Accounting - Comptables

Introduction
the Accounting Standards Board (AcSB) and the Public Sector
Accounting Board (PSAB) 

The Accounting Standards Oversight Council (AcSOC) was

established in 2000

AcSOC provides oversight of the accounting standard-setting

process in Canada.

International Financial Reporting Standards (IFRSs) on 1-1-11

AcSOC consists of up to 25 members

Cont.,

• “one size does not fit all,”

• publicly accountable enterprises (PAEs)

• The CICA funds the AcSOC and also provides all the
necessary administrative and other support.
 Standard

• The OSFI is a member of the AcSOC and monitors the

setting of GAAP

• The Certified Management Accountants, the CICA, and

the Certified General Accountants' Association of
Canada are listed as members of IFAC

• The AcSOC was established following the

recommendation of a CICA Task Force on Standard
Setting (TFOSS).
 Responsibilities
• Supporting the principle of private sector standard setting by the AcSB,
following appropriate due process.

• Supporting the principle of public sector standard setting by the PSAB,

following appropriate due process.

• Establishing a Nominating Committee to appoint individuals for

membership on the AcSB and PSAB, including the respective Chairs and,
where applicable, Vice-Chairs, and for recommending membership on the
AcSOC itself.

• Considering and, if approved, ratifying the appointments to the EIC made

by the AcSB.

• Providing input to the AcSB and PSAB, primarily in terms of the strategic
direction and priorities of those bodies.
 Non Voting Members of AcSOC
a.The Chairs of the AcSB and PSAB;
b.The Vice-President, Standards of the CICA;
c.The Director, Accounting Standards;
d.The Director, Public Sector Accounting
Standards; and
e.The International Accounting Standards Board
member with responsibilities for liaison with
the AcSB.
 In Short

• The AcSB is responsible for establishing standards

of accounting and reporting by Canadian
companies and not-for-profit organizations.

• The AcSB has responsibility for an Emerging

Issues Committee (EIC). The PSAB is responsible
for establishing accounting standards for the
public sector.