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In January 2006, the AcSB adopted its new Strategic Plan, which includes the decision to move financial
reporting for Canadian publicly accountable enterprises to a single set of globally accepted high-quality
standards, namely, the International Financial Reporting Standards (IFRSs) issued by the International
Accounting Standards Board (IASB). The IASB has been working in partnership with the US Financial Accounting
Standards Board (FASB) since the two Boards agreed in 2002 to undertake major projects jointly. In February
2006, the FASB and the IASB signed a Memorandum of Understanding in which they agreed to work together to
eliminate the most significant differences between IFRSs and US GAAP. Over 100 countries, including the
European Union members, China and Australia, New Zealand and South Africa have agreed to adopt
IFRSs, and the number of countries continues to grow.
The IASB has gained an international reputation for setting high-quality accounting standards through a
rigorous due process, including input from the Standards Advisory Council. The Board's 12 full-time and 2
part-time members represent a balance between technical expertise and diverse international business
experience. The IASB maintains an appropriate mix of members with recent experience as practicing auditors
and as preparers and users of financial statements, and those of an academic background.
IASB members liaise with national standard setters in order to promote convergence of accounting standards
through common activities, wherever possible. Tricia O'Malley, Coordinator with the International Financial
Reporting Interpretations Committee (IFRIC), a non-voting member of the AcSB and former Canadian IASB member,
keeps the AcSB informed of IASB developments and conveys the views of the AcSB and Canadian constituents to
the IASB during its deliberations.
- The AcSB supports the objective of harmonizing accounting standards internationally. It has
worked with the IASB since its inception in 2001, and before then with the IASB’s predecessor body, the IASC,
since its founding in 1973. It continues to do so in many different ways under the new Strategic Plan. In
some cases, such as the IASB's Conceptual Framework and Extractive Industries projects, AcSB staff members
are actively involved as part of an international team. In other cases, such as Business Combinations, the
AcSB has issued an exposure draft in a similar timeframe as the IASB and FASB when they have been working on
a joint project. Canadians also serve on several IASB Committees, as follows:
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- Paul Tellier - Trustee
- Tricia O’Malley – IFRIC Coordinator
- John Carchrae – Standards Advisory Council
- Robert Morgan – Standards Advisory Council
- Phil Arthur – Insurance Working Group
- Frank D’Andrea – Employee Benefit Working Group
- Dany Girard – Small and Medium-sized Entities Working Group
- Iain Robertson – Lease Accounting Working Group
IASB projects currently in process will result in standards that publicly accountable Canadian enterprises
will adopt when the changeover to IFRSs occurs. The AcSB responds to documents issued for comment by the
IASB, but also strongly encourages Canadian constituents to monitor IASB projects and respond to these
documents.
Further information about the IASB, including its current work plan, is available
at www.iasb.org.
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