The Accounting Standards Oversight Council (AcSOC) held a meeting for members of the Council on February 23-24, 2023. The meeting spanned two days and was hosted virtually on the Zoom platform. The second day was reserved for in-camera discussions.
The following notes relate to the first day, February 23.
- Approval of Meeting Minutes from October 13-14, 2022
- PRC Report on AcSB and PSAB
Call to Order
AcSOC Chair Lorraine Moore called the meeting to order at 1:00 p.m. (EST).
Approval of Meeting Minutes from October 13-14, 2022
AcSOC approved the October meeting minutes as written.
Minutes from a confidential meeting held January 18, 2023, were circulated to AcSOC members separately. These minutes were also approved as written.
Chair’s Remarks
Ms. Moore recognized and thanked retiring members Annie Giraudou and Tom Linsmeier for their contribution to AcSOC committees and oversight. Ms. Giraudou and Mr. Linsmeier’s Council term concludes March 31, 2023.
PRC Report on AcSB and PSAB
Performance Review Committee Chair Clare Isman provided highlights of the Committee’s meeting held earlier this month to review the strategic plan progress and draft annual plans for the AcSB and PSAB. The Committee reviewed and commented on the internal annual plan for the Boards to ensure alignment with the external annual plan and determine whether the plans have followed due process with consideration to the public interest.
AcSB Annual Plan
AcSB Chair Armand Capisciolto presented the draft 2023-2024 Annual Plan, including an update on increases and decreases to residual risks due to environmental factors.
PSAB Annual Plan
PSAB Chair Clyde MacLellan presented the draft 2023-2024 Annual Plan. Residual risks were aligned with AcSB. Differences in risks reflect the differences between the Boards.
It was moved by Erica Teklits, seconded by Sylvie Monette;
Be it resolved:
That the Accounting Standards Oversight Council supports the AcSB draft external 2023-2024 Annual Plan and confirm it is suitable to evaluate board performance at the end of the year.
Carried
Be it resolved:
That the Accounting Standards Oversight Council supports the PSAB draft external 2023-2024 Annual Plan and confirm it is suitable to evaluate board performance at the end of the year.
Carried
AcSB Chair Report
Mr. Capisciolto provided an overview of the AcSB’s international and domestic standard-setting activities, including a summary of meetings with the International Accounting Standards Board (IASB) Chair and Vice Chair. Cryptocurrency and leveraging research to assist with the IASB conversations were discussed.
PSAB Chair Report
Mr. MacLellan reported on PSAB’s activities, including international strategies and the progress of key files and Board priorities. The application of standards and post-implementation reviews were discussed.
CSSB Update
Lisa French, Vice President, Sustainability, provided an update on the development of the Canadian Sustainability Standards Board. Recruitment is ongoing for members and an inaugural chair has been identified. Membership announcements are anticipated in late March, early April. The International Sustainability Standards Boards has established a Sustainability Standards Advisory Forum and Canada has been named one of thirteen jurisdictional members.
Adjournment
Having no other business, the public potion of the meeting was adjourned at 4:45 p.m. (EST).