The Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. We serve the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.
As an independent body, we develop and maintain Canadian accounting standards to support informed economic decision making by financial statement users through maintaining a framework that provides a basis for high-quality information about financial performance reported by Canadian private sector entities. Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.
Our activities are overseen by the Accounting Standards Oversight Council (AcSOC). AcSOC appoints our members and provides us input, primarily in terms of our strategic direction and priorities. AcSOC also assesses and reports to the public on our performance, including our compliance with due process.
Objectives
Our objectives are:
- to establish financial reporting standards that improve the quality of information reported by Canadian entities with due consideration for the costs and the benefits to the preparers and users of financial statements, and changes in the economic environment;
- to facilitate the capital allocation process in both the business and not-for-profit sectors through improved information;
- to participate with other standard setters in the development of a single set of high-quality internationally accepted financial reporting standards; and
- to support the implementation of financial reporting standards and the resolution of emerging application issues.
Our Community
We serve a number of interested and affected parties, including preparers, auditors, advisors and financial statement users in the following sectors:
- publicly accountable entities;
- private enterprises;
- not-for-profit organizations; and
- pension plans.
Members
We have between 12-15 members, including a paid Board Chair. View current AcSB members.
Our membership consists of a diverse group of members encompassing a broad range of experience. Members are geographically dispersed across Canada.
The Board’s support staff comprises:
- a Director;
- 3 Associate Directors;
- 10 principals; and
- two administrative assistants.
The Board also hires consultants as the need arises.
Meetings
We have meetings almost every month in private. Additional meetings and conference calls may take place.
Our relationship with CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) provides funding, staff and other resources to support Canada’s standard-setting process.
CPA Canada and the AcSB function at arm’s length from one another. As a result, we carry out our standard-setting operations in an independent manner.
CPA Canada and AASOC function at arm’s length from one another. As a result, we carry out our standard-setting operations in an independent manner.
Note: The recent work of the Independent Review Committee on Standard Setting in Canada considered what changes might be appropriate to ensure that the current standard-setting model in Canada is “fit for the future” and continues to serve the public interest. The Committee issued 26 recommendations in March 2023, which aim to ensure the structure and oversight of standard setting continues to have a sustainable funding model, and processes that are effective and responsive to the public interest. Implementation decisions for these recommendations are now underway.