Meeting Minutes
The Reporting and Assurance Standards Oversight Council (the Oversight Council) held a virtual meeting on February 4, 2025. The following minutes relate to the public session.
Call to Order
After an in-camera session for members, the Oversight Council Chair, Richard Talbot, called the meeting to order at 9:04 a.m. EST. The Chair delivered opening remarks and recognized members whose terms conclude on March 31, 2025: Donna Bovolaneas, Susan Campbell, and Michael Jacobs. The Chair shared a land acknowledgment.
Approval of the Consent Agenda
The consent agenda included the following documents:
- Minutes from October 29, 2024
- Oversight Council Follow-up Items
- Committee Membership List
- F2025-F2026 Financial Snapshot
- Revised Recruitment Guidelines
- Role Descriptions (Chair, Vice-Chair, and Oversight Council member responsibilities)
- Council Annual Self-assessment
- Update on Sustainability Disclosure Standards for the Public Sector
It was moved by Michael Jacobs, seconded by Erica Teklits;
Be it resolved:
That the consent agenda be approved as presented.
Carried.
AcSB Draft Annual Plan
Armand Capisciolto, Chair of the AcSB, and Katharine Christopoulos, Director of the AcSB, presented an update on the AcSB's recent activities and the draft annual plan for fiscal 2026.
The AcSB draft annual plan, as presented in the Oversight Council materials, aligns with the IFRS® Accounting Standards priorities and focuses on influencing international standard-setting efforts. On the international side, the AcSB has been appointed as Co-chair of the International Forum of Accounting Standard Setters alongside the Australian Accounting Standards Board. The AcSB is proactively researching issues not currently on the International Accounting Standards Board (IASB) agenda to influence the IASB’s next 2026 agenda consultation, focusing on IFRS Accounting Standards challenges faced by Canadian interested and affected parties.
Domestic activities include preparing to publish a consultation paper and a comprehensive review of the Accounting Standards for Private Enterprises. Additionally, the AcSB is working on an exposure draft regarding amendments to goodwill, emphasizing scalability—a key focus of the current strategic plan. Work on the 2027-2032 strategic plan is underway, and a consultation document is expected in early fiscal 2026. Capacity has been reached, so the Board will not start any new domestic projects. This will have to be adjusted if emerging issues arise.
Oversight Council discussion points on the draft annual plan:
- The Oversight Council recognized research as a significant project. Mr. Capisciolto shared that research would identify concerns of Canadian interested and affected parties regarding IFRS Accounting Standards and proposed that it could support projects that could be undertaken by the IASB.
- The evolution of the boundaries in financial statements was discussed in relation to the public interest.
- Enhancing connections and outreach to Indigenous communities was identified as a necessary improvement and a capacity challenge. Leveraging relationships with the Canadian Bankers Association to build networks was recommended.
- The use of artificial intelligence (AI) tools to help with capacity and engagement was discussed.
PSAB Draft Annual Plan
Clyde MacLellan, Chair of PSAB, and Michael Puskaric, Director of PSAB, presented the PSAB draft annual plan for fiscal 2026. The draft plan was circulated in the Oversight Council materials and is written in the context of the PSAB 2022-2027 Strategic Plan. Board capacity has been reached, with the most resource-intensive aspect of the plan being engagement with interested and affected parties and the International Public Sector Accounting Board.
Oversight Council discussion points on the draft annual plan:
- The PSAB Indigenous Advisory Group has started outreach to various associations that apply Public Sector Accounting Standards (PSAS). More consideration needs to be given to how the boards may collectively pursue Indigenous engagement without losing the focus on engagement with PSAS.
- Challenges with engaging publicly elected officials on PSAS were shared.
CSSB Draft Annual Plan
Bruce Marchand, Interim Chair of the CSSB, and Lisa French, Vice-President of Sustainability Standards, provided an update on the CSSB’s activities since October. On December 18, the Board released two Canadian Sustainability Disclosure Standards, which will remain voluntary until mandated by regulators. A Consultation Paper, “CSSB’s Proposed 2025-2028 Strategic Plan,” has been released, with consultation starting in January.
The CSSB draft annual plan for fiscal 2026 was presented in the Oversight Council materials. The CSSB has, among other activities, prioritized supporting the voluntary adoption of the standards and providing regulators with information as they deliberate on mandating the standards.
The draft annual plan also focuses on advancing the inclusion of Indigenous Peoples in sustainability standard setting. It was noted that both Michael Jacobs and Terry Goodtrack provided direct feedback on the draft annual plan in this context. The CSSB is collaborating with an Indigenous-owned and -led consulting firm to provide guidance and support for engaging with Indigenous communities. Expanding the scope of the Board’s current standard-setting activities is also being considered. The Board’s project bandwidth has been reached; however, a balanced use of resources is expected this year compared to the previous year.
Oversight Council discussion points on the draft annual plan:
- The Oversight Council inquired whether it is the right time to include advancing a communications and outreach strategy. Mr. Marchand responded that to be successful with the other strategies and to establish the CSSB’s reputation in the standard-setting space, a communications and outreach strategy was appropriate to include in the annual plan.
- A question was raised regarding pursuing external funding for an Indigenous research team and whether other boards have engaged in this practice in the past, as it raises concerns about independence. Stephenie Fox, Senior Vice-President of FRAS, clarified that this issue falls clearly under the purview of the new standard-setting legal entity and would be a conflict of interest for the CSSB itself to engage in fundraising activities. The Board could have a role in facilitating connections.
- A member raised a question about the timing of Priority D: Identifying a clear scope where the CSSB may contribute to sustainability disclosure standard-setting activities beyond the capital markets, for example, the public sector. The Board’s scope will be assessed in the context of the responses to the Consultation Paper, with a view to having some clarity in the third quarter.
AASB Draft 2026-2029 Strategic Plan
Bob Bosshard, Chair of the AASB, and Karen DeGiobbi, Director of the AASB, presented the AASB Draft 2026-2029 Strategic Plan for the Oversight Council’s feedback. The draft strategic plan was circulated in the Oversight Council meeting materials.
Oversight Council discussion points on the AASB Draft 2026-2029 Strategic Plan:
- The Oversight Council asked for more clarity on issues faced by practitioners driving the less complex entities. Mr. Bosshard responded that standards have become more complicated, so applicability is a concern for small- and medium-sized practitioners. Engagement with these practitioners will help further identify issues.
- The use of AI was discussed in the context of resources for preparers and practitioners.
- The process of post-implementation reviews was explained.
AASB Draft Annual Plan
Mr. Bosshard and Ms. DeGiobbi presented the AASB draft annual plan for fiscal 2026. The plan was included in the Oversight Council meeting materials and considers the International Audit and Assurance Standards Board (IAASB) work plan. The AASB will look for opportunities to support the IAASB. Staff resources are balanced.
Oversight Council discussion points on the draft annual plan:
- The Oversight Council inquired whether the current status of the Independence and Ethics Standards in Canada has been considered in the pervasive risk assessment. The AASB is aware of the challenges with these standards and they are being monitored.
- The strategy for engaging with Indigenous communities was discussed in relation to sustainability assurance and the need to re-expose the Indigenous component of the standard. This standard was developed rapidly to align with the IAASB, making conducting extensive engagement and consultation challenging before the exposure draft.
- A brief conversation was held about the change to the staff model for projects at the IAASB. This change opens the pathway for opportunities for national standard setters to influence project areas at the international level.
Conclusion of Public Session
Having no further public business, the meeting moved into the non-public session at 11:36 a.m. EST.