Accounting Standards Board Seeks Stakeholder Comment on Draft Strategic Plan

TORONTO, July 29 /CNW/ - The Accounting Standards Board (AcSB) has issued an Invitation to Comment, Accounting Standards in Canada: Building on New Directions 2011-2014. Anyone with an interest in financial reporting in Canada is encouraged to review the proposed strategic plan and provide input on the broad policy objectives that will determine the Board's strategy for the next three years.

"It is vital that stakeholders provide comments to help guide this planning process. The Board's strategy has a direct effect on financial reporting activities and this is the public's chance to have a say," said Tricia O'Malley, Chair of the Accounting Standards Board.

The Board has almost completed all of the initiatives set out in its current plan which spanned from 2006 to 2011. Those initiatives included the implementation of different strategies for the different categories of reporting entities, including International Financial Reporting Standards (IFRSs), accounting standards for private enterprises, accounting standards for pension plans and accounting standards for not-for-profit organizations in the private sector.

The plan focuses on activities to support the implementation of each of the Board's strategies, rather than proposing any major changes and it examines the roles, structures, processes and resources of the Board. It also reinforces the Board's commitment to improve communications and ensure that stakeholders are well informed and have opportunities to provide input. The draft plan was developed in consultation with the Accounting Standards Oversight Council (AcSOC).

"The proposed strategic plan supports Canada's need to maintain its own standard-setting capacity to guide the future of standards in Canada," said Peter Martin, Director, Accounting Standards. "Our experience in carrying out the current strategy supports the need for that capability."

The Accounting Standards Board will review all comments received and, in consultation with AcSOC, will ensure that the final strategic plan reflects the needs and concerns of all stakeholders and users of financial reporting standards. The comments and the final approved plan will be available on the AcSB's website at: www.acsbcanada.org.

The Accounting Standards Board establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations. It participates in the development of internationally accepted accounting standards. The Board sets its financial accounting and reporting standards after an extensive process of consultation with organizations and individuals that are interested in or affected by the standards. The standards contribute to enhanced decision making by continually improving the quality of financial and other information about organizational performance reported by Canadian entities. www.acsbcanada.org

For further information: or to arrange an interview, contact Lisa Pretty, Communications Manager, Standards, 416-204-3482, [email protected]