Responsibilities
The Committee’s responsibilities include:
- assisting the AcSB in understanding the information needs of users of private company financial statements such as lenders, private equity investors, and other professionals from diverse investment and analytical backgrounds;
- identifying information gaps that exist for financial statement users and suggesting new topics for the AcSB to explore to address those gaps and other challenges within existing accounting standards for private enterprises;
- providing feedback on the AcSB’s current projects to help develop high-quality accounting standards that offer relevant and reliable information at a reasonable cost to preparers; and
- helping the AcSB evaluate potential benefits of proposed new and revised disclosures.
Meetings
The Committee normally meets three to four times a year. Meetings are not open to the public.
Members
The Committee consists of:
- a Chair, who is appointed by the AcSB; and
- other members who regularly review and use private enterprise financial statements to make decisions.
Committee members are appointed for an initial three-year term and are eligible for reappointment or extension at the discretion of the AcSB Chair.
Committee members are experts who reflect the broad diversity of private enterprise financial statement users in Canada.