volunteers who make up the members of Canada’s standard-setting bodies. The time and commitment AcSOC, the AcSB and PSAB members put into their work is admirable and has put Canada on the map as a world-class standard setter.

In the coming year, I look forward to seeing the theme of this year’s annual report, Continuous improvement by working together, carry on through ongoing collaboration within AcSOC, with AASOC, the Boards we oversee and especially our stakeholders. I encourage you to review our Reports on Public Meetings to keep abreast of our activities, register as observers to our public meetings, and contribute to our work by submitting financial reporting agenda topics for our consideration.

Peter Jewett, LLB
Chair, Accounting Standards Oversight Council