Standards digest – February/March 2018

The Public Sector Accounting Board is seeking input from stakeholders on the review of its international strategy. Plus, Ken Charbonneau is the new chair of the Auditing and Assurance Standards Board.

AASB Welcomes New Chair

On April 1, Ken Charbonneau, FCPA, FCA, ICD.D, will become the chair of the Auditing and Assurance Standards Board (AASB).

 

Recently retired as partner, assurance, at KPMG, Charbonneau brings more than 40 years of business experience to the AASB. He served in a number of leadership roles, including business unit professional practice partner for 15 offices in Eastern Canada, a leader of the Ottawa audit practice and technology industry group and partner-in-charge of the firm’s national marketing and communications group in Toronto.

 

“We are delighted to welcome Ken to this role,” says Bruce Winter, chair of the Auditing and Assurance Standards Oversight Council, which oversees and provides input into the AASB’s activities and appoints its members, including the chair.

 

“Charbonneau has demonstrated leadership in Canada’s auditing and assurance community and his strong communications and consensus-building skills will be important in ensuring the development of independently set standards that respond to the needs of Canadian stakeholders,” Winter says. Charbonneau will be replacing the current volunteer chair, Darrell Jensen, FCPA, FCA, a partner in EY’s professional practice group in Toronto, who has been fundamental to the AASB’s current strategic plan and will help the new chair transition into this new role.

 

Find more information about the AASB at www.frascanada.ca/aasb.

 

HOT TOPIC

PSAB Stakeholder Input Wanted

This spring, the Public Sector Accounting Board (PSAB) will release a consultation paper on the review of its international strategy. But before the strategy is rolled out, the board needs critical input from its stakeholders to help shape the direction of this new PSAB-approved project.

 

As part of its 2017-2020 Strategic Plan, PSAB determined it was time to review its current international strategy of influencing the International Public Sector Accounting Board. The strategies proposed in the consultation paper will address one key issue — whether Canada should adopt a high-quality globally accepted framework.

 

Unlike some documents seeking input from stakeholders on the board’s strategy, this consultation paper will not propose a single strategy with a request for views on the proposal. Rather, the paper will solicit input on four international strategies to ensure PSAB has all relevant information on hand before it begins to make any policy decisions — ones that may potentially change the role the board plays in setting standards in Canada. PSAB will assess responses on the basis of their clarity, completeness, internal consistency and compatibility with environmental factors and objectives of financial reporting. To keep up to date on this project, visit: frascanada.ca/PSABinternationalproject.

 

DOCUMENT FOR COMMENT

Get your voice heard!

● Respond to this open document for comment today

Standards for Public Sector Entities — PSAB Invitation to Comment — Employment Bene ts: Discount Rate Guidance in Section PS 3250 — Due March 9