Skip to main content


Statement of Operating Procedures

(Revised and adopted by the Accounting Standards Board on January 23, 2024)


  1. The Statement of Operating Procedures describes the procedures the Accounting Standards Board (AcSB) applies in carrying out its responsibilities as defined in its Terms of Reference, subject to input the Accounting Standards Oversight Council or its successor (Oversight Council) may provide. These procedures have been developed and adopted by the AcSB in accordance with its Terms of Reference.

Strategic and Operating Plans

  1. The AcSB develops long-term strategic plans and applies such plans in working to achieve the objectives and fulfill the responsibilities in its Terms of Reference. Strategic plans are developed through due process and in consultation with the Oversight Council. Strategic plans address the differing needs of the different categories of reporting entities for which the AcSB establishes financial reporting standards and other guidance, in particular publicly accountable enterprises, private enterprises, not-for-profit organizations, and pension plans.
  2. The AcSB’s strategic plan forms the basis for the annual operating plans to be submitted to the Oversight Council and the annual performance reports on which the Oversight Council bases its assessment of the AcSB’s performance. Annual operating plans specify how the AcSB’s strategy for each category of reporting entity will be carried out for that year. The AcSB’s plans incorporate a basis for assessing whether its activities have been successful in achieving desired outcomes.
  3. The AcSB reports annually to the Oversight Council on its performance in fulfilling its mission, meeting its objectives, and carrying out its strategic and annual operating plans.
  4. The AcSB follows an ongoing risk management process in developing and carrying out strategic and annual operating plans.


  1. The AcSB normally meets at least 11 times per year and schedules such additional meetings as are necessary to achieve its objectives.
  2. The AcSB may hold meetings in person or virtually. Arrangements may be made for a member(s) to participate in any meeting virtually.
  3. A quorum at any AcSB meeting is two-thirds of all AcSB members.
  4. The AcSB normally conducts its meetings in private but may, at its discretion, invite non-members to attend and participate in its discussions or open its discussions to the public.


  1. Each member of the AcSB, including the Chair, has one vote. For matters requiring only a simple majority of all members, the Chair has an additional vote if required to break a tie.
  2. AcSB members serve in their personal capacity. Accordingly, substitutions are not accepted. AcSB members vote according to their own beliefs, experience, and judgment based on the information they have and the discussions they have taken part in, and not according to the views of any firm, organization, or constituency with which they are associated.
  3. Individual votes are kept confidential.
  4. An affirmative vote of two-thirds of all AcSB members is required for the following decisions:
    (a) To approve a project proposal or to approve the discontinuance of a project.
    (b) To approve for issuance a consultation paper or other similar due process document.
    (c) To forgo exposure of a proposed standard, in unusual circumstances and for a stated reason or reasons.
    (d) To forgo re-exposure of a proposed standard that has been significantly changed as a result of exposure draft comments, for a stated reason or reasons.
    (e) To release an exposure draft or approve a standard, including a revision to an existing standard and a consequential amendment to another standard, or to withdraw a standard.
    (f) To issue a Background Information and Basis for Conclusions document.
  5. The affirmative vote of a simple majority of all AcSB members is required for all other decisions.
  6. Voting is done by a show of hands in AcSB meetings. The results of votes taken in meetings are documented in the minutes. Dissenting votes, if any, with supporting reasons received at a meeting in relation to the balloting process as described in the AcSB’s Standard-setting Due Process Manual, are recorded in the minutes. The minutes constitute proper evidence of the AcSB’s decisions.
  7. A written ballot process may be carried out by email outside of an AcSB meeting. The ballots constitute proper evidence of the AcSB’s decisions in such circumstances.

Due Process

  1. The AcSB adopts and applies a Standard-setting Due Process Manual that establishes a set of rigorous procedures for developing or endorsing financial reporting standards. The Standard-setting Due Process Manual is made available to the public. In developing financial reporting standards, the AcSB undertakes research, discussions, and public consultations to maintain the objectivity of the process and the quality of the output. In endorsing IFRS® Accounting Standards developed by the International Accounting Standards Board (IASB), the AcSB takes steps to satisfy itself that the IASB has followed appropriate processes.

  2. The AcSB may delegate to the Chair of the AcSB the authority to approve the issuance of “wrap-around” exposure drafts for documents issued by the IASB.

  3. The AcSB may also delegate to the Chair of the AcSB the authority to approve final changes to be made before the issuance of documents.

