The Accounting Standards Board (AcSB) supports the objective of harmonizing accounting standards internationally. We have been active in the development of IFRS® Standards for many years.
We have worked with the International Accounting Standards Board (IASB) since its inception in 2001. Before then, we worked with the IASB’s predecessor body, the International Accounting Standards Committee, since its founding in 1973.
The IFRS Foundation estimates that 29,000 of the 53,000 companies listed on the 90 major securities exchanges in the world use IFRS Standards. Profiles published by the IFRS Foundation provide information about the use of IFRS Standards in individual jurisdictions.
In January 2006, we decided to move financial reporting for Canadian publicly accountable enterprises to IFRS Standards. Our 2016-2021 Strategic Plan, “Accounting Standards in Canada: At the Leading Edge of Financial Reporting,” explains that this decision does not mean that we simply wait for the IASB to issue IFRS Standards. We work hard to influence the development of IFRS Standards. We follow a multi-step process to approve new and amended IFRS Standards for incorporation into Canadian GAAP (see Canada’s profile for more information).
One of our objectives is to add value for publicly accountable enterprises by maintaining a strong global presence. We are at the international table when issues important to Canadians are discussed, ensuring our stakeholders’ perspectives are considered.
AcSB Chair Linda Mezon participated in the IFRS Foundation’s video on International collaboration
in accounting standard setting, discussing how we represent Canadian stakeholders at international meetings.
In March 2013, we were named an inaugural member of the Accounting Standards Advisory Forum (ASAF), which serves as the technical advisory body to the IASB. Established by the Trustees of the IFRS Foundation, this single forum replaces multiple bilateral memorandums of understanding with various national and regional standards bodies.
In June 2015, we were appointed to a second term for three years. Our Chair represents the Board at the ASAF meetings.
We also participate in other international committee meetings, such as:
We also respond to documents issued for comment by the IASB. We strongly encourage Canadian constituents to monitor IASB® projects and respond to these documents as well.
Canadian academic, Professor Tom Scott, was appointed as a member of the IASB. He joined the organization in April 2017 for an initial five-year term.
The IASB members liaise with national standard setters in order to promote convergence of accounting standards through common activities, wherever possible. We are frequently in touch with both the IASB staff and Board members on issues that are significant to Canadians.
In fact, we work with the IASB in many different ways, including supporting these Canadians who serve on IASB committees:
Get more information about the IASB, including its current work plan.
Like us in Canada, the U.S. Financial Accounting Standards Board (FASB) has its pulse on international accounting standard-setting activities. The FASB is also an inaugural member of the ASAF and was reappointed for a second term.
The proximity between Canada and the U.S. and the connection between the two countries’ capital markets leads to collaboration on many levels, including semi-annual meetings between the AcSB and FASB.
Get more information about the FASB, including its current work plan, which outlines joint FASB/IASB projects.