Purpose
The purpose of the Committee is to assist the AcSB in understanding how users, including investors and investment professionals, credit granters in financial institutions, equity and credit analysts, and rating agencies, use financial information. The Committee is also intended to assist the AcSB by providing advice on standard-setting priorities, and on specific agenda projects.
Feedback from the user community assists the AcSB in understanding the information needs of investors and other users of financial statements and in evaluating whether IFRS Accounting Standards continue to meet those needs. The AcSB evaluates all proposals in terms of their expected costs and benefits. The views of the Committee are expected to be particularly helpful to the AcSB in evaluating the potential benefits of proposed new and revised disclosures.
Process
The Committee assists the AcSB by identifying and advising on:
- the needs of publicly accountable enterprise financial statement users; and
- whether the requirements within Part I of the CPA Canada Handbook – Accounting, IFRS Accounting Standards, should be changed to better meet those needs.
The AcSB may seek the Committee's input on existing requirements, emerging issues, research activities and standard setting projects. Committee members are not asked to reach consensus views. Rather, the AcSB benefits from hearing a range of perspectives and experiences from members
Membership
The Committee generally comprises a Chair (or Co Chairs) and professionals from a variety of investment and analytical backgrounds who have experience using financial statements prepared in accordance with IFRS Accounting Standards. The Committee generally meets three times annually, although the number of meetings may vary based on the Committee's responsibilities and agenda. Meetings are held in private.
In addition to Committee members, the Committee Secretary and designated AcSB staff attend meetings. The Chair or Director of the Accounting Standards Board attends each meeting, and any AcSB member may participate in the meetings. Other individuals that participate in the meetings, include:
- Representatives of the Canadian Securities Administrators
- Anita Cyr – British Columbia Securities Commission
- Sophie Yelle – Autorité des marchés financiers
- Any Canadians appointed to the IASB's Capital Markets Advisory Committee
Authority
The User Advisory Committee was established by the AcSB and reports to the AcSB. The Committee serves solely in an advisory capacity and does not express views on behalf of the AcSB or on its own behalf. The Committee has no authority to issue pronouncements, communications, or interpretations of accounting standards.