  4. The AcSB’s policy is to maintain a public file of key documents for completed standard-setting projects.

AcSB Committees

  1. The AcSB may create other advisory committees or working groups, including committees of its own members, to assist in carrying out its work. The AcSB has not been given the ability under its Terms of Reference to delegate its decision-making authority to other committees or working groups and, therefore, may create such committees or working groups with a mandate only to provide advice.

  2. The AcSB provides Terms of Reference to all committees and working groups affiliated with it. Among other matters, such Terms of Reference specify:
    (a) the purpose, objectives, and responsibilities of the committee or working group; and
    (b) the size and composition of membership, including the desired mix of members’ backgrounds, and the terms of appointment.
  3. The AcSB approves the appointment of the Chairs of all committees and working groups it creates.
  4. Appointments of members of all committees and working groups affiliated with the AcSB are approved by the Chair of the AcSB and the Director, Accounting Standards in consultation with the Chair of the committee or working group.

Staff Support

  1. The AcSB and all of its committees and working groups are supported by the Director, Accounting Standards and such other staff as required.


  1. The AcSB informs relevant parties and the general public concerning its activities. In particular, the AcSB publishes its meeting dates, agendas, decision summaries, other project-related information, its current strategic and annual operating plans, and annual report. The principal means of communication is through the posting of information and documents on the AcSB’s website.

  2. The AcSB develops and implements a communications plan for its projects, setting out goals and objectives, opportunities and challenges, target audiences, available media, and specific actions to improve communications with key groups.


  1. The AcSB’s working language is English but published materials are provided in English and French. The AcSB receives and considers comment letters in either language on its published proposals. The AcSB also conducts events such as roundtables and webinars in both languages, when there is interest, to seek feedback from interested and affected parties.

  2. All financial reporting standards and exposure drafts are published simultaneously in English and French.
  3. The AcSB adopts and applies a policy for the translation of published materials to ensure accessibility of critical materials in both official languages of Canada.


  1. In carrying out its strategy of endorsing IFRS Accounting Standards, the AcSB adopts and applies the Charter: The IASB and other standard-setters (April 2014). The Charter is designed to enhance the efficiency and effectiveness of international standard-setting. In particular, the AcSB contributes to the development of high-quality IFRS Accounting Standards by steps such as:

  2. (a) generally responding to all IASB invitations to comment on discussion papers and exposure drafts of proposed IFRS Accounting Standards;
    (b) assisting Canadian interested and affected parties in communicating with the IASB;
    (c) sponsoring and participating in IASB roundtables and conferences;
    (d) disseminating information to Canadian interested and affected parties about IASB activities;
    (e) identifying qualified Canadians as candidates for membership on the IASB and its related groups; and
    (f) providing staff support to IASB projects.
  3. The AcSB uses its working relationships with international standard setters to ensure that it considers global best practices when making its private enterprise and not-for-profit organizations decisions and contributes to the development of those practices.
  4. The AcSB’s operating year ends on March 31 in each calendar year.


  1. The AcSB’s policy is to keep meeting materials and information confidential unless the AcSB decides to release a particular document or information to the public. This policy does not prohibit AcSB members and staff from consulting with interested parties concerning matters discussed in meeting materials. In this connection, they may provide a copy of pertinent AcSB documents to the interested parties, provided those materials remain subject to the requirement for confidentiality and other conditions of the AcSB’s policy and it is made clear that they have not necessarily been approved by the AcSB.

Liaison with Other Standard Setters

  1. The AcSB maintains liaison relationships with other accounting standard setters in support of its objectives, with particular emphasis on the relationship with the IASB, the U.S. Financial Accounting Standards Board, the Canadian Public Sector Accounting Board, and the Canadian Sustainability Standards Board.

  2. Representatives of the AcSB participate in meetings and activities of the International Forum of Accounting Standard Setters, the World Standard-setters and, when appointed, in meetings of the IASB’s Accounting Standards Advisory Forum.


  1. The AcSB carries out an annual self-assessment for the purposes of identifying areas for improvements in operating policies and practices and reporting to the Oversight Council.

Periodic Review

  1. The AcSB reviews its Statement of Operating Procedures and Standard-setting Due Process Manual at least once every three years to ensure that they continue to be fit for purpose. The Oversight Council’s authority and responsibilities over these documents are set out in its Terms of Reference.