Standards boards and councils: Annual reports 2014-2015

On behalf of Standards, I invite stakeholders to review the boards’ and councils’ annual reports and the message from the chairs. The reports include the objectives, accomplishments and activities from April 1, 2014 to March 31, 2015.

ACCOUNTING STANDARDS OVERSIGHT COUNCIL – CONNECTING THROUGH DIALOGUE AND ACTION

“This report provides the public with a reporting of the work done by AcSOC in overseeing the activities of the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB), which together set the standards for virtually all financial reporting entities in Canada – public and private enterprises, not-for-profit organizations and governments. In doing so, AcSOC serves the public interest by providing input to the Boards in terms of strategic direction, priority setting and ensuring the needs of all financial statement users are considered and due process is followed.

“One of the key focal points for both the Council and the Boards is to “connect through dialogue and action,” which is the theme of this year’s report. This is something the Council continues to encourage and I believe great progress has been made in this regard.”

Kevin G. Nye
Chair

Read full report

ACCOUNTING STANDARDS BOARD – HEARING STAKEHOLDERS’ PERSPECTIVES

“I am very pleased to share this was our most successful year ever for reaching out, engaging stakeholders and “hearing stakeholders’ perspectives”.
“Accountability to stakeholders is one of three cornerstones of the Board’s vision in serving the public interest. The others are contributing to global best practices and maintaining high-quality accounting standards.

“When I took on the role of Chair, I made consultation my personal mission. The Board not only increased its cross-country consultations, we also strengthened face-to-face liaisons with a larger number of key stakeholder organizations and contacts.”

Linda F. Mezon
Chair

Read full report

PUBLIC SECTOR ACCOUNTING STANDARDS – ENGAGING STAKEHOLDERS IN SERVING THE PUBLIC INTEREST

“September 2014 marked one year since the initial meeting of the Public Sector Accounting Discussion Group. PSAB conducted a review of the Groups’ effectiveness and based on feedback from members, presenters and observers, concluded that the PSA Discussion Group is a success.

“During the year, significant attention was given to discussing stakeholder concerns regarding the implementation of Section PS 2601, Foreign Currency Translation, and Section PS 3450, Financial Instruments. To further understand the issues, PSAB held meetings with stakeholders. The Board also conducted education sessions comparing these standards to the former standard on foreign currency translation and equivalent international standards. PSAB plans to extend the effective date of the two standards for implementation by governments to allow time to fully consider stakeholder issues.

Rod Monette
Chair

Read full report

AUDITING AND ASSURANCE STANDARDS OVERSIGHT COUNCIL – PROVIDING EFFECTIVE OVERSIGHT

“AASOC’s Nominating Committee, chaired by Stan Pasternak, works diligently to consider the appropriate attributes of potential new members for the AASB, identify new candidates and make recommendations regarding appointments. The Nominating Committee also reviews the composition of the membership of the Independence Task Force. By ensuring the right people are involved in the process, public confidence in the standards they set is increased.

“Oversight of standard setting also involves ensuring that the AASB and the Independence Task Force follows due process and thereby carefully considers public interest issues. This is especially important in Canada, where the public accounting profession has a great deal of influence in setting the standards. The oversight process is intended to provide reasonable assurance that, in setting standards, the interests of the profession are not put ahead of the needs of other stakeholders by ensuring that the views of all types of stakeholders are proactively sought and appropriately responded to.”

William J. McFetridge
Chair

Read full report

AUDITING AND ASSURANCE STANDARDS BOARD – BALANCING STAKEHOLDER NEEDS

“Over the past three years, auditor reporting has been the International Auditing and Assurance Standards Board’s (IAASB) top priority. The IAASB’s goal in undertaking this project was to enhance the relevance and usefulness of auditors’ reports and auditor reporting. In September 2014, the IAASB approved new and revised International Standards on Auditing (ISAs) addressing auditor reporting and the auditor’s responsibilities related to other information. The AASB continued to deliberate issues related to adopting and implementing these ISAs in Canada – not an easy task considering the variety of views expressed by stakeholders. The AASB will seek further input from stakeholders prior to approving final Canadian Auditing Standards (CASs).”

Cathy MacGregor
Chair

Read full report

Sign up for The Standard for weekly emails that are tailored to the standard-setting topics of your choice.

Follow us @FRASCanada

About the Author

Stephenie Fox, CPA, CA


Stephenie Fox, CPA, CA, is CPA Canada’s vice-president, Standards.

Highlights

Update your knowledge and strengthen your network at this must-attend conference covering the most important issues and trends affecting audit committee members.

It’s probable that someone you know is deep in debt. If you are observant, you might see one of these seven signs.