Accounting and Auditing Standards Oversight Councils Initiate Review of Standard Setting in Canada

The Accounting Standards Oversight Council's English logo (CNW Group/Financial Reporting & Assurance Standards Canada)

The Auditing and Assurance Standards Oversight Council's English logo (CNW Group/Financial Reporting & Assurance Standards Canada)

TORONTO, May 13, 2021 /CNW/ - The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting, forming a committee to conduct a review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards.

The Independent Review Committee on Standard Setting in Canada (the Committee) will make recommendations to ensure Canadian standard setting will continue to be independent and internationally recognized.

Playing a vital role in the financial and performance reporting supply chain, accounting, auditing, and assurance standards provide a common and essential measurement for Canadians to assess organizations and their financial results.

"In the face of an accelerating pace of change, Canada's continued ability to develop timely, high-quality standards that are relevant to organizations' reporting needs is critical to our economy," says Miville Tremblay, CFA, ICD.D, Chair, AcSOC.

Standards' contribution to delivering trusted financial results and understanding of the performance of an organization mean considering the standard-setting needs of today – and tomorrow.

"It is an appropriate time to review the current standard-setting structure and governance to ensure it will meet future needs in such areas as environmental, social and governance reporting," adds Kevin Nye, Chair, AASOC.

Chaired by prominent lawyer Edward J. Waitzer, LL.B., LL.M., whose background in practice includes advising on a range of public policy and governance matters, the Committee also includes:

• Sonia A. Baxendale, President and CEO, Global Risk Institute
• John A. Gordon, FCPA, FCA, CFA, ICD.D, Retired Managing Partner, Quality & Risk Management, KPMG
• Geordie Hungerford, CFA, CAIA, MBA, LLB, CEO, First Nations Financial Management Board
• Michael Jantzi, CEO, Sustainalytics
• Stéphanie Lachance, LL.B., ICD.D, Managing Director, Responsible Investment, PSP Investments
• Paul Rochon, Deputy Minister of Finance (2014-2020)
• Marie-Soleil Tremblay, FCPA, FCA, PhD, Professor of Accounting, École nationale d'administration publique

The Committee will work over the course of the next year to conduct its review and develop a final report. Consultations will take place throughout the review process, with the Committee's recommendations also subject to public consultation before being finalized.

For more information

FRASCanada.ca/independent-standard-setting-review 

SOURCE Financial Reporting & Assurance Standards Canada

Daniella Girgenti, Director, Communications - Standards, Financial Reporting & Assurance Standards Canada, [email protected], 416-204-3482

Related Links

http://www.frascanada.ca/index.aspx