AcSB Strategic Plan

The AcSB discussed a revised draft of its 2022-2027 Strategic Plan and feedback received on the draft from the Accounting Standards Oversight Council (AcSOC) and AcSOC’s Performance Review Committee.

The AcSB also discussed the communications plan for the issuance of the final plan. The Board expects to issue the final 2022-2027 Strategic Plan on March 31, 2022.

The AcSB discussed a revised draft of its 2022-2027 Strategic Plan, which was updated based on feedback from stakeholders. The Board will discuss the next draft at its meeting in January 2022. The Accounting Standards Oversight Council will also discuss the next draft at a special meeting in January 2022.

The AcSB expects to issue the final 2022-2027 Strategic Plan on March 31, 2022.

The AcSB continued discussing stakeholder feedback from outreach activities and comment letters on its 2022-2027 Draft Strategic Plan. The Board also discussed whether due process was met, including whether sufficient stakeholder feedback was received. The Board concluded due process was met and that no further outreach activities were required.

The AcSB will review an updated draft of the plan at its meeting in December 2021 and expects to issue the final 2022-2027 Strategic Plan on April 1, 2022.

The AcSB began discussing stakeholders’ feedback received to date from completed outreach activities on its 2022-2027 Draft Strategic Plan. The Draft Strategic Plan was open for comment until October 15, 2021.

The AcSB will continue discussing the feedback received from comment letters and from remaining planned outreach and the sufficiency of overall stakeholder feedback at its meeting in November 2021.

The Private Enterprise Advisory Committee received an overview of the proposals in the AcSB’s 2022-2027 Draft Strategic Plan. The Committee discussed the proposals relating to accounting standards for private enterprises (ASPE), including the preface and scalability of the standards, and reporting beyond traditional financial statements.

The Committee provided the following feedback on the AcSB’s proposed strategies:

• To better meet stakeholders’ needs, it would be useful to reconsider certain aspects of the preface that require certain types of entities to apply a given part of the Handbook.
• Given the range of private enterprises in Canada, scaling the standards would help better meet the needs of large and small enterprises.
• Certain GAAP requirements do not meet users’ needs in some circumstances. Therefore, scaling the standards could help better meet users’ needs. 
• Currently, few private enterprises report information outside their financial statements. However, given the changing environment and the growing demand for information related to sustainability, Committee members agreed with the AcSB’s proposal to demonstrate leadership in reporting beyond traditional financial statements.

The Committee members were also reminded that the comment deadline is October 15, 2021. Stakeholders can submit responses and provide feedback through the online community platform, Connect.FRASCanada.ca, and by attending a roundtable event.

The AcSB will consider the Committee’s comments when the Board begins deliberating the feedback received on its Draft Strategic Plan at the Board meeting on October 13-14, 2021.

The Committee received an overview of the proposals in the AcSB’s 2022-2027 Draft Strategic Plan. The Committee discussed the proposals relating to accounting standards for NFPOs, including the preface and scalability of the standards, and reporting beyond traditional financial statements.

The Committee provided the following feedback on the AcSB’s proposed strategies:

• The reporting landscape for NFPOs has evolved since Part III of the Handbook was established. Accordingly, Committee members agreed it would be beneficial to reconsider aspects of the preface that require certain types of entities to apply a given part of the Handbook;
• Scaling the standards would benefit small NFPOs with limited resources and would also enhance the relevance as user needs are not the same for all NFPOs; and
• NFPOs report information outside of their financial statements to funders and other users. Such information includes impact metrics and other key performance indicators. Committee members agreed there is an opportunity and a need to enhance the relevance of this information.

Committee members were also reminded about the comment deadline of October 15, 2021, and how they can submit responses, including providing feedback through the online community platform, Connect.FRASCanada.ca.

The AcSB will consider the Committee’s comments when the Board begins deliberating the feedback received on its Draft Strategic Plan.

The AcSB discussed a revised Draft Strategic Plan, updated to address comments received from Board members and the Accounting Standards Oversight Council’s Performance Review Committee. The revised Draft Strategic Plan was approved, subject to final edits.

The AcSB plans to issue its Draft Strategic Plan for comment on May 25, 2021.

The AcSB reviewed a revised draft of its next Strategic Plan and discussed feedback from the Accounting Standards Oversight Council (AcSOC). The Board also discussed the duration of the comment period to provide sufficient time for stakeholders to respond. The Board expects to issue the Draft Strategic Plan in May 2021, with a comment period ending in October 2021.

The AcSB reviewed a revised draft of its next Strategic Plan and continued discussing its core strategies, vision and mission statements, and the plan’s duration. The Board also discussed the proposed communications and outreach plans. The Board will discuss a draft of the Strategic Plan with AcSOC on April 14, 2021, then review a revised draft at its meeting on April 21, 2021.

The AcSB expects to issue its Draft Strategic Plan for comment in May 2021.

Strategic Plan

The AcSB discussed next steps in respect to its Draft Strategic Plan. Its current Strategic Plan covers the period 2016-2021, and the Board planned to issue its next Draft Strategic Plan for comment in Q2 2020. The Board acknowledged that should it issue the next Draft Strategic Plan as planned, the Board would be unable to engage stakeholders to the extent it would have liked. Therefore, the Board decided to extend its current Strategic Plan by one year to 2022 and to defer the issuance of its Draft Strategic Plan. This extension will also ensure that the Board is in a position to respond to the immediate issues arising from the COVID-19 pandemic and to refocus its priorities for its next Strategic Plan.

The AcSB continued discussing its next Strategic Plan. The Board reviewed the Draft Strategic Plan and discussed a preliminary communication plan and outreach activities

The AcSB will review an updated draft of the plan at its April 2020 meeting and expects to issue its Draft Strategic Plan for comment in the second quarter of 2020.

The AcSB continued discussing its next Strategic Plan. The Board talked about potential revisions to its Mission Statement and considered the content of the Draft Strategic Plan’s outline. The Board also continued discussing its strategies and objectives.

The AcSB will review a draft of the plan at its March 2020 meeting and expects to issue its Draft Strategic Plan for comment in the second quarter of 2020.

The AcSB considered the output from its strategic planning session in November 2019. The Board will continue discussions at its January meeting and plans to issue the Draft Strategic Plan for stakeholder feedback in Q2 2020 with a 120-day comment period.

The AcSB will hold a planning session in November 2019 to begin discussions relating to its next strategic plan. In anticipation of that planning session, the Board discussed key themes identified to date based on its research activities. It plans to issue its Draft Strategic Plan for comment in the first half of 2020, with publication of the finalized Strategic Plan no later than March 31, 2021.