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Revised – AcSB Due Process Manual

January 31, 2022 News, Article

On January 31, 2022, the Accounting Standards Board (AcSB) issued a revised Due Process Manual. Changes were made to clarify certain processes and better support the Board in responding to stakeholder needs on a timely basis.

Specifically, the changes relate to:

  • establishing a clear due process for Accounting Guidelines;
  • clarifying the process for when a Board member dissents on issuing a consultation paper, an Exposure Draft, a new standard or an amendment; and
  • modifying the length of the comment period for Exposure Drafts.

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The Due Process Manual establishes the procedures  that the AcSB follows in setting financial reporting standards. It guides the Board and its staff on performing the required due process activities and informs stakeholders on how the Board sets standards and how they can participate in the process.

The AcSB regularly monitors its operating environment for any matters that would require additional changes to its Due Process Manual. Further changes to the Manual will be considered when such matters arise.