The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (CICA)* in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB).
Why AcSOC Matters
AcSOC serves the public interest by playing a key role in Canadian financial reporting by:
- providing input to the AcSB and PSAB in terms of strategic direction and priority setting to ensure the Boards consider the public interest and the needs of all financial statement users when setting standards; and
- ensuring the Boards followed due process.
AcSOC, among other things, is responsible for monitoring and evaluating the performance of both Boards, and appointing members to AcSOC, the AcSB and PSAB, including Chairs and Vice-Chairs. See AcSOC’s Terms of Reference.
AcSOC comprises between 20 and 25 voting members, including five non-voting members. View current AcSOC members.
The AcSOC membership consists of senior members from:
- accounting and legal professions;
- private sector not-for-profits; and
- financial analyst communities.
Members have a broad perspective of the complex issues facing standard setters.
AcSOC normally meets three times a year. To better serve the Council’s objectives, additional meetings and conference calls may take place.
With the exception of administrative matters, meetings are generally open to public observation. Read the Guidelines for Observers for information on attending AcSOC meetings.
View the AcSOC meeting calendar.
AcSOC’s Relationship with CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support Canada’s standard-setting process.
CPA Canada and the oversights councils and boards function at arm’s length from one another. As a result, the oversight councils and the boards as well as their staff carry out their standard-setting operations in an independent manner.
*The CICA and the Certified Management Accountants of Canada (CMA Canada) joined together January 1, 2013 to create the Chartered Professional Accountants of Canada (CPA Canada) as the national organization to support unification of the Canadian accounting profession under the CPA banner.