The Accounting Standards Board (AcSB) established the Academic Advisory Council in April 2005 to improve the input to the AcSB’s activities from academe. Accounting academics conduct a great deal of research and their findings may have important implications for standard setters (not to mention practitioners). The transmission of research findings from within the academic community to standard setters has historically been slower than it could be. The Council is intended to address this shortcoming and to improve communication generally between accounting academics and the AcSB.
The purpose of the Council is to ensure that the AcSB is fully informed of academic research in areas relevant to setting accounting standards, and that academic research programs benefiting the standard-setting process are developed on a timely basis. The AcSB also hopes that the Council will increase accounting academics’ understanding of Canadian and international standard-setting initiatives and issues. Closer ties between the academic community and standard setters will ensure that the basic concepts and principles being taught to tomorrow’s accountants are consistent with those used in the development of accounting standards.
The Council provides input to the AcSB on a variety of matters including accounting standards proposed by the AcSB and the International Accounting Standards Board (IASB). The Council also informs the AcSB of theoretical concepts having wide-ranging implications for standard-setting and contributes towards the determination, development and implementation of the AcSB’s research agenda when requested.
The Council is chaired by AcSB member Steve Fortin, a prominent Canadian academic from McGill University in Montréal, Québec. It comprises 12 members from across Canada with varying interests in research, teaching, textbook writing and outreach to the business community, and includes the academic member of the Accounting Standards Oversight Committee (AcSOC).
The Council typically meets once or twice a year. Meetings are not open to the public.