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In 2004, the AcSB embarked on a process to develop a new five-year plan for the period
2006-2011. The AcSB concluded that it was timely to reconsider its previous strategies in light of
significant recent developments in the financial reporting environment. The new plan calls for
fundamental changes to the basis on which Canadian accounting standards will be established in the future,
which will have pervasive and significant effects on financial reporting practices.
To begin the process of developing new strategies, the AcSB sought public input through
its May 2004 Invitation to Comment, “Accounting Standards in Canada: Future Directions,” and a series of
public roundtable meetings and other consultations with stakeholders. The AcSB received a considerable
response to the Invitation to Comment from a wide range of interested parties (see below).
At its December 2004 and January 2005 meetings, the AcSB considered the input received
and formulated tentative conclusions on the fundamental issues. The AcSB presented its tentative
conclusions to the Accounting Standards Oversight Council (AcSOC) at the AcSOC’s February 2005 public
meeting. With the advice received from the AcSOC, the AcSB finalized a draft strategic plan at its March 2005
meeting. An Invitation to Comment on the AcSB’s Draft Strategic Plan was issued on March 31,
2005 for public comment by July 31, 2005.
In May 2005, the AcSB commenced discussion of matters that would arise as a result of
adopting the strategies proposed in its Draft Strategic Plan. Discussion of these implementation issues will
continue as the AcSB moves on to the next steps in finalizing its strategies. Detailed plans for
implementing the strategies will be published as soon as possible after the issuance of the strategic
plan.
In September 2005, the AcSB began its review of the comments received in response to
the Draft Strategic Plan. The AcSB noted that the responses were, overall, supportive of the strategies
that had been proposed, although they set out some concerns about how they would be implemented and
timing. The AcSOC reviewed the comments in its October 2005 public meeting and concurred with the AcSB’s
tentative conclusion that it had a basis for proceeding to finalize a plan. After further discussions
in November and December 2005, the AcSB approved the new strategic directions in January 2006.
Related Information
The following additional information is available:
Questions or comments on the Strategic Plan should be directed to:
Peter Martin, CA
Director, Accounting Standards
Telephone: +1 (416) 204-3276
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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