Get your voice heard

Why Canada is a standards leader - both at home and as a key influencer at the international level.

It is often said that Canada punches well above its weight when it comes to standard setting in comparison to other countries. Canada's very effective regulatory environment and strong governance practices contribute to serving Canadian stakeholders in both the private and public sectors very well. But why is Canada a standards leader — both at home and as a key influencer at the international level? Here's what distinguishes the Canadian accounting and auditing standards boards from the pack.

We are blessed with an outstanding group of more than 220 volunteers (and two paid chairs). Seventy of these industry leaders make up our three standards boards (the Accounting Standards Board, the Public Sector Accounting Board and the Auditing and Assurance Standards Board) and the two oversight councils (the Accounting Standards Oversight Council and the Auditing and Assurance Standards Oversight Council). The councils oversee the work of the boards to ensure their work serves the public interest.

The three boards are also supported by an exceptionally talented staff of 35 and more than 150 volunteers who serve on various committees — from temporary task forces to long-term advisory groups.

With the breadth and depth of their backgrounds, our volunteer s bring current and relevant experience to the standard-setting table — essential to developing standards of the highest quality. They are users, preparers, auditors, regulators and academics, as well as others, drawn from small and large business, the public sector and not-for-profit organizations.

Collectively, our volunteers and staff are at the cutting edge of thought leadership in accounting and auditing by way of their day-to-day experience and involvement with other standard-setting bodies and professional associations, as well as other organizations and business leaders from around the world.

More than this, there are a number of prominent Canadians sitting on international standard-setting boards and committees to ensure Canada's voice is always heard — further driving our influence internationally.

We have dedicated stakeholders who engage in every aspect of our due process. The basic ingredients of due process are research, discussion and consultation. However, in order to continue to punch above our weight, we need more of you to be involved in the due process — and not just technical experts. If standards are to be relevant and useful, input from everyone with an interest in high-quality financial reporting is needed. There are a myriad of opportunities — from responding to documents open for comment to participating in roundtable events — for you to tell us what we're doing right, what we should be doing but aren't and what we're doing but shouldn't be.

Better yet — why not step up to the plate and volunteer?

While we cannot promise to agree with you on everything, we can promise we will listen. The best standards are those that are produced through careful consideration of a multitude of often conflicting views from different perspectives. Like in many other fields, creative tension can be positive.

The more thoughtful input we receive from a wide variety of interested stakeholders, the better our standards will be.

We look forward to hearing from you.

Visit frascanada.ca for the latest standard-setting news and information. Sign up for The Standard at frascanada.ca/subscribe for weekly emails that are tailored to the standard-setting topics of your choice.

About the Author

Glenn Rioux


Technical editor, MM, CPA, CA

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